Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme valid for one year and is renewable from year to year, offering coverage for death. PMJJBY is a pure term insurance policy, which covers only mortality without any investment component.
As mentioned earlier, this scheme is a one-year Insurance Scheme, and it offers life insurance cover for death due to any reason. The plan would be offered/administered through LIC (Life Insurance Corporation of India) and other Life Insurance companies willing to provide the product on similar terms with the required approvals and tie-ups with Banks for this purpose.
PMJJBY can be availed by the people who fall under the age group of 18 to 50 years ( life cover up to age 55) and have a savings bank account. Interested people who give their consent to join and enable auto-debit can avail of the benefits of this scheme.
A life cover of Rs. 2 lakhs is available under the PMJJBY scheme, at a premium of Rs.330 per annum per member, and is renewable every year. If someone has a joint account, all the account holders can join the scheme, provided they meet its eligibility criteria and agree to pay the premium at the rate of Rs.330 per person.
Maturity: This plan has no maturity or surrender benefits.
Enrolment: The Master policyholders can be participating banks or post offices. The date of start of insurance cover is the later of the 1st of June or the date of enrolment of the insured member for entering the scheme, and the insurance cover will be valid until the 31st of May of the following year. The premium will be deducted from the account holder’s bank / Post office account in one payment, based on the choice selected at the time of enrolling in the scheme.
Exclusion: For new members enrolling in the scheme, insurance cover will not be available for death (other than due to accident) occurring during the first 30 days from the date of enrollment into the scheme (lien period), and no claim will be admissible if death (other than due to accident) occurs during the lien period.
Tax Benefits: The premium paid for the policy is tax-deductible under section 80C of the Income Tax Act.
You can find more details related to the scheme, such as enrolling, eligibility criteria and so on down the page
The Eligibility Criteria of the policy are listed below:
The enrolment process for this scheme has been made simple and easy. PMJJBY is managed through LIC (Life Insurance Corporation of India) and other private life insurance companies in India. One may also contact their respective bankers for the process of enrolment if the bank is tied up with insurance companies. Even if an individual has multiple bank accounts in one or different banks, he/she would be eligible to join the scheme only through one bank account.
Those who wish to join the scheme now may still do so as one can renew the plan anytime during the year by paying the full premium and not the proportionate amount. However, the renewal date is still the same, i.e on the 1st of June for all of the subscribers.
However, It’s recommended to join now and get the cover for the entire 12 months. Even if you had exited the scheme at any point, you may still re-join the scheme by paying the annual premium.
The death claim will be settled by the respective Office of the Insurance Company concerned. The process which is followed is given below:
Q1. Is the scheme refundable?
People who have multiple Savings accounts can only enrol in one PMJJBY policy. If such a case is discovered, the premiums will be reimbursed to the policyholder’s account. In addition, no coverage will be provided for such policies. The premium must be paid in accordance with the requirements.
Q2. When was this scheme launched?
The Pradhan Mantri Suraksha Bima Yojana, which was introduced in 2015, is a one-year accidental death and disability insurance policy that can be renewed annually.
Q3. How do I discontinue my PMJJBY insurance policy?
Customers who want to cancel their auto-renewal must do so before the end of the year. Renewal premiums will be deducted until the insured reaches the scheme’s eligibility age.
Q4. How much is the premium for the PMJJBY scheme?
The risk coverage under this policy is Rs. 2 lakh in the event of the insured’s death for any reason. The premium is Rs. 330 annually, which is to be auto-debited from the subscriber’s bank account in one instalment on or before the 31st of May of each annual coverage term under the scheme, as per his preference.
Q5. How do I find out what my PMJJBY status is?
Follow these steps to check the status of PMJJBY’s account.
Step 1: Navigate to your bank’s website.
Step 2: Use internet banking to log in.
Step 3: Navigate to the relevant PMJJBY section.
Step 4: Enter your bank account information.
Step 5: Input the PMJJBY application number.
Step 6: Click the Submit button.
Step 7: Verify the status.