PMJJBY Life Insurance | Rs 2 Lakh Cover at Low Premium
Overview
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed term life insurance scheme available to all savings bank account holders in India. Launched in 2015, it provides a Rs 2 lakh death benefit at an affordable annual premium, making life insurance accessible to low-income families.
Objective
PMJJBY aims to bring affordable life insurance to the uninsured population of India. Many working adults have no life insurance, leaving their families financially vulnerable. This scheme fills that gap with a simple, low-cost policy.
Benefits
- Life insurance cover of Rs 2 lakh in case of death due to any reason
- Annual premium of Rs 436 (revised rate effective June 2022)
- Premium is auto-debited from the subscriber’s bank account
- Simple enrollment through a bank branch or online banking
- No medical examination required for enrollment
Eligibility
- Age between 18 and 50 years
- Must have a savings bank account
- Must give consent for auto-debit of premium from the bank account
- Aadhaar card preferred as KYC document
Exclusions
- Persons above 50 years are not eligible for fresh enrollment
- Cover lapses if the premium is not paid on time
- Suicide within 45 days of enrollment is excluded from the death benefit
- Accounts with insufficient balance for premium deduction will result in policy lapse
Application Process
- Visit your bank branch or log in to net banking
- Submit a consent form for PMJJBY enrollment and auto-debit
- The premium of Rs 436 is auto-debited from your account every year on June 1
- A policy document or certificate of insurance is provided
- For claim, the nominee submits the death certificate at the bank branch
- The bank processes the claim and pays Rs 2 lakh to the nominee
Documents Required
- Savings bank account details
- Aadhaar card for KYC
- Consent-cum-declaration form
- Nomination details
- Mobile number linked to bank account
