Pradhan Mantri Jeevan Jyoti Bima Yojana

What is Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by Prime Minister Narendra Modi on May 9, 2015, in Kolkata. Aimed at providing affordable life insurance coverage, the scheme targets individuals aged between 18 and 50 years who hold a savings bank or post office account.

By offering a renewable one-year term life cover, PMJJBY seeks to enhance financial security among the poor and low-income sections of society, ensuring that more citizens have access to essential social protection.

Key Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

Here are the key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

• Affordable Life Cover: It offers a life insurance cover of ?2 lakh at a nominal annual premium of ?436. It offers full coverage at a very low premium amount.
• Eligibility: It is open to individuals aged 18 to 50 years with a savings bank or post office account. Coverage continues up to the age of 55 upon annual renewal.
• Coverage Period: The policy is valid for one year, from June 1 to May 31, and is renewable annually.
• Premium Payment: The premium is automatically debited from the policyholder's bank or post office account, ensuring hassle-free payment.
• No Medical Examination Required: Enrollment does not require any medical tests, making it accessible to a broader population.
• Waiting Period: There is a 30-day waiting period from the date of enrollment. However, deaths due to accidents are covered from day one.
• Claim Process: In the event of the policyholder's death, the nominee receives the sum assured of ?2 lakh
• Enrollment Process: Interested individuals can enroll by submitting the application form at their bank or post office.
• Eligibility for NRIs: Non-Resident Indians (NRIs) with an eligible bank account in India can enroll in PMJJBY. However, in the event of a claim, the benefit will be paid to the nominee in Indian currency.
• Eligible Account Holders: All individual bank or post office account holders, except institutional account holders, are eligible to subscribe to PMJJBY.
• Automatic Premium Deduction: The annual premium of ?436 is automatically deducted from the subscriber's bank or post office account through the 'auto-debit' facility, ensuring seamless renewal.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

Here are the key benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana:

Important Life Cover

PMJJBY provides a life insurance cover of ?2 lakh to the nominee in case the subscriber passes away. This lump sum amount can help the family manage financial responsibilities during a difficult time. It acts as a safety net for families who may otherwise struggle with sudden income loss.

Covers Death Due to Any Reason

Pradhan Mantri Jeevan Jyoti Bima Yojana covers death due to both natural and accidental causes. This ensures that the family receives the benefit no matter how the death occurs. Such comprehensive coverage gives the policyholder peace of mind and a sense of security.

Auto-Debit Facility

The annual premium of ?436 is automatically debited from your linked bank or post office account. You do not have to worry about remembering due dates or missing payments. This hassle-free process keeps the policy active without any manual intervention.

Re-Joining Option

Individuals who choose to exit the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) at any time can easily rejoin the scheme in future years by simply paying the applicable annual premium and submitting a fresh consent form.

Note:- No health report or certification is required to join this scheme. Also, this is a basic term insurance plan that does not offer any maturity amount or bonus at the end of the policy

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility

Anyone who wants to apply for PMSBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

• Applicants must be between 18 and 50 years of age.
• Applicants should have an individual bank or post office account.

Pradhan Mantri Jeevan Jyoti Bima Yojana Online Application Process

Pradhan Mantri Jeevan Jyoti Bima Yojana online application is a simple and hassle-free process. You can register through the official website or mobile banking app of your bank or post office, provided your savings account is linked with them.

Most major banks and post offices offer a dedicated section for government insurance schemes, where you can easily fill out the application form, give your consent for auto-debit, and enroll in the scheme within minutes, all from the comfort of your home.

Note:- Make sure your Aadhaar and mobile number are linked with your account to complete the process smoothly.

Pradhan Mantri Jeevan Jyoti Bima Yojana Offline Application Process

• Step 1: Click on this link and download the application form, PMJJBY.
• Step 2: Take a printout of the form.
• Step 3: Fill in the form carefully, sign it, and attach self-attested copies of the required documents (like ID and address proof).
• Step 4: Then, submit it to your bank or post office where you have your account.
• Step 5: Once your form is accepted, you’ll receive an Acknowledgement Slip-cum-Certificate of Insurance from the officials.

Conclusion

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a low-cost life insurance plan that helps you protect your family in case something unexpected happens. With a small yearly payment, you can get good life cover and peace of mind. It is a smart choice for anyone who wants basic life insurance without spending too much. By joining this scheme, you take an important step toward securing your family’s future.