PMJJBY was announced during the Union Budget 2015-16, under which insurance cover of Rs.2 lakh in case of death due to any reason and premium of Rs.436/- per year will be provided. The insurance premium will be auto debited from the account holder's account. Eligible Age Group : 18 to 50 years.

Life is full of uncertainties, and no one knows what the future holds. Ensuring financial security for your family is essential, and having life insurance is a key step in that direction. To provide a cost-effective and efficient life insurance option, the Government of India has introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This scheme offers a one-year term life insurance cover, providing financial assistance to the nominee in case of the policyholder’s death due to any reason.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that is available to all individuals aged 18 to 50 years. Under this scheme, in the unfortunate event of death, the family of the insured person receives life insurance coverage of ₹2 lakhs. This cover is valid for one year, but it can be renewed annually.

This scheme is available to anyone with an individual bank or post office account, and it is operated by banks and life insurance companies. The premium is kept extremely low so that even ordinary citizens can afford to benefit from this plan.

Key Benefits of PMJJBY

₹2 Lakh Life Cover: The scheme provides life insurance cover of ₹2 lakhs to all customers in the age group of 18-50 years for a period of one year.
Coverage for Death Due to Any Cause: The life insurance cover under this scheme is applicable in the event of death due to any cause—be it illness, accident, or any other reason.
Low Premium: The annual premium for this scheme is just ₹436, making it an affordable option for most individuals. The premium is auto-debited from the customer’s bank or post office account, so you don't need to worry about manually paying it every year.

Eligibility Criteria

Age Limit: The applicant must be between 18 to 50 years of age to be eligible for this scheme.
Bank/Post Office Account: The applicant must have an individual account in any bank or post office, as the premium will be automatically deducted from the account.

How to Apply

Enrolling in PMJJBY is simple, and you can apply through two methods: offline or online.

Offline Application:

Download the consent-cum-declaration form and take a printout.
Fill out the form accurately and attach self-attested copies of the required documents.
Submit the form to the bank or post office where your account is held. The authorized official will provide you with an "acknowledgment slip-cum-insurance certificate."

Online Application:

If you prefer a digital method, you can apply for the scheme online through your bank or post office’s website. Follow the simple instructions provided there to complete your enrollment process.

FAQ's

How can I pay the premium for PMJJBY?
The premium amount will be automatically debited from the account holder’s bank or post office account through the 'Auto Debit' facility.
What is the validity of the insurance cover under PMJJBY?
The coverage under PMJJBY is valid for one year, from June 1 to May 31, upon the payment of the annual premium.
Is delayed enrollment for potential coverage under this scheme possible?
Yes, delayed enrolment for the cover is possible with premium payment of: a) For enrolments in June, July and August – Annual premium of ₹436. b) For enrolments in September, October and November – Premium of ₹342. c) For enrolments in December, January and February – Premium of ₹228. d) For enrolments in March, April and May – Premium of ₹114.
If I decide to opt out of the scheme, can I rejoin later?
Yes, rejoining the scheme is possible under the same eligibility conditions as outlined in the plan.
Who administers and proposes the scheme?
The scheme will be administered and proposed by insurance companies, in collaboration with participating banks. Banks can appoint any insurance company to implement the scheme for their customers.
What is the minimum eligibility to subscribe to PMJJBY?
All savings account holders between the ages of 18 and 50 in participating banks are eligible. If a person holds multiple accounts, they can only enroll through one savings bank account.
Who will be the Master Policyholder for this scheme?
The participating bank or post office will act as the Master Policyholder.
Are NRIs eligible for coverage under PMJJBY?
Yes, NRIs with an eligible bank account in an Indian branch are eligible, but the claim benefits will be paid only in Indian currency to the beneficiary/nominee.

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