PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana).Scheme Details.Benefits. Premium.

What is PMJJBY?

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is an insurance scheme backed by Government of India. It was launched by Prime Minister Narendra Modi on 9th May 2015. It is available for individual whose age is in between 18 to 50 year. Life cover of Rs. 2 lakh is provided under PMJJBY. Premium amount is Rs. 436 per year.

PMJJBY Scheme details

PMJJBY gives life insurance cover of Rs. 2 Lakh for death due to any reason. It is available for people in the age group of 18 to 50 years. Duration of this life cover is one year stretching from 1st June to 31st May and it is renewable. Premium amount of Rs. 436 is auto-debited from subscriber’s bank account every year on or before 31st May as per his/her mandate. The scheme is offered by Life Insurance Corporation and other life insurers who are willing to offer the policy on similar terms and conditions with necessary approvals and tie up with banks. In case of death of the subscriber, nominee will get the payment of Rs. 2 lakh.

PMJJBY Benefits

• On the death of policy holder nominee will get payment of Rs. 2 lakh.
  • It is mandatory to mention nomination details while applying to the policy.
• Premium amount is reasonable.
  • As compare to other policies offered by various insurance agencies PMJJBY is cheaper, Probably because it is backed by government.
  • This makes it affordable for common people.
• One has to pay the premium once in a year
• To avail benefits of the policy, subscriber needs to link his/her Aadhar card to the concerned bank account.

PMJJBY Premium

Premium amount for PMJJBY is 436 Rs. One has to pay the premium once in a year.

Subscriber gives the mandate to the bank to auto debit the premium amount.

Premium amount is deducted on or before 31st May.

Duration of the policy is one year stretching from 1st June to 31st May.

Policy Period

PMJJBY provides a cover to the policy holder for one year starting from 1st june to 31st may of next year.

Age limit and Eligibility

• People in the age group 18 to 50 years are eligible to enrol to this policy.
• Death cover is available upto 55 years i.e if you enrol for PMJJBY in any year of age between 18 – 50 years, death cover is offered upto 55th year of age.
• One needs to have an operating bank account to enrol.
• In case individual has multiple bank accounts only one account is considered.
• Those who want to join the policy may join and can renew it anytime in the year by paying the full premium amount. However the renewal date remains the same that is on or before 31st May.

How to apply?

• PMJJBY is managed by Life Insurance Corporation (LIC) and other life insurance companies.
• Interested candidates may contact the bank in which they are having an operative account if the bank is tied up with insurance company.
• He/She needs to submit the enrolment form along with the consent to auto debit the premium amount in the bank.
• Online application is also an good option to enrol PMJJBY, for that one needs to have an internet banking facility.

PMJJBY status.

If one wants to know whether his/her policy is active or not, the Policy holder can visit the concerned bank to check the status of the policy.

Policy holder also has the option to check the status of the policy on bank’s website through internet banking.

Where to Download PMJJBY Certificate?

• Process of obtaining PMJJBY certificate may vary from bank to bank.
• However policy holder can visit the bank to get certificate.
• Moreover certificate can also be downloaded from concerned bank’s website using internet banking facility.

How to claim PMJJBY policy?

• After the death of policy holder nominee can claim death benefits.
• For claiming he/she must visit the bank and fill the required claim form and submit it with necessary documents.
• Necessary documents include death certificate of policy holder, bank and KYC details of nominee, discharge receipt from bank or insurance company, hospitals, insurance agents etc.

Is PMJJBY refundable?

• No it is not refundable as it is purely an insurance scheme not an investment option.
• Still it is good scheme to enrol in because it offers life cover of Rs. 2 Lakh for one year in very reasonable premium.