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PMJJBY Scheme: Benefits, Eligibility, Coverage & Enrollment

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.

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

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.

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

The following are the key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

  • It provides life coverage for one year, and the policy can be renewed every year
  • It offers life insurance coverage of INR 2 lakh at nominal premium charges of INR 330 every year
  • Since it is a pure term insurance plan, the policy does not offer maturity benefits and only covers life risks
  • The coverage begins 45 days after the enrollment date. However, the sum assured amount will be paid in case of death due to an accident
  • The policy can be bought at any partnered banks having tie-ups with LIC and other private insurance companies in India
  • The policyholder needs to have a savings bank account to avail this plan
  • One can simply rejoin the scheme even after exiting from it for any given reason

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.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

The following are the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana plan.

  • Death Benefit: Much like any other term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana offers a death benefit of up to INR 2 lakh upon the death of the policyholder.
  • Risk Coverage: Pradhan Mantri Jeevan Jyoti Bima Yojana plan covers all the life risks. It offers death benefits to the beneficiaries of the policy if the policyholder dies due to any reason. This amount will be paid after 45 days of death. In case the death of the policyholder is due to an accident, there is no waiting period, and the death benefit is provided to the beneficiaries immediately.
  • Tax Benefit: The investment made towards Pradhan Mantri Jeevan Jyoti Bima Yojana plan can be claimed for tax deductions under Section 80C of the Income Tax Act, 1961.

Premium Payable for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY Scheme)

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 for PMJJBY Scheme

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

 

How to Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana

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 –

  1. Download the PMJJBY application form from
    www.jansuraksha.gov.in/Forms-PMJJBY.aspx
    The form is available in several languages, so choose the one that is convenient for you.
  2. Submit the duly filled form with your bank
  3. Submit the necessary documents
  4. Upon verification, you will be successfully registered under the scheme

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.

List of Banks Providing PMJJBY Scheme

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

 

Conditions for Termination of Pradhan Mantri Jeevan Jyoti Bima Yojana

The following are the termination conditions for the PMJJBY scheme –

  • You (the account holder) attains the age of 55 years old
  • Closure of the associated bank account or insufficient balance in the bank account
  • In case of multiple coverages under the PMJJBY scheme, the cover will be restricted to INR 2 lakh and other insurance covers will be terminated and premiums shall be forfeited

Additional Details of PMJJBY Scheme

A few other details that you need to know about the Pradhan Mantri Jeevan Jyoti Bima Yojana plan are as follows.

  • Upon enrollment, the policy has a 45 days cooling period after which the coverage begins. However, the cooling period is exempted in case of accidental deaths, and the sum assured is paid immediately.
  • If the savings bank account linked to the plan is closed, it will lead to termination of the policy.
  • The Pradhan Mantri Jeevan Jyoti Bima Yojana plan is limited to only one policy per policyholder. This is irrespective of the person having multiple saving bank accounts with banks offering the scheme.
  • The premium amount is deducted directly from the associated bank account between May 25 and May 31 each year.
  • In case the policy is terminated due to any given reason, it can be reinstated by paying a full premium amount and proof of good health.

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.

Conclusion

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!

FAQs

  • ✔️What is the nature of the PMJJBY scheme?

    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.

  • ✔️How can I pay the premiums for the PMJJBY scheme?

    The premiums for the PMJJBY scheme are deducted from your associated bank account directly via ‘auto-debit’ facility.

  • ✔️I am eligible for the PMJJBY scheme but failed to join the scheme in the initial year, can I join it in subsequent years?

    Yes. All you have to do is pay the premiums for the PMJJBY scheme and submit the self-certification of your good health.

  • ✔️Can I rejoin the PMJJBY scheme after leaving?

    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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