Pradhan Mantri Jeevan Jyoti Bima Yojana

Benefits of PMJJBY

The major benefit offered by Pradhan Mantri Jeevan Jyoti Bima Yojana is death coverage of Rs. 2, 00,000 which is offered to the nominee of the insured person.

Risk Coverage under PMJJBY

Risk coverage offered by PMJJBY is Rs. 2, 00,000 in case of death caused any reason.

Terms and Conditions of Risk Coverage

Risk coverage is normally for 1 year. However, the scheme can be renewed after 1 year. Also, you can opt for a longer duration than a year in which case your savings account will be auto debited by the bank every year.

PMJJBY Eligibility Criteria

1. Any savings bank account holder between the ages 18 to 50 years can opt for this scheme through participating banks.
2. One can subscribe for this scheme through one savings bank only, even if he/she has multiple bank accounts.
3. Aadhar card linking to your participatory bank account is mandatory to obtain the benefits of this scheme.
4. Individual joining the scheme after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, will have to produce a self-certificate of good health stating that she/he is not suffering from any critical illness mentioned in the declaration form.

Enrolment Procedure

On launch, PMJJBY will provide a cover from 1st June, 2015 to 31st May, 2016. Subscribers need to enroll by 31st May, 2015 and accept the auto debit option. However, it is extendable up to 31st August, 2015. Enrollment after this date will be considered on payment of full annual premium and submission of a self-certificate of good health.

PMJJBY Premium Details

PMJJBY can be bought by paying a premium of Rs.330 p.a. Premium will be deducted automatically from your savings bank account in one installment via auto debit option. Premiums need to be paid before or on 31st May of every month. Delayed payments will be accepted under certain terms and conditions. Depending on an annual claim of experience, premiums may be revised.

How to Enroll for PMJJBY Scheme?

You can enroll yourself in a PMJJBY scheme with the help of an insurance company. The scheme will be offered by public life insurance companies like Life Insurance Corporation of India (LIC) or other general insurance providers with a tie-up with banks. PMJJBY schemes are expected to be effective from 1st June, 2015. Participating banks will have the choice of listing any life insurance company for implementing this scheme for their subscribers.