Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a scheme run by the central government, launched in 2015. Under this scheme, life insurance coverage of ₹2 lakh is provided for a premium of just ₹436. This scheme offers life insurance coverage in case of death due to any reason. The policy can be purchased from banks and post offices. It is available to anyone aged 18 to 50 years who holds an account in a bank or post office.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Provides a one-year life cover of ₹2 lakh for individuals aged 18-50 years.
- Covers death due to any reason.
- Annual premium of ₹436, auto-debited from the bank or post office account.
Eligibility for PMJJBY
- Open to individuals aged 18 to 50 years with a bank or post office account.
- Policyholders who purchase the plan before age 50 can continue it until age 55 by paying the annual premium regularly.
How to Apply
- Visit your bank branch, BC (Bank Correspondent) point, or the bank’s official website to apply.
- Post Office Savings Bank account holders must apply at their local post office.
- The annual premium is automatically deducted from the account based on a one-time standing instruction given by the account holder.
30-Day Lien Clause
- A 30-day lien applies, where claims for death (except due to accidents) within the first 30 days from the enrollment date will not be eligible.
Pro-Rated Premium Structure
The premium amount varies depending on the month of joining:
- June to August: ₹436
- September to November: ₹342
- December to February: ₹228
- March to May: ₹114
Nominee Benefits
In the event of the subscriber’s death, ₹2,00,000 will be transferred directly to the nominee’s savings account.
Termination of Insurance
The life insurance coverage under the PMJJBY (PM Jeevan Jyoti Bima Yojana) scheme will terminate under the following circumstances, and no benefits will be payable in these situations:
- Age Limit:
- Insurance coverage ceases upon the member attaining the age of 55 (based on the date of birth), subject to annual renewal.
- Note: Enrolment into the scheme is not allowed after the age of 50.
- Account Closure or Insufficient Funds:
- If the member’s bank account is closed or does not maintain sufficient balance to auto-debit the premium, the insurance will be terminated.
- Multiple Coverage:
- In cases where a member is enrolled multiple times under the scheme, the insurance cover will still be limited to ₹2 lakh.
- The premium for additional enrollments may be forfeited.
- Annual Premium Payment:
- The premium is debited annually through the ‘auto-debit’ facility from the member’s bank account. Failure to maintain adequate funds may result in the termination of coverage.