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Rules ,Eligibility and Premium details of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a insurance police introduced by government of india.This police is different from Pradhan Mantri Suraksha Bima Yojana (PMSBY) .This scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme would be offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.

Who is eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

  1. The savings bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
  2. Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a selfcertification of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.

    Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)-Details
    Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)-Details

Premium of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Rs.330/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31 st May of each annual coverage period under the scheme.

Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)  Rs.2 lakhs is payable on member’s death due to any reason.