Prices Increasing soon Prices Increasing Soon

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the central government of India for the growth of the poor and low-income sections of society. As a pure term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana, is available for people between the age group of 18- 50 years.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

PMJJBY scheme is a renewal term insurance policy that, provides a yearly life insurance coverage of Rs.2,00,000 in case of the demise of the insured person, at the most affordable premium rate of Rs.330 per annum. 

To help you know more about the policy, we have discussed some of the key features and benefits offered by the policy.

one crore term plan
plus

Term Plans

₹1
Crore

Life Cover

@ Starting from ₹ 16/day+

₹50
LAKH

Life Cover

@ Starting from ₹ 8/day+

₹75
LAKH

Life Cover

@ Starting from ₹ 12/day+

What are the Features of Pradhan Mantri Jeevan Jyoti Bima Yojana?

The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.

  1. Enrollment Period

    The enrollment period of Pradhan Mantri Jeevan Jyoti Bima Yojana is 1st June of each year to the 31st of May of the subsequent year. During the enrolment period, the subscribers need to enroll and provide their auto-debit consent. In case the insurance buyer wants to purchase the policy after 1st June, then they will have to pay the premium of the policy year as a lump sum from the month of joining.

  2. Coverage

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage of Rs.2 lakh to the nominee of the scheme, in the event of the unfortunate demise of the insured person. The coverage amount offered to the beneficiary has tax exemptions as per the Income Tax Law. The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a simple and hassle-free claim process.

  3. Tenure

    The Pradhan Mantri Jeevan Jyoti Bima provides coverage for a tenure of 1 year from the date of signing. As a term life insurance plan, the insured person can renew the PMJJBY every year up to the age of 55 years. In case the insured person wants to discontinue the plan then they can do it by not renewing the plan. On the other hand, the insured person can join the scheme anytime later by providing the heath certificate and paying the premium of the policy.

  4. Premium

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers insurance coverage at a minimum premium rate of Rs.330 per annum. The PMJJBY scheme is a lucrative option of investment for the low-income group of individuals. The premium of policy remains the same for subscribers of all age groups between 18 years- 50 years.

  5. Tax- Benefit

    The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.

  6. Payment Mode

    The bank auto-debits the premium from the savings bank account of the subscribers. This is the only way to pay the premium of the policy. The renewal period of the Pradhan Mantri Jeevan Jyoti Bima scheme is between May 25th – 31st May, the premium amount for renewal of the policy is also auto-debited from the savings bank account of the policyholder. In case the insured person wants to discontinue the policy then they can submit a cancellation requires to stop the premium payment deduction.

one crore term plan

Secure Your Family Future Today

₹1 CRORE

Term Plan Starting @ ₹449/month+

Get an online discount of upto 10%+

Compare 40+ plans from 15 Insurers

+Standard T&C Applied

What are Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits?

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers the following benefits:

  1. Death Benefit

    In case of the demise of the insured person, the PMJJBY provides a death coverage of Rs2,00,000 to the beneficiary of the policy.

  2. Low Premium

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage at a very low premium of just Rs 330 per year, which you can subscribe to be auto debited from your account.

  3. Maturity Benefit

    As this is a pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.

  4. Tax Benefit

    The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.

  5. Risk Coverage

    PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is a renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration of more than a year by auto-debit option linked to your savings bank account.

What are the Pradhan Mantri Jeevan Jyoti Bima Yojana Details?

Following are the pradhan mantri jeevan jyoti bima yojana details that you need to know before buying a PMJJBY scheme:

  • In case the savings bank account is linked to the plan is closed then the policy will be terminated.

  • The PMJJBY scheme is limited to one policy for every policyholder even though the person has multiple saving bank accounts with the banks that offer this scheme.

  • The premium sum will be directly deducted from the bank associated from 25 May to 31 May every year.

  • If the pradhan mantri jeevan jyoti bima yojana policy gets terminated for any stated reason, then it can be reinstated if the premium sum has been completely paid and with evidence of good health.

Eligibility Criteria of Pradhan Mantri Jeevan Jyoti Bima Yojana - PMJJBY Scheme

  • Even if you have multiple bank accounts, you can subscribe to this scheme with only one savings bank account.

  • To avail of the benefits offered by the policy, it is mandatory to link your Aadhaar card to the participatory bank account.

  • Insurance buyers joining the scheme after the primary enrolment period ranging from 31st August 2015 to 30th November 2015 will have to submit a self-attested medical certificate as proof that they are not suffering from any critical illness mentioned in the policy declaration form.

Here is a list of eligibility conditions required to buy the PMBJJY Scheme:

  Minimum Maximum
Entry Age 18 years 50 years
Maximum maturity age 55 years
Policy Term 1 year (Renewable yearly)
Sum Assured Rs 2,00,000
Premium amount Rs 330 (inclusive of Rs 41 towards administrative charges)
Lien period 30 days from the enrolment date into the scheme
Conditions You need to have an individual bank/post office account

How to Buy PMJJBY Scheme in India?

You can buy the Pradhan Mantri Jeevan Jyoti Bima Yojana in the following way:

Step 1: Download and print out the “Consent-cum-declaration” Form from the Jan-Dhan Se Jan Suraksha webpage

Step 2: Duly fill out the details required and attach the self-attested copy of mandated documents and submit it to the official bank/post office.

Step 3: The official “Acknowledgement slip cum certificate of insurance” will be returned to the PMJJBY scheme policyholder.

Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana

The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.

  1. Steps Taken by the Beneficiary

    • Step 1- In case of an unfortunate demise of the insured person, the nominee will have to visit the bank of the insured person, from where the savings bank account of the individual is linked to the scheme. The nominee will need to submit the death certificate of the insured.

    • Step2- The beneficiary will need to collect the claim form from the bank, the insurance company, etc.

    • Step3- Once, the nominee gets the claim form, they will have to fill the form thoroughly and submit it along with the required documents like discharge receipt, death certificate, photocopy of canceled cheque, bank details of the nominee, or bank account details of the policyholder.

  2. Steps Taken by the Bank

    • Step 1- Once the nominee submits the claim form along with the required documents. The bank verifies the form and documents.

    • Step2- After verification, the bank submits the following documents to the designated insurance company.

    • Thoroughly filled claim form.

    • Discharge receipt.

    • Death certificate

    • Copied Canceled cheque of the nominee.

  3. Steps Taken by the Insurance Company

    • Step1- After receiving the claim form and related documents from the bank, the insurance company verifies the filed claim from their end.

    • Step 2- After successful verification of the claim filed, the claim amount is transferred to the bank account of the beneficiary.

    Once the claim is made, the maximum period the insurance company can take to approve and disburse the claim amount is of 30 days.

    Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

    *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

FAQs

  • Q1: What is the enrolment period?

    Ans: The cover will be for one year stretching from June 01 to May 31, with the option to pay/join by auto-debit from the account of the savings bank in the format prescribed. This is required to be given by May 31 each year. For any customer who joins after June 01, the cover will start from the account holder request date and end on May 31, next year. In the case of joint accounts, every account holder can have separate covers of Rs. 2 lakh each. Every life will individually have to enroll in the scheme and pay a separate premium per life.
  • Q2: Who will be the master policyholder of the PMJJBY scheme?

    Ans: The participating banks are the master policyholders. A subscriber-friendly and simple administration along with the claim settlement process will be finalized by the LIC or chosen insurance company in consultation with the bank participating.
  • Q3: How will the PMJJBY premiums be paid?

    Ans: The premium will be debited from the bank account of the account holder via the auto-debit benefit in one installment as per consent given on the enrollment. The members might also give a one-time mandate for the auto-debit each year until the scheme is active, subject to the re-calibration, which might be deemed necessary upon review of the scheme experience.
  • Q4: What is the nature of the PMJJBY scheme?

    Ans: The scheme is essentially a one-year term insurance cover that is renewable every year and offers life insurance cover for the demise due to any reason.
  • Q5: How to make a premium payment for the PMJJBY scheme?

    Ans: The premium sum for the PMJJBY scheme will be debited from the associated bank account directly through the facility of auto-debit.
  • Q6: Can I rejoin the PMJJBY scheme after leaving?

    Ans: You need to pay the yearly premium sum if you wish to rejoin the PMJJBY scheme and also submit a certificate that certifies your sound health.
  • Q7: What if an eligible individual failed to join the scheme in the initial year wishes to join in the subsequent years?

    Ans: Yes, all they need to do is pay the premium sum for the scheme and likewise submit a self-certification of sound health.
  • Q8: What are Pradhan Mantri Jeevan Jyoti Bima Yojana details?

    Ans: The Pradhan Mantri Jeevan Jyoti Bima Yojana details are that the policy tenure is for one year, which can be renewed each year. The scheme would be offered by LIC or other life insurance companies in India.
  • Q9: What is the Pradhan Mantri Jeevan Jyoti Bima Yojana premium in India?

    Ans: The Pradhan Mantri Jeevan Jyoti Bima Yojana premium is just Rs. 330 payable for the entire year.
  • Q10: What are the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits?

    Ans: The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits are that the plan offers Rs. 2 Lakhs to the nominee on the policyholder’s untimely death during the policy term.

Premium By Age

Term insurance articles

  • Recent Article
  • Popular Articles
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL