Pradhan Mantri Jeevan Jyoti Bima Yojana Features and Policy Details

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that provides financial security to the policyholders in case of their untimely death.

The policy offers a coverage of ₹2.5 lakhs to the nominee in case of the policyholder's death, which is a significant amount to support the family's financial needs.

The premium for this policy is a mere ₹330 per year, making it an affordable option for the masses.

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed Life insurance scheme in India. It is available to people between 18 and 50 years of age with bank accounts.

To be eligible for this scheme, you must be a savings bank account holder between 18 and 50 years of age. If you have multiple savings bank accounts with different banks, you can only enroll in the scheme through one of them.

The policy period is from June 1st to May 31st of the next year. You can renew the policy every year, and the premium for the next year will be Rs. 436. However, if you enroll in the scheme through the PMJDY, you will have to pay a proportionate premium based on the quarter in which you enroll.

You can enroll in the scheme through various means, including online, offline, or through a bank branch. Once enrolled, you can continue the scheme as long as you have a sufficient balance in your account as on May 31st of every subsequent year.

The scheme provides a coverage of up to Rs. 2 lakh in case of death due to any reason, except accident, within 45 days of the commencement of the risk. If you die due to an accident within 45 days, the scheme will cover the claim.

In case of an accident, it is desirable to present your claim within 30 days of the accident. If you are already enrolled in the scheme, you must maintain a sufficient balance in your account as on May 31st of every subsequent year to avoid discontinuation of insurance coverage.

Here are the renewal premiums for the Pradhan Mantri Jeevan Jyoti Bima Yojana:

The scheme has been successful, with over 13 crore people already enrolled, and over Rs. 286 crore in claims settled. The scheme has supported over 79 lakh families with Rs. 1589 crore in claims.

To be eligible for coverage under PMJJBY, you'll need to have an eligible bank account with a bank branch located in India. This is a crucial requirement, and you can check with your bank to confirm their eligibility criteria.

Non-Resident Indians (NRIs) can also purchase PMJJBY cover, but they must have an eligible bank account in India. However, if a claim arises, the claim benefit will be paid to the beneficiary or nominee in Indian currency only.

All bank account holders, except institutional account holders, are eligible to subscribe to PMJJBY. This means that individuals with personal bank accounts can take advantage of this scheme.

To be eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme, you must have an eligible bank account with a bank branch located in India. This means you can purchase a PMJJBY cover, but any claim benefits will be paid out in Indian currency.

Any NRI with an eligible bank account can purchase a PMJJBY cover, but claim benefits will be paid out in Indian currency. This is a crucial point to consider if you're an NRI looking to enroll in the scheme.

All bank account holders, excluding institutional account holders, are eligible to subscribe to the PMJJBY scheme. This includes individuals with personal bank accounts.

The PMJJBY scheme covers death due to any reason, making it a comprehensive coverage option. This means that as long as you're enrolled in the scheme, you'll be protected in the event of an untimely death.

There are 24 life insurance companies operating in India, licensed by the Insurance Regulatory and Development Authority of India (IRDAI), that are permitted to participate in the PMJJBY scheme. This competition among insurance companies helps keep prices stable and promotes better service to customers.

To enroll in the PMJJBY scheme, you'll need to fill out an enrolment form and obtain an auto-debit authorization from your bank. This will allow the insurance company to recover the premium amount from your account on a regular basis.

Here's a summary of the roles and responsibilities of the insurance company and the bank in the PMJJBY scheme:

You can re-join the scheme in future years by paying the appropriate premium. This is a great option if you need to exit the scheme at any point.

The premium payable for re-joining is the same as for new subscribers, which is Rs.436 per annum. However, there's a catch - insurance benefit won't be available for death due to any cause other than accident occurring during the first 30 days from the date of re-enrolment.

To re-join, you'll need to pay the pro-rata premium for the remaining period of the year, depending on the month you re-join. Here's a breakdown of the pro-rata premiums:

Remember, you can always re-join the scheme by paying the appropriate premium, but make sure you're aware of the lien period and its implications.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed insurance scheme that provides a life cover of ₹ 2.00 Lakh to all subscribers in the age group of 18-50 years.

The policy period is from 1st June to 31st May of the subsequent year, and the premium payable is ₹ 436 per annum per subscriber, which is auto-debited from the subscriber's bank or post office account.

To enroll in the scheme, you can do so by any of the following methods: bank's website, bank's branch, or by visiting the bank's insurance partner, IndiaFirst Life Insurance Company Ltd.

The scheme allows for payment of pro-rata premium for enrollment during the middle of the policy period, with rates as follows:

The insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period), and in case of death (other than due to accident) during lien period, no claim would be admissible.

The assurance on the life of the member shall terminate on attaining age 55 years (age neared birthday) subject to annual renewal up to that date, or in case of closure of account with the bank or insufficiency of balance to keep the insurance in force.