Details
Pradhan Mantri Jeevan Jyoti Bima
Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death
due to any reason. It is a one-year cover, renewable from year to year. The
scheme is offered by banks/post offices and administered through life insurance
companies. All individuals who are account holders of participating banks/ post
office in the age group of 18 to 50 years are entitled to join.
Benefits
- PMJJBY offers one- year term life cover of ₹ 2.00 Lakh to all the subscribers in the age group of 18-50 years.
- It covers death due to any reason.
- Premium payable is ₹ 436/- per annum per subscriber, to be auto debited from the subscriber’s bank/post office account.
Eligibility
The age of the applicant must be
between 18 to 50 Years.
The applicant must hold an individual
bank / post office account.
Application Process
Online
One can also avail cover under PMJJBY
online using their bank's Net banking facility.
Offline
Step 01: Download and take print of
the “CONSENT-CUM-DECLARATION FORM” given in the link below:
https://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
Step 02: Duly fill and sign the
application form, attach the self-attested copies of the required documents,
and submit the case to the authorised official of Bank / Post Office. The
official will return you the “ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF
INSURANCE”.
Documents Required
- You'll need details from your savings bank account, including the account number and branch information.
- Verifying your identity is also crucial, so you'll need a copy of your Aadhaar card or your Aadhaar number
Frequently Asked Questions
How do I pay the premium for PMJJBY?
The premium will be deducted from the
account holder’s bank / Post office account through ‘auto debit’ facility.
What is the validity of the insurance
cover in PMJJBY?
Coverage under PMJJBY is valid for
one year from 1st June to 31st May on payment of annual premium.
Is delayed enrolment for prospective
cover possible under this scheme?
Yes. Delayed enrolment for
prospective cover is possible on payment of premium as described below – a) For
enrolment in June, July and August – Full Annual Premium of Rs.436/- is
payable. b) For enrolment in September, October, and November –premium of Rs.
342/- is payable c) For enrolment in December, January and February –premium of
Rs. 228/- is payable. d) For enrolment in March, April and May –premium of Rs.
114/- is payable.
If I decide to exit the scheme, is
there any possibility that I can rejoin at a later point of time?
Yes. One can enrol again under the
same conditions of eligibility stipulated in the Scheme.
Who will offer / administer the
scheme?
The scheme would be offered /
administered through Insurance companies willing to offer the product with
necessary approvals on similar terms, in collaboration with participating
Banks. Participating banks will be free to engage any such insurance company for
implementing the scheme for their subscribers.
What is the minimum eligibility to
subscribe to PMJJBY?
All savings bank account holders in
the age 18 to 50 years in participating banks will be entitled to join. In case
of multiple bank accounts held by an individual in one or different banks, the
person would be eligible to join the scheme through one saving bank account
only.
Who would be the Master policy holder
for the scheme?
Participating Banks/ Post Offices
will be the Master policy holders.
Are NRIs eligible for coverage under
PMJJBY?
Any NRI having an eligible bank
account with a bank branch located in India is eligible for purchase of PMJJBY
cover subject to fulfilment of the terms and conditions relating to the scheme.
However, in case a claim arises, the claim benefit will be paid to the
beneficiary/ nominee only in Indian currency.
Does the PMJJBY cover death resulting
from natural calamities such as earthquake, flood and other convulsions of
nature? What about coverage from suicide / murder?
Yes, all these events are covered
under PMJJBY.
What are the changes in the terms of
insurance coverage applicable to new subscribers?
For subscribers enrolling for the
first time on or after 1st June 2016, insurance benefit shall not be available
for death (due to any cause other than accident) occurring during the first 30
days from the date of enrolment into the scheme. Death due to accidental causes
will be covered from day one of insurance coverage.
How do I access the Claim Form for
PMJJBY?
The claim forms can be accessed from
the link - https://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf
Sources And References
Guidelines CLICK HERE
