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.