BUSINESS ENVIRONMENT

TOPIC: Pradhan Mantri Jeevan Jyoti Yojana

MEMBERS:
1.Wahengbam Manikanta Singh;
2. Danish Bashir makroo
3. Muskan Singh
4. Mukandila Mukalay Eunice
lNRODUCTION:
 Pradhan Mantri Jeevan Jyoti Bima Yojana was launced by PM. NARENDRA
MODI JI on 9th May,2015.
 It is one of the 3 social security schemes launched by Government of India.
 Pradhan Mantri Jeevan Jyoti Bima Yojana is a term INSURANCE PLAN.
 It can be renewed annually.
 It offers life insurance cover for death due to any reason.
 Currently, penetration of a Life Insurance is very low in India.
 Personally, I don’t consider Insurance cum investment plan like money back
policy, ULIP etc as an insurance plans.
 Low penetration of Insurance is due to lack of awareness oor also due to the
mindset that what we will be the return of investment.
REVIEW: (Positive Points)
 The premium amount is low.
 It is very cheap term insurance plan for the people who are in their
forties.
 The subscription to this scheme is very low.
 The paperwork is very little.
 Many banks are giving this insurance policy through the simple SMS.
 We need not to worry about the payment of premium, it would be
deducted from the account.
 The premium is equal for everyone.
 The self certificate of good health is enough, there is no need of medical
check up.
(Negative Points)
 The sum assured is fixed and low.
 It is insufficient for middle class. We can’t increase or
decrease it.
 We can’t choose the insurance company. The company
may be less reliable.
 The policy is renewed every year, you need to be cautious.
 The premium amount may change in future.
 Due to little incentive banks may not promote this scheme
after some time.
OBJECTIVES:
 Increase Penetration of Life Insurance: Penetration of
Life Insurance is very low at around 3% in India. Its objective is to
increase life insurance penetration. Here penetration should be
considered quantitatively. Assuming that something happens to
an insured than the financials of the family goes haywire.
Therefore, this term insurance cover will act as an immediate
relief and provide financial security to the family of the insured.
 Increase Awareness: By providing a basic cover of 2 lakhs,
Government of India would like to increase the awareness about
the importance of Life Insurance. Once people will start realizing
the benefits of an insurance then they will definitely opt for
personal cover to increase the insurance overage depending on
the requirement.
 To activate account opened under Pradhan Mantri
Jan Dhan Yojana: The biggest problem faced by the
government of India is inoperative accounts under Pradhan
Mantri Jan Dhan Yojana Bank incur a certain cost to
maintain the saving account, but inoperative account are
basically a burden on the banking system. By introducing
an auto debit facility for all 3 newly launched social
security schemes, Government will ensure that account
will remain operative. By doing tis government, has hit 2
birds with a single stone.
QUESTIONS:
 What is the Pradhan Mantri Jeevan Jyoti Bima Yojana?
 What are benefits under the PMJJBY?
 What is the premium payable for PMJJBY and how should the
premium be paid?
 Who will offer and administer the scheme?
 Who is eligible to subscribe for the scheme?
 How can one apply for the PMJJBY?
 What is the claim procedure for PMJJBY scheme?
 Why does PMJJBY have no maturity benefit or surrender value,
which is available in other Life Insurance Policies? Why is benefit
under PMJJBY payable only to nominee of insured on the death of
the insured?
RESULT:
As of April 2017, 3.11 crore people
have already enrolled for this scheme
60,422 claims have been disbursed
against 63,767 claims received.
CONCLUSION:
 PMJJBY is very good scheme available for
Indian.
 Total sum assured offered by these insurance
schemes is not sufficient.
 We can purchase these policies, however, it is
recommended to purchase additional term plan
along with sufficient risk coverage.
THANK YOU