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PMJJBY – Insurance Claim Settlement Process under PMJJBY

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January 26, 2018

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PMJJBY Insurance Claim Settlement Process and Documents

PMJJBY Insurance Claim Settlement Process in case of death of Policyholder – Claim Form and Documents required to claim insurance benefits under PMJJBY : In case of claim the nominees/ legal heirs of the insured person have to contact respective bank branch where the insured person was having bank account and enrolled for respective scheme. A death certificate and simple claim form is required to submit and the claim amount will be transferred to nominees account. Here in this article, you can find in detail how to file claim for insurance benefits under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and what are documents required to submit to claim insurance benefits under PMJJBY ?

What is amount of Insurance Claim under PMJJBY

The claim amount of Rs 2,00,000/- is payable to the nominee / heirs of the account holder. The risk cover will be provided to the person from his /her age of 18 years(completed) till attaining the age 55 years (nearer birthday) as on the annual renewal date i.e. eligibility will ceases on attaining age 55 years (nearer birthday) & on the closure of account with the bank or insufficiency of the balance to keep the insurance in force.

Also Read : PMJJBY – Eligibility, Premium, Insurance Cover, Benefits – How to enroll ?

What is PMJJBY Insurance Claim Settlement Process

The death claim will be settled by the designated office of Insurance company concerned. The process is as follows :

Steps to be followed by Nominee

If you are nominee in the PMJJBY policy, then approach the bank wherein the member was having the saving bank account through which he/she was covered under PMJJBY. Carry death certificate of the member along with you.
Collect claim form, and discharge receipt, from the bank or any other designated source like insurance company branches, hospitals, insurance agents etc., including from designated websites.
Submit the duly completed claim form, discharge receipt, death certificate along with a photocopy of the cancelled cheque of your bank account(if available) or the bank account details to the bank wherein the member was having the ‘savings bank account’ through which he/she was covered under PMJJBY.

Steps to be followed by the Bank

Upon receipt of death intimation, the Bank should check whether the cover for the said member was in force on the date of his death, i.e., whether the premium for the said cover on Annual Renewal Date, i.e. 1st of June, prior to the Member’s death was deducted and remitted to the Insurance Company concerned
Bank to verify the claim form & the nominee details from the records available to them and to fill in the relevant columns of the claim form.
Bank to submit the following documents to the designated office of the insurance company concerned:

Claim Form duly completed (link to download given below in this post)
Death certificate
Discharge Receipt
Photocopy of cancelled cheque of the Nominee (if available).

Maximum time limit for the bank to forward duly completed claim form to the insurance company : 30 days (from the submission of the claim )

Steps to be followed by the designated office of Insurance Company

Verify that the Claim form is complete in all respects and all the relevant documents have been attached. If not, take up with the Bank concerned.
If the claim is admissible, the designated office of the insurer shall check whether the member’s coverage is in force and no death claim settlement has been effected for the member through any other account. In case any claim has been settled, then the nominee shall be intimated accordingly with a copy marked to the bank.
In case the coverage was in force and no claim has been settled for the said member, payment shall be released to the nominee’s bank account and a communication shall be sent to the nominee with a copy marked to the bank.

Maximum time limit for the insurance company to approve claim and disburse money is thirty days from the receipt of the claim from the bank.

Note : In the case where the claim form is directly submitted to any office of the insurer by the claimant, then the insurer’s office would forward the same to the concerned bank of the deceased account holder immediately to get necessary verification etc. done from the bank concerned. The concerned bank branch will forward the claim form to the designated office of the insurance company for processing the claim.