Introduction
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies. All individuals who are account holders of participating banks/ post office in the age group of 18 to 50 years are entitled to join.
The scheme is a one-year cover term life insurance scheme, renewable from year to year, offering life insurance cover for death due to any cause.
The premium will be deducted from the account holder’s bank / Post office account through ‘auto debit’ facility in one instalment, as per the consent given by the subscriber at the time of enrolment
The scheme is offered/administered through LIC and other life insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks / Post office. Participating banks / Post office are free to engage any such life insurance company for implementing the scheme for their account holders / subscribers.
All individual (single or joint) account holders of participating banks / Post office, in the age group of 18 to 50 years are entitled to join. In case of multiple accounts held by an individual in one or different banks / Post offices, the person is eligible to join the scheme through one bank / Post office account only.
The cover shall be for one-year period stretching from 1st June to 31st May. At the time of enrolment, subscriber has to submit his option on the prescribed form, to join / pay by auto-debit from the designated individual bank / Post office account, until further instructions, an amount of Rs.436/- (Rupees Four Hundred Thirty-Six only) per annum, or any amount as decided from time to time, which may be intimated immediately if and when revised, towards renewal of coverage under the scheme.
Delayed enrolment / renewal subsequent to this date will be possible on payment of appropriate premium as described in Q.2 above, subject to changes in terms regarding insurance coverage.
Any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme. However, in case a claim arises, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.
For more information please visit official website : Pradhan Mantri Jeevan Jyoti Bima Yojana
Benefits
Rs.2 lakh is payable on a subscriber’s death due to any cause.
The premium payable is Rs.436/- per annum per subscriber.
For those getting enrolled under PMJJBY for the first time during the middle of the policy period, payment of pro-rata premium is allowed as under;
a) For enrolment in June, July and August – Full annual premium of Rs.436/- is payable.
b) For enrolment in September, October, and November – pro rata premium of Rs. 342/- is payable
c) For enrolment in December, January and February – pro rata premium of Rs. 228/- is payable.
d) For enrolment in March, April and May – pro rata premium of Rs. 114/- is payable.
However, full year’s premium @ Rs 436/- is payable at the time of renewal under the scheme.
For subscribers enrolling for the first-time, risk starts from the date of auto-debit of premium. However, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
Eligibility
- The age of the applicant must be between 18 to 50 Years.
- The applicant must hold an individual bank / post office account
