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Benefits & Features of the Pradhan Mantri Jeevan Jyoti Bima Yojana

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Pradhan Mantri Jeevan Jyoti Bima Yojana

The PM Jeevan Jyoti Bima Yojana (PMJJBY), introduced in 2015 is a 1-year life insurance program funded by the Central Government. The plan can be renewed after the first year and offers financial protection to the policyholder and their family. Insurance companies run the program in the public and private sectors in collaboration with established commercial banks, rural and regional banks, and cooperative banks. However, the participating banks hold the scheme’s master policy.

What is PM Jeevan Jyoti Bima Yojana?

The PMJJBY policy was created and launched to ensure that the policyholder’s family is financially protected in case the policyholder passes away. It aims to give the underprivileged and low-income groups financial security. With the minimum requirement of an open savings account, anyone in the age bracket of 18 and 50 years can purchase this life insurance policy.

The policy beneficiaries will receive a death benefit of Rs. 2 lakh upon the policyholder’s death. 

Here’s all you need to understand and know about the PMJJBY in detail.

Eligibility Criteria  

Following is the eligibility criteria to apply to PMJJBY:

  1. You must be an Indian citizen
  2. You must be 18 to 50 years of age
  3. You need a bank account:
  4. Even if you have more than one savings bank account, you can subscribe to the scheme only with one.
  5. You must link your Aadhaar card to the participatory bank account
  6. You must pay a yearly premium of Rs. 330 for this plan

Features of the Pradhan Mantri Jeevan Jyoti Bima Yojana 

  1. Simple Renewal

The scheme offers life insurance protection for a period of 1 year. You can renew the policy on an annual basis after the 1 year period ends.

  1. Superior Insurance Protection

PMJJBY offers a life insurance policy worth Rs. 2 lakh with yearly premiums as low as Rs. 330.

  1. No advantages of maturity

The policy gives you protection only for the term of the policy. Note that you cannot redeem any maturity benefits with these plans.

  1. Waiting Period

The life insurance coverage begins 45 days after the date of enrollment. However, in the event of a fatal accident, the sum assured amount is paid out. 

Benefits of PMJJBY

This Government-sponsored insurance program comes with several advantages. 

The following are the PMJJBY benefits:

  1. Cost-effective premiums

The policy has an annual premium of Rs. 330, making it cost effective and affordable. 

  1. Insured amount

The insurance plan provides death benefits of up to Rs. 2 lakh upon the policyholder’s demise, regardless of the cause of death.

  1. Tax Benefit

Section 80C of the Income Tax Act of 1961 allows for tax deductions for contributions made to this plan. 

What is the Process to Claim the Benefits of PMJJBY?

The nominee or successor of the insured must go to the bank branch in which the insured has an account to claim PMJJBY. However, the insurance benefit will not be payable if the insured person passes away within 45 days of purchasing the policy for any reason other than an accident.

Steps to be taken by the nominee/beneficiary

Step 1

The beneficiary must go to the same branch where the insured’s savings account is connected to the program. The insured person’s death certificate must be provided to the bank by the beneficiary.

Step 2

The nominee must obtain the claim form from the insurance provider or the bank.

Step 3

After receiving the claim form, the beneficiary must fill it out and submit it along with pertinent paperwork, including a death certificate, a discharge receipt, the policyholder’s bank account information, a photocopy of a cancelled check, and a bank statement.

Steps taken by the bank

Step 1 

After the beneficiary has submitted the claim form and all necessary paperwork, the bank verifies the paperwork and forms.

Step 2

After verification, the bank submits the necessary documentation to the chosen insurance provider.

  • A receipt for discharge.
  • Correctly completed claim form.
  • Copied beneficiary’s cancelled check.
  • Certificate of Death.

Steps that the insurance company will take 

Step 1

The insurance company also verifies the files after receiving the relevant paperwork and claim form from the bank.

Step 2

Following the completion of the claim verification process, the claim amount is transferred to the nominee’s bank account.

Step 3

The insurance provider has 30 days from the time the claim is filed to approve and pay the claim.

Conclusion 

The PMJJBY is a government-initiated insurance plan with the lowest premium costs, making it advantageous for those with limited resources. As a comprehensive policy, the plan guarantees financial security for the insured’s family and offers a financial safety net so they can handle any emergency.

These three factors combine to make the plan a profitable investment choice.

• In an emergency, the plan provides the insured’s family financial security.

• The plan provides a simple switching and enrollment process.

• Also, with the lowest premium rate of Rs. 330 per year, anyone can easily obtain it.

PMJJBY is undoubtedly one of the most reliable and valuable plans for a low-income category to purchase, with all these features and advantages.

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Bharat Jodo Yatra: Kashmiri Pandits meet Rahul Gandhi, accuse BJP of using them

A delegation of Kashmiri Pandits met Rahul Gandhi on Monday during his Bharat Jodo Yatra in Jammu and Kashmir’s Samba district.

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Bharat Jodo Yatra

A delegation of Kashmiri Pandits met Rahul Gandhi on Monday during his Bharat Jodo Yatra in Jammu and Kashmir’s Samba district.

The delegation briefed the Congress leader on several issues faced the Kashmiri Pandit community including “targeted killings” by terrorists and the resultant protest by those employed under the prime minister’s package.

Members of the delegation also accused the BJP government of “using” the community to further its political goals and spread hate and division among Muslims and Hindus, especially in Kashmir.

A Kashmiri Pandit migrant, Jitendra Kachroo, who came all the way from Uttar Pradesh, where he’s settled after migrating from Kashmir, showered high praise on Gandhi, who he called a “very nice human being and a very simple person.”

Kachroo said that it was heartwarming to meet Gandhi as he patiently listened to their issues.

Kachroo accused the BJP regime of “using” the Kashmiri Pandit community to further the saffron party’s political agenda and alleged that the Narendra Modi-led government never actually meant to resolve their issues but only use them spread hate and division along communal lines.

He said that Muslims and Hindus used to live in peace in Kashmir as both communities share the same culture, dress and even surnames, but divisive forces in both camps tore the Kashmiris apart.

Read Also: Pakistani teen enters India illegally, married UP man; arrested for forging identity in Bengaluru

The delegation has also invited Rahul Gandhi to their Jagti township along the Jammu-Srinagar National Highway. Members of the delegation said that he is likely to visit the community on his way to Kashmir.

Social activist Amit Koul, who was part of the delegation, said they briefed Gandhi on the issues faced by the community such as employees who were given jobs under the prime minister’s package employees by the previous Manmohan Singh-led UPA government.

Koul said the employees are on protest over the past six months in Jammu demanding relocation out of Kashmir valley due to fear of targeted killings and their salaries have been withheld.

Around 4,000 Kashmiri migrants Pandits were provided jobs under the prime minister’s employment package in various state departments in 2008.

The package includes two major components- 6,000 jobs for the youth from the community and building as many accommodation units for the recruited employees.

However, many of the employees fled to Jammu after one of their colleagues, Rahul Bhat, was shot dead by terrorists inside his office in Budgam district on May 12. The incident was described as a case of targeted killing.

He said that the delegation raised several other issues faced by the community including the enhancing the relief, and also invited Gandhi to Jagti township.

The Congress leader has assured them that he will visit the township on his way to Kashmir valley and raise the issues of the community in and outside the Parliament.

Korean students harassed by other students over allegations of religious conversion in Uttar Pradesh, video viral | Watch

Pakistani teen enters India illegally, married UP man; arrested for forging identity in Bengaluru

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The on-going Journey of Renatus Wellness

Renatus Wellness, backed by their Brand Ambassador, Mr. Sourav Ganguly, aims to change millions of lives.

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Renatus Wellness

Renatus Wellness is a transformational wellness and health company which aims to revolutionize the Indian health market with its holistic and ayurvedic based products. The company, started by Dr. Subrata Dutta in 2018, has not even once looked back since its launch of its first product, Renatus Nova, a nutraceutical ayurvedic drink. Since then, Renatus Wellness has launched a wide array of all natural products- soaps, toothpaste, body cleanser, hair cleanser, and handwash.

Renatus Wellness was started with the aim to bring back the old ayurvedic and holistic practices in the products to give an all-natural approach to them. It includes products needed from day to day, cosmetics, health supplements and many more. The reception of these products has been enormously successful in the Indian market. The company has a thriving customer base and has garnered over 5 lakhs in just 3 years. The company has the distribution of its products over almost entire India. The company has been awarded with the Wellness Start-up of the Year, 2022 at the Bharat Start-up Awards and Fastest Growing Quality Health and Wellness Products Direct Selling Company at the India ICON Awards, 2023.

Renatus Wellness holds quite a number of product launch programs in the past. The company held its last event for the launch its protein powder in Eden Gardens, Kolkata on 2022 under the presence of its brand ambassador, Mr. Sourav Ganguly with a gathering of almost 1500 people. Now, the company organised “DADA Wants To Meet You”, an exclusive Meet & Greet session with Mr. Sourav Ganguly on 18th January, 2023 in Nazrul Mancha, Kolkata. The company announced to launch a few products under the same event.

Dr. Subrata Dutta is a motivational speaker and founder of Renatus wellness Pvt. Ltd. He is a transformational guru and entrepreneur who has over 15 years of experience in network marketing business; besides being the author of the book, A Map to the Pinnacle of Success. He has been appointed as an Executive Member of FDSA – the “Federation of Direct Selling Association” of India and also has received quite a number of awards. He was awarded with “Doctor of Business (Specialization in Wellness & Direct Sales)” in November 2022 by Global Human Peace University. He has also been nominated as recipient of “Doctor of Business (Specialization in Business, Mind Motivational Training & Development) by World Human Rights Protection Commission. He is also recognised as the Achievers of the Year 2022 by Business Outreach Magazine.

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Kotak, METRO Cash & Carry India Launch Co-Branded Credit Card Details Here

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Kotak, METRO Cash & Carry India

The new METRO Kotak Credit Card is a credit card launched by Kotak Mahindra Bank Limited jointly with METRO Cash & Carry to offer a hassle-free, affordable credit service to their customers. METRO Cash & Carry has over 3 million registered customers who can avail a facility of interest-free credit for up to 48 days.

This card is available on RuPay network. Moreover, the main beneficiaries of this credit card would be the existing customers of METRO Cash & Carry. To learn more about its benefits and features, please keep reading.

Features and Benefits of METRO Kotak Credit Card

The top 7 features and benefits of this new credit card include the following:

  1. Cashback: You can earn up to Rs. 1000 Card cashback every month. The rewards rate is 1% on purchases over Rs. 10,000. Therefore, your total earnings will depend on the purchase you make at METRO. 
  2. Welcome benefits: Kotak METRO Card offers you Rs. 500 as a welcome gift when you make a purchase of Rs. 10,000. 
  3. Interest-free credit: This card offers credit fully free of interest for up to 48 hours, which can help customers of the B2B section as they purchase products in bulk. 
  4. Repayment method flexibility: You can repay your credit card bill through online transfer or cash at your convenience.
  5. Minimum documentation required: You require a very few documents to apply, with zero annual or joining fees.
  6. Credit card limit: The range of credit cards starts from Rs. 25,000 and goes up depending on your expense pattern at METRO Cash & Carry.
  7. No bank account required: If you are a METRO business customer, then you can apply for this card even if you do not have a bank account.

So, apply for credit card and make the most of these perks.

METRO Kotak Credit Card Contactless Payment

The METRO Kotak Card uses the RuPay contactless payment method for a faster and easier way to pay. Moreover, these transactions are secured with just one tap, without having to enter your PIN code. Using this method, you can pay up to Rs. 5000. 

The benefits of contactless payment include:

  • Secure transactions without the hassle of PIN code entry.
  • Quicker transactions with just one tap.
  • You do not have to hand over your credit card, reducing the risk of theft or germ transmission.
  • The risk of fraudulent transactions is lower as this card is bolstered with multiple security layers.

Fees & Charges for METRO Kotak Credit Card

Type Of ChargesAmount/Percent
Joining FeesNIL
Annual FeesNIL
Add-on Card FeesNIL
Minimum Amount Due (MAD) 10%
Interest Charges for Unpaid Bill 3.5% (Annualized 42%)
ATM Withdrawal Fund Transfer or Cash Advance Charge for Every Rs. 10,000 Rs. 300
Late Payment Charges or LPCRs. 100 if the due is less than or equal to Rs. 500.Rs. 500 if the due is between Rs. 500.01 to Rs. 10,000Rs.700 if the due is more than Rs. 10,000
Fuel SurchargeNIL
Charges for Cash payment at BankRs. 100
Charges for Re-issuing or Replacement of the Card Rs. 100 (per issuance)
Exceeding Limit ChargeRs. 500
Bounced Cheque ChargesRs. 500

How to Apply for METRO Kotak Credit Card

To apply for a METRO Kotak Credit Card online, you can follow these five simple steps:

Step 1: Go to the official website of Kotak Mahindra Bank

Step 2: Click on the “Explore Products” section, followed by “Cards”, followed by “Credit Cards”

Step 3: Under the credit cards section, you will see the “METRO Kotak Credit Card” option. Click on it.

Step 4: Click on “Apply Now”.

Step 5: In the redirected page, enter all necessary information and details and submit.

Step 6: Wait for confirmation from the bank’s professionals. They will get in touch soon.

Eligibility Criteria and Requirements for METRO Kotak Credit Card

Before you apply for the Kotak Credit Card, you must know where you stand in terms of eligibility. The following are the criteria you need to meet:

  • Age: To be the primary cardholder, your age must range between 18 years and 65 years
  • Residency: You must be an Indian resident
  • Employment: You must either be self-employed or owner or partners at any partnership firms
  • Membership: You must a member of METRO Cash & Carry India with a valid membership card
  • Others: These may include the financial status of your business, credit score, etc.

Documents and other necessities include

  • Proof of Identity: It may include your Aadhaar card, Voter Id, PAN card, etc.
  • Valid METRO membership card
  • Proof of Business: The registration certificate of your business, along with the address and income proof of your business. 

Kotak Mahindra is one of the top financial Institutions in India, whereas METRO Cash and Carry is a prominent organised wholesaler and food specialist. The new co-branded credit card, known as the METRO Kotak Credit Card is an initiative that offers you a hassle-free experience when you are shopping in bulk quantities. For instance, their no-interest credit repayment policy can significantly reduce your repayment burden. In this article, the prime benefits and features of this card have been discussed, so that you can avail the most out of shopping at METRO Cash and Carry.

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