How to claim PMJJBY?

One of the best initiatives of the government of India includes the Pradhan Mantri Jeevan Jyoti Bima Yojana. At a meagre premium amount, the policyholder can enjoy various benefits of the scheme. This scheme provides a sum of Rs.2 Lakh on the death of the insured person. The premium is also eligible for tax deduction under section 80 C. The risk coverage is provided for one year.

Here, we will talk about the claim settlement procedure under PMJJBY.

Claim process of PMJJBY

As said earlier, the claim amount of INR 2 lakh will be paid to the nominee of the insured person on his demise. The death claim of INR 2 lakh will be settled by the government authorised life insurance company.

The process includes the following:

The first thing that the nominee of the policy needs to do is, to visit the Bank, where the insured person had his saving bank account. It is that account which is linked to the PMJJBY scheme.

The nominee needs to carry the death certificate of the insured person along with him.

Then, the nominee must procure the Pradhan Mantri Jeevan Jyoti Bima Yojana policy claim form along with the discharge receipt from the Bank. You can download the form from the website of the life insurance company.

The nominee should duly fill the claim form and discharge receipt by mentioning all the necessary information.

Now, the nominee needs to submit this claim form and discharge receipt to the bank branch.

A photocopy of the cancelled cheque of nominee’s bank account must also be carried.

Then, the Bank will authenticate all the records.

The banks check the receipt of death intimation if the premium of the PMJJBY coverage is deducted before the death of the holder, etc.

The Bank checks the Claim Form and other details from the record that is there with them.

The Bank also put in relevant information in the claim form and discharge receipt

Banks check the attached documents, submitted by the nominee.

The Bank then submit the claim form along with the documents to the life insurance company.

The insurance company then verifies the claim form.

If the claim is found correct, the claim teams check if there is any duplicate claim under PMJJBY or through any other account.

After the claim is settled, the nominee is informed.

A copy of the claim settlement is also sent to the Bank.

If the coverage was in force, and no claim has been settled previously, then the payment is remitted to the nominee’s account.

The nominee receives the copy marked to the Bank.

The payment of the claim is made only through the National Electronic Fund Transfer or NEFT. The time limit for the insurance company to approve and disburse the claim amount is 30 days.