Pradhan Mantri Jeevan Jyoti Bima Yojana: (PMJJBY) is a straightforward life insurance plan for people aged 18 to 50 with a bank account who agree to automatic premium payments. You’ll just need your Aadhar card for ID.
What you get:
- Life insurance of Rs. 2 lakhs for a year, from June 1st to May 31st, which you can renew.
- If the insured person passes away, no matter the reason, their nominee gets Rs. 2 lakhs.
- To join, pay an annual premium of Rs. 436. It’s automatically taken from your bank account based on your choice, before May 31st each year.
PMJJBY is available through the Life Insurance Corporation (LIC) and other insurers in partnership with banks. It’s a way to offer financial security and peace of mind to eligible individuals and their families.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Launched in 2015, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that you can renew annually. It offers coverage in case of death. This scheme operates through both public and private insurance companies in partnership with various banks.
The government aims to extend insurance coverage to a broader section of the population, especially the underprivileged, to promote inclusive growth in line with the vision of ‘Sabke Saath Sab ka Vikas’ (Development for All).
- All savings bank account holders aged 18 to 50 in participating banks are eligible to join this scheme.
- When you pay the premium, you’ll receive insurance coverage of Rs. 2,00,000 from the insurance company.
- There is a 30-day waiting period called a lien clause in the PMJJBY scheme. This means that during the first 30 days from the date of enrollment, claims won’t be paid out, except in cases of accidents.
- The premium of Rs. 436 will be automatically deducted from your savings bank account in one installment through the ‘auto-debit’ feature. This happens as per your chosen option, on or before May 31st of each annual coverage period, provided there are sufficient funds in your account.
- The amount of premium deducted depends on the month when you join the scheme.
- In the unfortunate event of the subscriber’s death for any reason, the registered nominee will receive Rs. 2,00,000 in their savings account.
| Bifurcation ofpremium collected from Customers | Enrolmentduring month of June, July & August | Enrolmentduring Sept, Oct & Nov | EnrolmentDuring Dec, Jan & Feb | EnrolmentDuring March, April & May |
| Total premiumcollected | Rs.436/- | Rs.342/- | Rs.228/- | Rs.114/- |
Pradhan Mantri Jeevan Jyoti Bima Yojana: Benefits
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides a one-year life insurance coverage of ₹2.00 lakh to subscribers aged 18 to 50. This coverage offers peace of mind as it protects against any cause of death, ensuring financial security for the insured and their family.
To join PMJJBY, all you need to do is pay an affordable annual premium of ₹436. This amount is automatically deducted from your bank or post office account, eliminating the need for manual payments. It’s a hassle-free and accessible option for those seeking life insurance protection.
Pradhan Mantri Jeevan Jyoti Bima Yojana: Eligibility
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is open to folks aged 18 to 50, covering a broad range of potential applicants. To qualify, you simply need to have your own bank or post office account.
This simple condition creates a direct and personalized link between the insured and the insurance scheme, making it easy for individuals to access and benefit from the coverage.
Pradhan Mantri Jeevan Jyoti Bima Yojana: Application Process
Offline:
Sure, here are the points you requested:
- Download and print the “CONSENT-CUM-DECLARATION FORM” from this link: PMJJBY Application Form.
- Complete the application form by filling in the necessary information and signing it. Attach self-attested copies of the required documents.
- Submit your application to the authorized official at your Bank or Post Office.
- The official will provide you with the “ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF INSURANCE.”
This process ensures you can access the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) easily and get your insurance coverage in order.
Online:
There’s another way to get Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) coverage. You can apply online using your bank’s net banking.
This makes the process easy and without paperwork. So, whether you like the usual way or prefer doing it online, PMJJBY is flexible for your choice.
Pradhan Mantri Jeevan Jyoti Bima Yojana: SBI PDF
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Pradhan Mantri Jeevan Jyoti Bima Yojana: EMI Calculator
Pradhan Mantri Jeevan Jyoti Bima Yojana: FAQ’s
What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana?
The life cover of Rs. 2 lakh lasts for one year from June 1 to May 31 and can be renewed. In this scheme, there’s a risk cover of Rs. 2 lakh for the insured person’s passing, regardless of the cause.
How much money is deducted in Pradhan Mantri Jeevan Jyoti Yojana?
Any citizen can get insurance coverage of up to Rs 2 lakh by paying just Rs 436 per year. The government launched the Jeevan Jyoti Bima Yojana in 2015. To join this life insurance scheme, you only need to pay Rs 436 annually. Before 2022, the policy cost was even lower, at just Rs 330 per year.
For how many years is Jeevan Jyoti Insurance?
Anyone from 18 to 50 years old can apply for Jeevan Jyoti Bima Yojana, a government-managed insurance. You need to renew it every year. The policy matures at age 55. Just remember, if you miss paying the premium for a year, you won’t get the insurance benefits.
Which is the plan with ₹ 12?
The Pradhan Mantri Suraksha Bima Yojana (PMSBY) from the central government provides accident insurance of up to Rs 2 lakh for a mere premium of Rs 12. This insurance lasts for one year, and you can renew it every year. The coverage period runs from June 1 to May 31.
Conclusion:
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