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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) - Full details to register and get benefit


By CMV360 Editorial StaffUpdated On: 10-Feb-2023 12:26 PM
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ByCMV360 Editorial StaffCMV360 Editorial Staff |Updated On: 10-Feb-2023 12:26 PM
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Pradhan Mantri Jeevan Jyoti Bima Yojana, The Indian government has implemented several schemes to provide insurance and financial assistance to its citizens, is one such initiative.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Prime Minister of India, Narendra Modi, in 2015. The scheme is administered by the Ministry of Finance and is implemented through participating banks and insurance companies.

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The main objective of PMJJBY is to provide life insurance coverage to individuals in the age group of 18-50 years at a very low cost. The annual premium for the scheme is only Rs. 330 per annum, which is less than $5. The scheme provides a life insurance cover of Rs. 2 lakhs to the enrolled individuals in case of death due to any reason.

To enroll in the scheme, individuals need to have a savings bank account with a participating bank. The premium for the scheme is automatically debited from the account on an annual basis. Individuals can also enroll in the scheme through the bank's mobile app or internet banking facility.

The scheme has been widely welcomed by the people of India as it provides life insurance coverage to a large number of individuals who otherwise would not have been able to afford it. The scheme is expected to provide a sense of financial security to the enrolled individuals and their families.

How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

To apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), follow these steps:

  1. Visit the official website of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) at https://pmjby.gov.in/

  2. Click on the "Apply for PMJJBY" button on the homepage

  3. Fill out the application form with the required personal and contact information, such as your name, address, and contact details

  4. Provide your bank account details, including your account number, IFSC code, and bank branch name.

  5. Submit the application form along with the required documents, such as a copy of your PAN card, Aadhaar card, and a passport-size photo.

  6. After submitting the application, you will receive an acknowledgement receipt with a reference number. Keep this number safe for future reference.

  7. Your application will be processed and you will receive a confirmation message on your registered mobile number and email ID.

  8. The premium amount will be automatically debited from your bank account on a yearly basis on the due date.

Note: This scheme is available through different banks, and the process may vary from bank to bank. It is recommended that you check with your bank for the specific process to apply for the PMJJBY scheme.

Key Eligibility Criteria for PMJJBY

  • The scheme is open to any individual between the ages of 18 to 50 years who holds a savings bank account with a participating bank.
  • Only one savings bank account can be used to subscribe to the scheme, even if an individual has multiple bank accounts.
  • An Aadhaar card linked to the participating bank account is mandatory to be eligible for the benefits of the scheme.
  • Individuals joining the scheme after the initial enrollment period of 31st August 2015 or 30th November 2015 must provide a self-certificate of good health, stating that they are not suffering from any of the critical illnesses mentioned in the declaration form.

Key Features of PMJJBY

  • The policy provides coverage for a period of 1 year.
  • Renewal options are available.
  • Individuals have the flexibility to leave and rejoin the scheme at any time.
  • The participating bank acts as the primary policyholder for the scheme.
  • The scheme offers a straightforward and user-friendly claim settlement process.
  • The death cover provided by the scheme will expire if the person is over 55 years old, has multiple bank accounts, or has insufficient funds in their savings account to maintain the insurance.
  • Individuals who miss the opportunity to join the scheme in the first year can enroll in subsequent years by paying annual premiums and providing a self-certificate of good health.
  • The scheme is open to new eligible applicants in future years.

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Premiums

  • PMJJBY can be bought by paying a premium of Rs.330 p.a.
  • Premium will be deducted automatically from your savings bank account in one installment via auto debit option.
  • Premiums need to be paid before or on 31st May of every month.
  • Delayed payments will be accepted under certain terms and conditions.
  • Depending on an annual claim of experience, premiums may be revised.

How to Enroll for PMJJBY Scheme

  • Enroll yourself in a PMJJBY scheme with the help of an insurance company.
  • The scheme will be offered by public life insurance companies like Life Insurance Corporation of India (LIC) or other general insurance providers with a tie-up with banks.
  • Participating banks will have the choice of listing any life insurance company for implementing this scheme for their subscribers.

PMJJBY Risk Coverage

  • Risk coverage offered by PMJJBY is Rs. 2, 00,000 in case of death caused by any reason.
  • The scheme offers coverage for a period of 1 year, which can be renewed after the term ends.
  • The scheme allows you to opt for a longer duration than a year, in which case your savings account will be auto-debited by the bank annually.

Benefits of PMJJBY

  • Provides life insurance coverage for 1 year.
  • Renewability option available.
  • Individuals can exit the scheme at any time and join in future.
  • Participating bank acts as the master policyholder.
  • Simple and subscriber-friendly insurance claim settlement process.
  • Death cover offered by the scheme terminates if the person is above 55 years, covered through more than one bank account, or insufficient balance in savings account to keep the insurance in force.
  • Individuals who fail to join in the initial year can join in subsequent years by paying annual premiums and submitting a self-certificate of good health.
  • The scheme is open for new eligible applicants in the coming years.
  • The scheme is available to any savings bank account holder between the ages 18 to 50 years through participating banks.
  • A cover of 2 Lakhs is provided under the scheme.
  • Premiums are affordable and can be paid through auto debit option.
  • Premiums can be revised based on an annual claim experience.
  • Aadhar card linking to your participatory bank account is mandatory to obtain the benefits of this scheme.

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In conclusion, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that provides life insurance coverage to individuals in the age group of 18-50 years at a very low cost. The scheme is expected to provide financial security to the enrolled individuals and their families and is widely welcomed by the people of India.

FAQs for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

1. What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

PMJJBY is a government-backed life insurance scheme in India that provides coverage of Rs. 2 lakh in case of the policy holder's death due to any reason. It is available to individuals in the age group of 18-50 years.

2. How can I enroll for PMJJBY?

Individuals can enroll for PMJJBY by filling out a form at any participating bank or through the bank's official website. Enrollment can also be done through various insurance companies that have partnered with the government for PMJJBY.

3. What is the premium for PMJJBY?

The premium for PMJJBY is Rs. 330 per annum, which can be paid through the bank's auto-debit facility or by cash at the bank's branches.

4. What is the coverage provided under PMJJBY?

The coverage provided under PMJJBY is Rs. 2 lakh in case of death due to any reason.

5. Is there any age limit to enroll for PMJJBY?

Yes, the age limit to enroll for PMJJBY is between 18 and 50 years.

6. Is there any medical examination required for PMJJBY?

No, there is no medical examination required for PMJJBY.

7. What are the documents required to enroll for PMJJBY?

The documents required to enroll for PMJJBY are a government-issued ID, address proof and passport-size photographs.

8. Can I enroll for PMJJBY online?

Yes, you can enroll for PMJJBY online through the bank's official website or through the online portal of partnered insurance companies.

9. How do I make a claim under PMJJBY?

Claims under PMJJBY can be made by submitting the required documents to the bank or insurance company where the policy was taken. The death certificate and a copy of the policy are the main documents required to make a claim.

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