PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched in 2015. It offers a one-year renewable term life insurance cover of ₹2 lakh at an affordable annual premium, aiming to provide financial security to families in the event of the policyholder’s death.

Eligibility Criteria

To enroll in PMJJBY, you must:

• Be an Indian citizen aged between 18 and 50 years.
• Have a savings bank or post office account.
• Provide consent for auto-debit of the premium from your account.
• Maintain sufficient balance in the account for premium deduction.

Coverage continues up to the age of 55, provided the policy is renewed annually.

Key Features & Benefits

• Sum Assured: ₹2 lakh payable to the nominee in case of the policyholder’s death, regardless of the cause.
• Annual Premium: ₹436, auto-debited from the linked bank or post office account.
• Policy Term: One year, from June 1 to May 31, renewable annually.
• No Medical Examination: Enrollment does not require any medical tests.
• Tax Benefits: Premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act.

How to Enroll

1. Through Bank or Post Office: Visit your bank branch or post office where you hold a savings account and fill out the PMJJBY enrollment form.
2. Online Enrollment: Many banks offer online enrollment through their net banking portals.
3. Consent for Auto-Debit: Provide consent for the annual premium to be auto-debited from your account.

Ensure your Aadhaar is linked to your bank account for seamless enrollment.

Enrollment Period & Premium Payment

• Coverage Period: June 1 to May 31 each year.
• Premium Payment: Full annual premium of ₹436 is payable for enrollments in June, July, or August.
• Pro-Rata Premiums: For enrollments in subsequent months, premiums are adjusted on a pro-rata basis:
  • September to November: ₹342
  • December to February: ₹228
  • March to May: ₹114

Premiums are auto-debited from the linked account.

Exclusions & Termination

• Exclusions:
  • Death due to suicide within the first 30 days of policy initiation is not covered.
• Termination of Coverage:
  • Upon reaching 55 years of age.
  • Closure of the linked bank or post office account.
  • Insufficient balance for premium deduction.
  • If multiple accounts are used to enroll, only one policy is valid; others are terminated, and premiums may be forfeited.

Claim Process

In the unfortunate event of the policyholder’s death:

1. The nominee should approach the bank or post office where the policyholder had the savings account.
2. Submit the duly filled claim form along with the death certificate and other required documents.
3. Upon verification, the claim amount of ₹2 lakh is transferred to the nominee’s account.

Renewal Process

The policy is auto-renewed annually, provided there is sufficient balance in the linked account for premium deduction. If the policy lapses due to non-payment, it can be reinstated by paying the full annual premium and submitting a self-declaration of good health.

Participating Banks & Insurance Providers

PMJJBY is offered through various banks and post offices in collaboration with Life Insurance Corporation of India (LIC) and other life insurance companies approved by the government.

Official Website

For more details and to download forms:

🔗 jansuraksha.gov.in

PMJJBY serves as a crucial step towards financial inclusion, providing affordable life insurance to individuals across India, especially those from economically weaker sections. By ensuring financial security for families in times of distress, it upholds the social welfare objectives of the government.