Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit. The risk cover on the lives of the enrolled persons has commenced from 1st June 2015.
- Life cover of Rs. 2 Lakhs is available for a period one year from 1st June to 31st May.
- It is offered / administered through LIC and other Indian private life insurance companies.
- Participating bank is the master policyholder.
- Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.
- In case of a claim, the nominees / heirs of the insured person have to contact respective bank branch where the insured person was having a bank account. A death certificate and simple claim form are required to submit and the claim amount will be transferred to nominees account.
- For those getting enrolled under PMJJBY for the first time during the middle of the policy period, payment of pro-rata premium has been allowed w.e.f. the policy year 2018-19, as given below. Thus, if the enrolment takes place during the months of,
- June, July & August - Annual premium of Rs. 330/- is payable.
- September, October & November - 3 quarters of premium at Rs. 86/- i.e., Rs. 258/- is payable.
- December, January & February - 2 quarters of premium at Rs. 86/- i.e., Rs. 172/- is payable.
- March, April & May - 1 quarterly premium at Rs. 86/- is payable.
- However, full year’s premium at Rs 330/- would be payable at the time of renewal under the scheme.
- This policy is available for the people between the age of 18-50 years. The policy ceases at 55 years of age of the policyholder.
- The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable thereunder,
- On attaining age 55 years (age near birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- A person can join PMJJBY with one Insurance company with one bank account only.
- For subscribers enrolling for the first time on or after 1st June 2016, insurance cover shall not be available for death (other than due to accident) occurring during the first 45 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during the lien period, no claim would be admissible.