Covid-19 Victims Eligible For Rs 2 Lakh Insurance Under This PM Health Scheme: How To Apply, Eligibility?

With the increasing number of Covid-19 cases across the country, the death rate is increasing manifold too. Many are losing their parents, grandparents, and some even children to the second wave of the deadly pandemic.

Amid daily news of families losing their breadwinners, the government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be looked upon as a helpful measure undertaken by the GOI.

Under the PMJJBY, which is a one-year life insurance scheme, families who have lost their loved ones, can be eligible for an insurance cover amount of Rs 2 lakh.

The reason of death does not stick only to Covid-19 and can be of any nature, including suicide and murder.

Life Insurance Corporation of India (LIC) and other insurance companies administer this PM policy.

PM Jeevan Jyoti Bima Yojana 

The PMJJBY is a one-year insurance term policy which stretches from June 1 to May 31. It oversees life insurance cover for death due to any reason.

The scheme was launched six years back, on May 9, 2015 and offers an insurance cover amount of Rs 2 lakh savings bank account holders between the ages of 18 and 50, while the life cover comes up to 55 years of age.

Bank holders enrolling in this scheme are required to give consent to the bank for auto-debiting the premium from their bank accounts.

The policy must be renewed every year, while the cover starts from the date of the holder’s request and ends on 31 May of next year. 

The annual payable premium is Rs 330 if signed up between June and August.

ICICI Bank’s website states that for a person enrolling in this scheme during the September-November period, the premium amount payable is Rs 258, further reduced to Rs 172 in the December-February period, an Rs 86 if signed up between March and May.

Once signed up, the following year’s premium will be ?330, and the bank will debit it between 25 May and 31 May, adds Livemint.

The scheme will lapse, or no longer be valid if:

• The person/account holder attains the age of 55, or
• Their account is shut by the bank due to insufficient balance for debiting the premium, or/and
• if the person has insurance from different banks.

The exited individuals can rejoin the scheme by paying the annual amount, along with submission of declaration of good health.

How to Register for the Scheme?

If you wish to register for PMJJBY, the process is simple, as it is managed by LIC and other insurance companies.

If your bank account is linked with the insurance firms, you can contact your banker for registration.

How to Claim Insurance under the Scheme?

If a person who has succumbed to Covid-19 bought PMJJBY in the financial year 2020-21, his nominee/heir can apply for a claim.

According to IndiaToday,

• Contact the bank where the member is covered by PMJJBY. The member’s death certificate is required for claiming the insurance amount.
• All the important documents like claim form, refund receipt, discharge receipt from the bank and other designated sources must be kept ready by the nominee. Important documents also include designated websites, like branches of insurance undertakings, hospitals, primary healthcare centers, insurance companies and others.
• Please note that the concerned insurance companies must guarantee that forms at all places are available.
• The duly filled out claim form, a receipt for discharge, death certificate along with a photocopy of the nominee’s canceled bank account and all the relevant bank details must be sent to the bank.
• Make sure that banks check all the claims forms and required fields, and the nominee’s information from the documents are properly filled out and available to them.
• The banks have to forward all the duly completed claims to the insurance company within 30 days from the submission date.