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Term insurance is one of the basic and most affordable life insurance plans available in the market. It provides financial security to your loved ones in your absence. A likewise scheme is made available by the government for the underprivileged families in India. This scheme is known as the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The PMJJBY scheme is available for Indian citizens between the age of 18 years old and 50 years old with an active savings account. The policy offers life coverage of INR 2 Lakh at a nominal premium cost of INR 330 per annum. The PMJJBY scheme can be renewed every year, and the premiums are auto-debited from the associated bank account.
Here, we are discussing everything you need to know about the PMJJBY scheme.
The PMJJBY full form is Pradhan Mantri Jeevan Jyoti Bima Yojana. The scheme is a term insurance plan launched by the Indian government. It was first mentioned in the budget speech in February 2015 and was nationally launched in Kolkata on May 09, 2015, by Prime Minister Narendra Modi.
The primary objective of this plan is to provide financial security to the poor people in case of death of the main income earner. This life insurance coverage begins from June 1 of every year until May 31 of the next year and can be renewed on an annual basis.
The following are the key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
You can also read about the features of another Government scheme, PMSBY, which is a year long accident insurance plan offering coverage against accidental death and disability at affordable premiums.
The following are the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana plan.
The basic premium amount for the PMJJBY scheme is INR 330 and reduces thereafter based on the month of your enrollment. The amount is deducted directly from the associated bank account in an auto-debit manner.
Consider the following table for a better understanding of the same.
Entry Month |
Policy Period |
Premium Amount |
June, July, and August |
4 Quarters (complete policy period) |
INR 330 plus taxes (if any) |
September, October, and November |
3 Quarters |
INR 258 plus taxes (if any) |
December, January, and February |
2 Quarters |
INR 172 plus taxes (if any) |
March, April, and May |
1 Quarter |
INR 86 plus taxes (if any) |
As of now, the auto-debit facility is the only available premium payment mode for the PMJJBY scheme. The renewal time for the scheme is between May 25 and May 31, and the amount will be debited directly from your bank account. However, this is unless the policyholder has requested for the termination of the scheme with the respective bank.
The PMJJBY scheme offers a sum assured amount of INR 2 Lakh if you (the policyholder) dies a premature death.
Eligibility Criteria |
|
The minimum entry age of the policy |
18 years |
The maximum entry age of the policy |
50 years |
Maximum coverage age of the policy |
55 years |
Policy Tenure |
1 year |
Bank Account Requirement |
Savings account mandatory for enrollment |
Coverage period |
Begins from June 1 every year to May 31 of the next year |
Sum assured amount |
INR 2 Lakh |
One can get PMJJBY via LIC or any other life insurance company in India. Also, many banks have the facility for PMJJBY enrollment at its branches. Know that no matter how many bank accounts you hold, you can enroll under this scheme with only a single account. The scheme can be renewed every year, and the renewal date remains June 1 for all the members. If you happen to quit the scheme for any reason, you can rejoin it by paying the annual premium.
The enrollment process is quite simple –
Most banks also offer an SMS-based enrollment process. Check with your respective bank for the details on the same and proceed with the application.
The following is the list of banks in India that offer the PMJJBY scheme at their branches.
Bank Name |
|||
Allahabad Bank |
Corporation Bank |
Karur Vysya Bank Ltd |
State Bank of India |
Andhra Bank |
Dena Bank |
Kotak Mahindra Bank Ltd |
State Bank of Mysore |
Axis Bank |
Federal Bank Ltd |
Lakshmi Vilas Bank |
State Bank of Patiala |
Bank of Baroda |
HDFC Bank Ltd |
Oriental Bank of Commerce |
State Bank of Travancore |
Bank of India |
ICICI Bank Ltd |
Punjab & Sind Bank |
Syndicate Bank |
Bank of Maharashtra |
IDBI Bank Ltd |
Punjab National Bank |
UCO Bank |
Bhartiya Mahila Bank |
Indian Bank |
Ratnakar Bank Ltd |
Union Bank of India |
Canara Bank |
Indian Overseas Bank |
South Indian Bank Ltd |
United Bank of India |
Central Bank of India |
Induslnd Bank Ltd |
State Bank of Bikaner & Jaipur |
Vijaya Bank |
City Union Bank Ltd |
Jammu & Kashmir Bank Ltd |
State Bank of Hyderabad |
Yes Bank Ltd |
The following are the termination conditions for the PMJJBY scheme –
A few other details that you need to know about the Pradhan Mantri Jeevan Jyoti Bima Yojana plan are as follows.
You can also read the features and benefits of another Government scheme, PMJAY, which offers healthcare services to Indian citizens who may not be able to afford health insurance for themselves and their families.
The Government of India is making efforts to provide financial and health security to the poor and vulnerable families across the country.
The Pradhan Mantri Jeevan Jyoti Bima Yojana plan is one such great initiative. It offers financial security to the family members in case of the insured individual’s death. That way, the death benefit received by the family can be utilised until an alternate source of income is generated.
Furthermore, this plan will ensure that low-income earning families in society are not pushed more into poverty in the absence of the bread earner.
In case you are not eligible to register for Government insurance schemes, worry not, we have you covered with comprehensive term plans at affordable premium rates. Download our insurance app to check out the best term insurance plans today!
The PMJJBY scheme is ideally a one-year term insurance cover offered by the Government of India. The policy can be renewed every year and offers monetary benefits to the beneficiaries of the plan in case you (the account holder) dies.
The premiums for the PMJJBY scheme are deducted from your associated bank account directly via ‘auto-debit’ facility.
Yes. All you have to do is pay the premiums for the PMJJBY scheme and submit the self-certification of your good health.
Yes. People who have left the scheme for any reason can rejoin the scheme by paying the annual premium amount and submitting the self-certification of good health.
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