Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme for individuals in the age group of 18-50 years. The scheme, which was launched on 9th May 2015 by the Prime Minister of India, aims to provide financial security to individuals and their families in case of the unfortunate event of their death.
PMJJBY offers a one-year term life cover of Rs. 2 lakh for death due to any reason, for a premium of just Rs. 330/- per annum. The premium is auto-debited from the subscriber’s bank account on an annual basis. The scheme is administered by Life Insurance Corporation of India (LIC) and other insurance companies who have tied up with banks for offering the product on similar terms.
Eligibility and Enrollment Process for PMJJBY
- All savings bank account holders in the age group of 18-50 years are eligible to join the scheme.
- Individuals can enroll for the scheme through one savings bank account only, in case they hold multiple savings bank accounts.
- Aadhar is the primary KYC for the bank account.
- Enrollment is open from 1st June to 31st May of the following year, with the option to join by giving auto-debit consent before 31st May.
- Late enrollment is possible up to 31st August, which may be extended by the government up to 30th November, with the submission of a self-certificate of good health.
Premium and Benefits for PMJJBY
The premium for the scheme is Rs. 330/- per annum per member, which is auto-debited from the subscriber’s savings bank account. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of the premium in the first three years. The benefit under the scheme is a one-year term life cover of Rs. 2 lakh for death due to any reason.
The following table summarizes the key details of PMJJBY scheme:
|Eligibility Criteria||Savings bank account holders in the age group of 18-50 years|
|Enrollment Period||1st June to 31st May of the following year|
|Premium||Rs. 330/- per annum per member|
|Benefits||Rs. 2 lakh on member’s death due to any reason|
|Enrollment Modality||Auto-debit from the subscriber’s savings bank account|
Application Process for PMJJBY
Individuals who meet the eligibility criteria can apply for the scheme offline by downloading and printing the “CONSENT-CUM-DECLARATION FORM” from the official website of PMJJBY. The form should be duly filled and signed, and submitted along with self-attested copies of the required documents to the authorized official of their bank or post office. The official will provide the subscriber with the “ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF INSURANCE”.
Just like other Savings options. PMJJBY has provided a financial safety net to millions of individuals and their families in India, who can now rest easy knowing that they are protected in case of any unfortunate event. With a low premium and easy enrollment process, PMJJBY is an attractive proposition for those seeking life insurance cover.
Additionally, it is important to note that non-resident Indians (NRIs) holding eligible bank accounts with bank branches located in India are also eligible to purchase the PMJJBY cover, subject to the terms and conditions of the scheme. However, in case of a claim, the benefit will be paid out to the nominee/beneficiary only in Indian currency. This provision ensures that the scheme is accessible to a wider range of individuals, including those who reside outside of India.
Useful Links and Contacts
- Official Website – https://www.jansuraksha.gov.in
- “CONSENT-CUM-DECLARATION FORM” – https://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
- The claim forms can be accessed from the link – https://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf