ALL DETAILS OF THE SCHEME: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme of the Ministry of Finance that offers life insurance against death from any cause. This is a one-year cover that is renewed from year to year. The scheme is offered/administered through LIC and other life insurance companies who are willing to offer the product on similar terms with necessary approvals and are tied up with banks/post offices for this purpose. All owners of individual accounts of participating banks/post offices in the age group of 18 to 50 are entitled to participate. Aadhaar is the primary KYC for bank / postal account.

👉Pradhan mantri jeevan jyoti bima yojana benefits:

PMJJBY offers a renewable one-year life cover of ₹ 2.00 Lakh to all subscriber bank account holders in the age group of 18-50 years covering death due to any cause at a premium of ₹ 330/- per annum per subscriber which will be automatically deducted from the subscriber's bank account.

👉PMJJBY Registration period:

The insurance cover is for a period of one year from 1st June to 31st May, with the option to connect / pay by direct debit from a designated individual bank / post office account on the prescribed forms being required to be provided by 31st May each year. Delayed enrollment in potential coverage is possible by paying a prorated premium as described below;

👉For registration in June, July and August – full annual premium of Rs.436 is payable.

b) For enrollment in September, October and November – Pro rata premium of Rs. 342 is paid

👉 For enrollment in December, January and February – Pro-rated premium of Rs. 228 is paid.

👉For enrollment in March, April and May – pro installment premium of Rs. 114 is paid. A pledge period of 30 days applies from the date of registration.

👉Eligibility:

👉The age of the applicant must be between 18 and 50 years.

👉Applicant must own a bank account / post office account.

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👉Insurance premium:

Rs.436/- per annum per member. The premium will be deducted from the account holder's bank/postal account through "Automatic Debit" in one installment, as applicable, at the time of program registration. Delayed enrollment in potential insurance after May 31st will be possible with payment of a prorated premium as stated in paragraph 3 above. The premium would be reviewed based on annual claims experience.

👉Offline application process

👉 Download and print the “DECLARATION OF CONSENT FORMAT” given in the link below: https://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250

👉 Duly fill and sign the application form, attach the attested copies of the required documents and submit the case to the authorized officer of the bank / post office. The clerk will return the "INSURANCE NOTES" to you.

👉Required documents:

Identity Proof (KYC): Either from AADHAAR Card or Electoral Photo Identity Card (EPIC) or MGNREGA Card or Driving License or PAN Card or Passport.

Pradhan Mantri Jeevan Jyoti Bima Yojana | pradhan mantri jeevan jyoti bima yojana benefits

👉Frequently asked questions:

•How do I pay the premium for PMJJBY❓

The premium will be deducted from the account holder's bank/postal account through "Automatic Debit" in one installment, as applicable, at the time of program registration.

•Who will offer/administer the scheme❓

The scheme would be offered/administered through LIC and other life insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating banks. Participating banks will have the option to involve any such life insurance company in implementing the scheme for their subscribers

•What is the minimum eligibility to subscribe to PMJJBY❓

All savings account holders between the ages of 18 and 50 at participating banks will be eligible to enter. In the case of multiple savings bank accounts maintained by an individual in one or different banks, that person would only be able to join the program through one savings account.

•Does PMJJBY cover death due to natural disasters like earthquakes, floods and other convulsions of nature? What about suicide/homicide coverage❓

Yes, all these events are covered as PMJJBY covers death from any cause

•Can eligible individuals who do not join the program in the first year join in subsequent years❓

Yes, after paying the premium via automatic debit and presenting your own certificate of good health. Accordingly, new eligible participants may also join in future years

•How do I access the PMJJBY application form❓

Application forms can be accessed from the link -https://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf

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👉Also check out: Atal Pension Yojana (APY)