Mr Sharma is a plantation worker looking for a life insurance scheme at an affordable premium. However, as he belongs from a rural background, he prefers government-sponsored schemes that will meet his insurance requirements.
In this context, individuals like Mr Sharma can consider applying for Janashree Bima Yojana (JBY) scheme. Jointly launched by the Central Government and the Life Insurance Corporation, this scheme provides life insurance cover to rural and urban individuals below and marginally above the poverty line.
Groups Covered under Janashree Bima Yojana
There are 45 different categories of individuals who can apply for the JBY scheme. They are as follows:
Beneficiaries can raise a claim by following the below-mentioned steps:
Apart from this, one can apply for this scheme by getting in touch with the nodal agency or the Self Help Group he or she is part of. Individuals can also visit the LIC office for a successful JBY application.
Alternatively, individuals can opt for Navi Health Insurance offered by Navi to avail comprehensive health coverage. Applying for this insurance scheme is easy and hassle-free due to the insurer’s app-based features. Therefore, download the Navi App and get your cashless claims approved within 20 minutes.
Since its launch date in 2000, the government-backed Janashree Bima Yojana scheme has been targeting India’s urban and rural communities with an objective to offer them life insurance cover. The aforementioned section shows that this scheme also provides financial assistance to women and children. Now that you know everything about this program, you can apply for the same effortlessly.
Is GST applicable to the Janashree Bima Yojana scheme?
No, the JBY scheme is exempted from GST because the government aims to improve participation under this scheme. As the scheme focuses on individuals below and marginally above the poverty line, GST might be a difficult concept to understand.
What are the documents required for raising a claim against the JBY scheme?
Apart from the duly filled claim form, individuals must furnish the following documents during the claim procedure:
Is it right to say that the JBY scheme is a life insurance plan?
Besides covering the death of a policy member, the beneficiaries and nominees under this scheme also receive compensation in case of permanent or partial disability. Thus, the scheme extends benefits over and above an ordinary life insurance plan.
What is the function of Nodal Agencies in reference to this scheme?
The Nodal Agencies certify the contents and endorse the claim cum discharge form with LIC-ID and policy number of members covered. After that, they forward the claim to the designated LIC unit. Additionally, they authenticate the bank account of a beneficiary in which the claim proceeds are credited.
Why is it essential for rural and urban workers to apply for this scheme?
The rural and urban workers below and marginally above the poverty line belong to the vulnerable part of society. They require financial assistance for daily expenses, which becomes difficult to arrange in case of sole bread earners’ sudden deaths or injuries. Therefore, government-sponsored schemes such as JBY extend a host of benefits that make it a desirable option.
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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.
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