PMJJBY, Pradhan Mantri Jeevan Jyoti Bima Yojana Details, Rules For Pradhan Mantri Jeevan Jyoti Bima Scheme and more details are provided here. Pradhan Mantri Jeevan Jyoti Bima Yojan is a Social Security Welfare Scheme and it is a government-backed Life insurance scheme in India.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) launched in 2015, is a one-year life insurance scheme renewable from year to year offering coverage for death. The scheme is administered through both public and private sector insurance companies in tie-up with scheduled commercial banks, regional rural banks and cooperative banks.
The government has stressed heavily on the insurance sector as previously a larger section of the populace did not have access to insurance coverage. With the target to include the poor and the underprivileged section of the society, this social security scheme was envisaged to foster the spirit of inclusive growth tandem with the vision of ‘Sabke Saath Sab ka Vikas’.
|Name of the Scheme||Pradhan Mantri Jeevan Jyoti Bima Scheme|
|Title||Check the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Details|
|Subject||Govt Of India launched the PMJJBY is a one-year life insurance scheme|
|Application Form||PMJJBY Application Form|
PM Jeevan Jyoti Bima Yojana Highlights
- The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit.
- Aadhar would be the primary KYC for the bank account.
- The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable.
- Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
- The premium is Rs. 330 per annum which is to be auto-debited in one installment f rom the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme.
- The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.
- Tax Benefits: Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.
Features of PMJJBY
- Nominees of PMJJBY insurance holder can get Rs 2 lakh as death benefit.
- Protect your family’s financial security in an eventuality
- Simplified proposal form for enrolment
- Cover of Rs.2 lakh at a reasonable cost
Advantages of PMJJBY
- Security: Safeguard your family against financial difficulties.
- Simplicity: Fast enrollment and swift processing.
- No medical examination required, acceptance is based on satisfactory health declarations in the consent form.
|Death benefit||Beneficiaries will receive a sum of ₹ 2 lakhs|
|Maturity benefit||No maturity benefit or surrender benefit is available with this policy|
|Premiums||Pay a premium of ₹ 330 per annum per member – deducted automatically from savings bank account, with facility for auto-debit instructions|
|For enrolments done on or after 1st June’16, the risk cover will commence only after the completion of 30 days from the date of enrollment into the scheme by the member. However deaths due to accidents will be exempt from this Lien Clause.|
|Ways to pay||Pay through the Insurance tab on your Net banking account|
|Policy term||Get life cover for one year, renewable from year to year|
|Age Limit||Age at entry: minimum 18 years; maximum 50 years|
|Criteria||Savings Bank Account holder – with sufficient funds|
The PMJJBY 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 PMJJBY 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.
Scope of coverage: All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.
Enrolment period: Initially on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will be required to enroll and give their auto-debit consent by 31st May 2015. Late enrollment for prospective cover will be possible up to 31st August 2015, which may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015.
Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with the submission of a self-certificate of good health in the prescribed proforma.
Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year. Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a selfcertificate of good health.
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed proforma.
In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.
Benefits: Rs.2 lakhs is payable on member’s death due to any reason Premium: Rs.330/- per annum per member. The premium will be deducted from the account holder’s savings bank account through the ‘auto debit’ facility in one installment, as per the option given, on or before 31st 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.
Eligibility Conditions: a) 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.
b) 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.
Master Policy Holder: Participating Banks will be Master policyholders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / other insurance company in consultation with the participating bank.
How to apply for PM Jeevan Jyoti Bima Yojana
|Internet Banking||Login to your Internet Banking account at Bank and Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana|
|Phone Banking (through IVR)||Call Bank Customer Care and select IVR option 5 for PM Insurance Scheme and after that select option 1 to enroll for PMJJBY*|
|Branch Banking||Customer can enroll for PMJJBY by visiting the nearest Bank Branch|
- Log in to Net Banking and click on the ‘Insurance’ tab
- Select scheme
- Select account for premium payment
- Policy cover amount, premium amount and nominee details (as per the selected account) will be displayed
- Click ‘Confirm’ to activate policy
- Download the Acknowledgement and unique reference number for future reference
Termination of assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable thereunder:
- On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered under PMJJBY with LIC of India / other company through more than one account and the premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as the insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health.
- Participating Banks shall remit the premium to insurance companies in case of regular enrolment on or before the 30th of June every year and in other cases in the same month when received.
Administration: The scheme, subject to the above, will be administered by the LIC P&GS Units / other insurance company setups. The data flow process and data proforma will be informed separately.
It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process.
Members may also give a one-time mandate for auto-debit every year till the scheme is in force.
Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma shall be obtained and retained by the participating bank. In case of a claim, the LIC / insurance company may seek submission of the same. LIC / Insurance Company reserves the right to call for these documents at any point in time.
The acknowledgment slip may be made into an acknowledgment slip-cum-certificate of insurance. The experience of the scheme will be monitored on a yearly basis for re-calibration etc., as may be necessary.
Appropriation of Premium:
- Insurance Premium to LIC / insurance company: Rs.289/- per annum per member
- Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs.30/- per annum per member
- Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years. The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.
|Scheme||India Social Security Welfare Schemes|
|NPS Traders||National Pension Scheme for Traders and Self-Employed Persons Yojana|
|APY||Atal Pension Yojana|
|PMSBY||Pradhan Mantri Suraksha Bima Yojana|
|PMJJBY||Pradhan Mantri Jeevan Jyoti Bima Yojana|
|PMJDY||Pradhan Mantri Jan Dhan Yojana|
|PM SYM||Pradhan Mantri Shram Yogi Maandhan Yojana|
What is the eligibility of PM Jeevan Jyoti Bima Yojana?
Individuals in the age group of 18-50 years having a bank account are entitled to benefit from the scheme. People who join the scheme before completing 50 years of age continue to have the risk of life cover upto age of 55 years subject to a payment of premium.
What are benefits of PM Jeevan Jyoti Bima Yojana?
PMJJBY offers a renewable one year term life cover of Rs. 2 Lakh to all the subscribing bank account holders in the age group of 18-50 years, covering death due to any reason, for a premium of Rs. 330/- per annum per subscriber, to be auto debited from the subscriber’s bank account.
What is PM Jeevan Jyoti Bima Yojana?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed insurance scheme under which people between the age group of 18 and 50 years can enroll.
How much is insurance premium payable for PMJYBY?
The premium for the scheme is Rs 330 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation (LIC) and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.