No, PM Jeevan Jyoti Bima Yojana scheme doesn’t offer Rs 30,000 monthly pension? Fact Check

 

DigitEye India team received a fact-checking request on the Pradhan Mantri Jeevan Jyoti Bima Yojana  (PMJJBY) scheme. The message reads “P.M Bima Yojana (PMMLI)| First you will get 70 lakhs and then every month you will get 30 thousand monthly pension”.

A perusal of social media platforms showed that a huge number of people have also posted about it. On Facebook, a large number of people have posted the same message claiming that they have been sent spam messages of this on their numbers.

 

Fact Check:

 

The PMJJBY scheme is not a pension policy. This scheme is an insurance policy available to people in the age group of 18-50 years. The plan can be renewed till 55 years of age. They need a bank account to consent to the auto-debit feature.

“Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment f rom the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.”


Under this, an annual premium of Rs 330 will be debited from the account the life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable,” as per the text above that is stated on the official
Department of Financial Services website. Claims under this scheme will be settled after 45 days from the enrollment date. The money will be received by the nominee only after the death of the insurance holder unlike what the claim in WhatsApp messaage states.

Hence, “First you will get 70 lakhs and then every month you will get 30 thousand monthly pension,” is not true. Moreover, there are no pension options in this scheme as it is a life insurance. This scheme covers death due to any reason, COVID-19 deaths of people below 55 years of age are also covered. Among the various government-sponsored social security insurances, the PMJJBY has seen a lot of takers. The PMJJBY is a renewable insurance scheme offering coverage for death.

The process to enroll is fairly simple as it is administered by the Life Insurance Corporation of India (LIC) and also other banks which have tied up with other insurance agencies. This simplicity has found a lot of takers. In December 2019, the scheme saw 5.91 crore people enrolled under the scheme almost 4 years after its launch.

 

Conclusion:

 

Our rating – Totally False. PMJJBY is an insurance policy and not a pension scheme.  

 

About Snigdha Nalini

Snigdha Nalini is an intern with Digiteye India and a student of journalism at the Symbiosis Institute of Media and Communication (SIMC), Pune. She can be reached at admin@digiteye.in.

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