Pradhan Mantri Jeevan Jyoti Bima Yojana: How Nominees Can Claim The Sum Assured?

In the event of the insured persons death due to any cause including COVID-19, nominees of a policyholder of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can claim the sum assured under the policy. Any claim, therefore, can only be raised if the policy was in effect at the time of the demise of the policyholder. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance policy that pays Rs 2 lakh to the nominee upon the insured persons death for any reason. The life insurance coverage is offered for a one-year term, from June 1 to May 31, and it is renewed each year. PMJJBY is provided to persons between the age group of 18 and 50 who have a bank account with primary KYC of Aadhaar and agree to allow auto-debit. The yearly premium for the policy is Rs 330 if you enroll between June and August, which is auto-debited in one instalment from the policyholders bank account on or before the 31st May of each yearly coverage term under the policy. If a person enrols between September and November, the premium is Rs 258; between December and February, it is Rs 172; and between March and May, it is Rs 86. As per the ICICI Banks website, the current years premium will be Rs 330, and the bank will auto-debit it between May 25 and May 31. For those who open a savings account on or after June 1, the coverage will begin on the date of the account holders application and terminate on May 31 of the succeeding year. The cover terminates when the person reaches the age of 55, the account is terminated with the bank if there is an insufficient balance to pay the premium, and the cover is limited to Rs 2 lakh if the individual obtains insurance from other banks.Advertisement The nominee must first get a death certificate from the Municipal Corporation before beginning the process of making a claim under the PMJJY scheme. Following the receiving of the death certificate, the nominee must submit a properly completed claim form to the bank branch where the policyholder was registered in the scheme. The nominee must also submit to the bank a signed Discharge Receipt. Both Discharge Receipt and Claim Form can be downloaded from here. A bank or another recognised source, such as an insurance company branches, hospitals, PHCs, BCs, insurance agents etc, can also provide the claim form and discharge receipt. The nominee must then submit a properly completed Claim Form, Discharge Receipt, death certificate, and a photocopy of the cancelled cheque of his or her bank account (if available) or bank account details to the bank where the policyholder had the Savings Bank Account through which he or she was covered under PMJJBY. The bank shall investigate if the cover for the stated individual was in force on the day of his death, i.e. if the premium for the said cover was deducted and remitted to the Insurance Company involved on the Annual Renewal Date, i.e. June 1st, prior to the policyholders death. The bank will then check the Claim Form and nominee details against their records and fill up the necessary fields of the Claim Form.The bank must then submit the following documents to the Insurance Companys authorised office:Claim Form duly completedDeath certificateDischarge ReceiptPhotocopy of cancelled cheque of the Nominee (if available).The bank requires thirty days from the day the claim is lodged to forward the duly filled claim form to the Insurance Company. The Insurance Companys authorised office verifies that the Claim form is duly filled and that all necessary documents have been attached.If the claim is legitimate, the insurers authorised office will verify that the members coverage is active and that no death claim payment has been made for the policyholder through any other account. In the event that a claim is settled, the nominee will be notified, along with a copy of the bank.Payment will be sent to the nominees bank account and a notification will be issued to the nominee with a copy sent to the bank if the coverage was in effect and no claim had been settled for the mentioned member.The Insurance Company has thirty days from the receipt of the claim from the bank to authorise the claim and release the funds.If the claimant submits the claim form directly to any office of the insurer, the insurers office will promptly forward it to the concerned bank of the deceased account holder to initiate the necessary verification from the bank.The Claim Form will be forwarded by the respective bank branch to the authorised office of the Insurance Company for settlement.