PMJJBY & PMSBY – Claim Settlement Process

by Shiv Kukreja on May 27, 2015

in Uncategorized

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at [email protected]

People are enthusiastic about the launch of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY). Many of them are thanking Prime Minister Mr. Narendra Modi and his government for launching such people-centric schemes.

But, there are many people who are skeptical about an efficient implementation of these schemes and the benefits of these schemes reaching their ultimate beneficiaries. How these schemes will get managed, how the claims will get processed and how easy would it be for the policyholders or their nominees to get their claims, all this is yet to be seen and observed.

But, one thing which has been made clear by the banks or the insurance companies is the process of making the claims in case of any mishappening. Courtesy State Bank of India (SBI), here is the bank’s process of claim settlement for PMJJBY:

Claim Settlement Process in State Bank of India (SBI) – PMJJBY

On receipt of death intimation, the servicing bank branch shall send the Claim Form (annexure 7), Death Certificate, Discharge form (Annexure 8) and Certificate of Insurance from the nominated beneficiary and shall send these to the nearest SBI Life Office or to:

SBI Life Insurance Co. Ltd. – Claims Dept,

Kapas Bhavan, Plot No. 3A,

Sector 10, CBD Belapur,

Navi Mumbai – 400 614.

Tel: +91 – 22 – 6645 6000

Fax: +91 – 22 – 6645 6654

E-mail: [email protected]

On admission of the claim, the claim amount will be paid to the bank account of the nominee with intimation to the designated branch of the Bank (Annexure 9). In case of requirements or claim is not accepted, the same will be intimated to designated branch of the Bank.

So, in case of an unfortunate event, the nominee is required to follow the following process:

  • Fill the Claim Form and submit it along with the Death Certificate or Original FIR or Post Mortem Report (PMR), Discharge Form and the Certificate of Insurance at the servicing branch of the bank. In case of disability, Disability Certificate from Civil Surgeon is also to be attached.
  • The bank branch will then send all these documents to the nearest office of the insurance company.
  • After scrutinising the documents, the insurance company will transfer the claim amount to the bank account of the nominee and intimate the designated branch of the bank.
  • In case of any discrepancy or the claim is rejected on certain grounds, the insurance company will intimate the same to the designated bank branch.

Here are the sample claim settlement forms for PMJJBY & PMSBY:

PMJJBY Claim Form – English

PMJJBY Claim Form – Hindi

PMSBY Claim Form – English

PMSBY Claim Form – Hindi

In case you have anything to share about these two schemes or have any query regarding the claim settlement process, please post it here.

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