An insurance claim will be paid even after death due to Corona, know-how

The corona epidemic in India has killed 70,626 patients so far. The total corona cases in the country have crossed 41 lakh. At the same time, in 24 hours, a record 90,633 new cases of corona were reported and a total of 1065 deaths were recorded. Corona Mahamari is being called the ‘Act of God’ and because of this it seems that the nominee of the insured who died due to Kovid-19 will not get the claim of insurance, but your thinking is wrong. LIC is paying the claim in such a case. According to Shailesh Tripathi, Development Officer of Life Insurance Corporation of India, the policy holder of LIC, whose installments are going on, will get a claim from his nominee even on the death of Corona.

Rs 4 lakh for those who pay an annual installment of Rs 342

 Policy takers under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) will also come under its purview as the PMJJBY nature covers disasters such as earthquakes, floods, or other natural calamities. Even in any death such as suicide and murder, one gets a claim under it. Let us know where and how you can claim under this scheme.

Also, Read This: What is the standard deduction? Know how much money you can get

How to claim

Both the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) have insurance up to Rs 4 lakh in total. If someone wants to take advantage of both these schemes, the premium will be only Rs 342 annually. To avail these schemes, it is necessary to have a bank account. Insurance can be canceled if the bank account is closed or there is insufficient balance in the account at the time of premium deductions. To receive the claim, the insured has to submit the death certificate and a claim form. After the process is completed, the claim amount will be transferred to the nominee’s bank account.

 Life cover up to age 55

This scheme provides life cover up to the age of 55 years. On death of the insured due to any reason, his nominee gets Rs 2 lakh. Any citizen from the age of 18 to 50 years can avail this scheme. The annual premium of PMJJBY is only Rs 330. 

Terms and Conditions

• The PMJJBY scheme is offered / administered through LIC and other private life insurance companies.
• A person can associate with PMJJBY only with an insurance company and a bank account.
• Individuals who skip the scheme can rejoin it by paying annual premium and depositing self declaration of good health.
• To obtain the claim of PMJJBY, the nominee / successor of the insured must contact the bank branch where the insured has an account.
• Within 45 days of taking the policy of the insured, there will be no benefit of insurance in case of death due to accident other than accident. Death due to accident is covered in the policy from day one.
• If the Joint Bank Account Holders want to take advantage of the scheme then all the holders of the account will have to pay the premium annually.
• The insurance will end automatically after the insured is 55 years old. It is a pure term insurance policy, so it covers only death. There is also no maturity benefit, surrender value etc. Hence its premium is lower than other life insurance policies.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• Under this scheme, the accident insurance of Rs 2 lakh is provided in case of death or complete disability in the accident of the person taking the insurance. Permanently partial crippling provides a cover of Rs 1 lakh. The annual premium of this scheme is just Rs 12. The claim amount will be paid to the insured’s account in case of injury or disablement. In case of accidental death, payment will be made to the nominee’s account.
• It will be necessary to report the police in case of death by road, rail or any other accident, drowning in water, involvement in crime. Accidents like snake bites, falls from pedas, will be found on the basis of the hospital records.

This is how you can register

An application can be made to any bank for registration in PMJJBY and PMSBY. If you want, you can also take the help of a friend or an insurance agent. Life insurance companies can also be approached for PMJJBY. Government insurance companies and several private insurance companies are offering these schemes in association with banks.

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