Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a vital social security initiative introduced by the Indian government. Launched in 2015, this life insurance scheme provides financial protection to individuals and their families, particularly targeting the economically weaker sections of society.
Overview of PMJJBY
PMJJBY is a one-year renewable life insurance scheme that offers a coverage amount of ₹2 lakhs in the event of the policyholder’s death due to any cause.
Available to individuals aged 18 to 50 years, this scheme requires a bank account and the policyholder’s consent for auto-debit of the premium from the bank account.
The premium for PMJJBY is ₹330 per annum, which is automatically deducted from the subscriber’s account. The insurance is managed through a partnership between public and private insurance companies and various banks, including scheduled commercial banks, regional rural banks, and cooperative banks.
Key Features of PMJJBY
- Eligibility: Individuals aged 18 to 50 with a bank account can enroll.
- Coverage: Life cover of ₹2 lakhs for death due to any reason.
- Premium: ₹330 per annum, auto-debited from the subscriber’s bank account.
- KYC Requirement: Aadhaar serves as the primary Know Your Customer (KYC) document.
- Insurance Providers: Offered by Life Insurance Corporation (LIC) and other approved insurers in collaboration with banks.
Advantages of PMJJBY
- Security: Ensures financial protection for your family in case of unforeseen circumstances.
- Simplicity: Easy enrollment process without the need for medical examinations, based on self-declared health status.
- Affordability: Provides substantial coverage at a minimal annual premium.
- Renewability: The scheme is renewable annually, allowing continued protection.
| Items | Details |
|---|---|
| Death benefit | Beneficiaries will receive a sum of ₹ 2 lakhs |
| Maturity benefit | No maturity benefit or surrender benefit is available with this policy |
| Premiums | Pay a premium of ₹ 330 per annum per member – deducted automatically from savings bank account, with facility for auto-debit instructions |
| For enrolments done on or after 1st June’16, the risk cover will commence only after the completion of 30 days from the date of enrollment into the scheme by the member. However deaths due to accidents will be exempt from this Lien Clause. | |
| Ways to pay | Pay through the Insurance tab on your Net banking account |
| Policy term | Get life cover for one year, renewable from year to year |
| Age Limit | Age at entry: minimum 18 years; maximum 50 years |
| Criteria | Savings Bank Account holder – with sufficient funds |
Enrollment and Coverage Details
Enrollment for PMJJBY is straightforward. Individuals can join the scheme by providing their consent for auto-debit before May 31st each year.
Late enrollments are allowed up to August 31st, with an extension possible until November 30th under special circumstances. New enrollees after this period must submit a self-certificate of good health.
In cases where the insurance lapses due to insufficient funds or other technical reasons, it can be reinstated upon payment of the full premium and submission of a satisfactory health declaration.
| Name of the Scheme | Pradhan Mantri Jeevan Jyoti Bima Scheme |
|---|---|
| Website | https://www.india.gov.in/ |
| Schemes Portal | https://www.jansuraksha.gov.in/ |
| Online Registration | https://pmjjby.licindia.in/ |
| Application Form | PMJJBY Application Form |
Tax Benefits and Administration
Subscribers to PMJJBY can avail of tax benefits as per the prevailing Income Tax laws. The scheme’s administration is handled by LIC and other insurers, with banks acting as master policyholders. A streamlined process ensures efficient enrollment, premium collection, and claim settlement.
How to apply for PM Jeevan Jyoti Bima Yojana
| Step | Details |
|---|---|
| Internet Banking | Login to your Internet Banking account at Bank and Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana |
| Phone Banking (through IVR) | Customers can enroll for PMJJBY by visiting the nearest Bank Branch |
| Branch Banking | Login to your Internet Banking account at the Bank and Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana |
How to Activate PMJJBY
Activating the PMJJBY policy is simple and can be done through net banking:
- Log in to your net banking account and navigate to the ‘Insurance’ tab.
- Select PMJJBY, choose the bank account for premium payment, and confirm the details.
- Upon confirmation, download the acknowledgment and unique reference number for future reference.
Termination of Policy
The PMJJBY policy will terminate under the following conditions:
- The policyholder attains the age of 55.
- Closure of the linked bank account or insufficient funds for premium deduction.
- Multiple enrollments with different banks will restrict the insurance cover to ₹2 lakhs, with the excess premium forfeited.
PMJJBY is a crucial scheme that provides life insurance at an affordable cost, ensuring financial stability for families during challenging times. By understanding its features, benefits, and enrollment process, eligible individuals can make informed decisions to secure their loved ones’ future.