Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a step towards enhancing financial security and promoting financial inclusion in India. The scheme, which aims to provide life insurance coverage to individuals at an affordable premium, was launched by PM Narendra Modi on 9th May, 2015.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY is a one-year life insurance scheme renewable from year to year offering coverage for death due to any reason.
PMJJBY Eligibility
Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme. People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to the age of 55 years upon payment of the premium.
PMJJBY Benefits
Life cover of ₹2 Lakh in case of death due to any reason.
A 30-day lien clause may be imposed in the PMJJBY scheme whereby the claim cases during the first 30 days from the date of enrollment will not be paid. However, deaths due to accidents would be exempted from the lien clause.
The premium of ₹436 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 subject to availability of the fund in the Bank’s account.
PMJJBY Enrolment
Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of a post office savings bank account. The premium under the scheme is auto-debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
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Published: 04 Jan 2024, 02:24 PM IST