Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year, renewable life insurance plan, offers death coverage of 02 lakhs. The covered risk under PMJJBY is wholly for death; hereafter, the nominee will provide the advantage. PMJJBY is a pure tenure insurance policy with no investment component that solely covers mortality.
If any individuals have bank accounts in more than one bank, they will only be eligible to apply for the PMJJBY scheme under one bank. The bank will do the KYC on its own through an Aadhar card. If it is found that any customer tries to apply in more than one bank, then such application will be rejected automatically without any further notice.
Scheme Details
| Concerned Department | Pradhan Mantri Central Government |
| Scheme Name | Pradhan Mantri Jeevan Jyoti Bima Yojana 2021 |
| Beneficiary | All citizens |
| Scheme Covered | 02 lakh |
PM Yojana
PMJJBY Yojana Details
The policy will be a one-year cover that will be renewable from year to year, with life insurance coverage for any purpose. The LIC and some insurance companies would provide the PMJJBY with prior approval and tie-ups to the bank. Banks participated under the PMJJBY scheme is free to work with all the insurance corporation as per their choice to place the scheme in place for its clients.
Policy Period
The scheme coverage will last for one year, from June 1 to May 31 of the subsequent year. The cover under the PMJJBY scheme will commence from the Individuals request and dismiss on May 31 of the subsequent year for those who join on or after June 1.
Age Requirement
Those who want to apply for the Pradhan Mantri Jeevan Jyoti Bima scheme must have a minimum age of 18 year, and this scheme is available for individuals having a maximum age of 50 year. It may be noted that no bank will provide the relaxation un upper and lower age limit. Individuals require to show their identity proof to the bank for the birth date confirmation.
In case of any age dispute, individuals can contact directly to the bank in which they are applying for the scheme. If any of the people try to present the false age will be liable for the punishment and other legal actions by the bank.
Premium Under Pradhan Mantri Jeevan Jyoti Bima Yojana
According to previous Ministry of Finance standards, the yearly premium was fixed at INR 330 for one year period, that is, from June 1 toa May 31, regardless of the customer’s application date.
The Ministry of Finance has made some changes (effect from 01 September 2018) in the structure of payment of premium on quarterly basis, based on the scheme holder request date into the plan. The premium details of revised details are given here-
| June, July and August | INR 330 is payable |
| September, October and November | INR 258 is payable |
| December, January and February | INR 172 is payable |
| March, April and May | INR 86 is payable. |
| June, July and August | INR 330 is payable |
| September, October and November | INR 258 is payable |
| December, January and February | INR 172 is payable |
| March, April and May | INR 86 is payable. |
The premium under the Pradhan Mantri Jeevan Jyoti Bima Yojana will be deducted automatically by the bank from the Account holder’s Account linked to the scheme. It is only mode accessible. Unless the consumer submits the cancellation application for the policy, the renewal will be auto charged between May 25 and May 31.
Risk Coverage (PMJJBY Yojana)
The assured money under the scheme is 02 lakh, which will be payable to nominee only after the death of the Insured member.
Termination of scheme
- Once the account holder attains the age of 55 years.
- Insufficient balance for debiting premium due to account closure with the bank
- If you have more than one policy under the plan, your coverage will be limited to Rs 2 lakh, and any other insurance policies would be cancelled, and your money will be forfeited.
Terms and conditions
- Only one PMJJBY insurance will be allowed if a customer has numerous Savings Accounts with the other banks. If several PMJJBY applications are discovered, the premium for every policy will be reimbursed to the individuals saving account, and no claims will be paid for the further policies requested.
- For all registrations beginning June 1, 2016, risk coverage will begin only when the client has completed 45 days from the scheme commencement date. The 45-day cooling period will not apply to deaths caused by accidents.
- Customers will be required to pay a premium in accordance with the scheme’s requirements.
The updated Premium Structure is as follows:
| June, July and August | INR 330 is payable |
| September, October and November | INR 258 is payable |
| December, January and February | INR 172 is payable |
| March, April and May | INR 86 is payable. |
- Joint account holders can enroll for the PMJJBY scheme by submitting a separate enrolment request at the Bank branch only.
- The account holder’s consent for the auto-debit will be based on their reply obtained through their registered cell phone number.
- Joint account holders must file a separate request for enrolment at a Bank branch to participate in the PMJJBY initiative.
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