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.
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PMJJBY 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.
The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.
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.
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.
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.
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.
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.
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.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
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.
As this is a pure term insurance plan, PMJJBY does not offer any maturity or surrender 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.
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.
For the convenience of our buyers, here we have shown the policy details in the tabular form.
Minimum | Maximum | |
Entry Age | 18 years | 50 years |
Maximum maturity age | 55 years | |
Policy Term | 1 year (Renewable yearly) | |
Sum Assured | Rs2,00,000 | |
Premium amount | Rs330 (inclusive of Rs41 towards administrative charges) | |
Lien period | 30 days from the enrolment date into the scheme |
The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.
Once the claim is made, the maximum period the insurance company can take to approve and disburse the claim amount is of 30 days.
Pradhan Mantri Jeevan Jyoti Bima Yojana is a very beneficial scheme that can be subscribed to by simply linking the Aadhaar card with the participating bank account. The subscribers can enroll themselves after the normal due date as well, provided payment of full annual premium payment is made and a health certificate is submitted.
As a government-backed insurance policy with the minimum premium rates, this plan is very advantageous for those individuals who have a low income. The plan efficiently secures the financial future of the individual and provides a backup so that they can fight against any kind of eventuality. The following are the three reasons that make this plan very beneficial -
With all these benefits and features offered by the policy, this is certainly one of the best plans to purchase for the low-income section of society.
The enrolment process of the Pradhan Mantri Jeevan Jyoti Bima Yojana is easy and simple. The popular PMJJBY scheme is being managed by the Life Insurance Corporation of India and various other private life insurance providers in India. In case the bank is tied up or associated with the insurance companies, you could also contact your respective banker and get enrolled for the process. In case an individual has multiple accounts either in one or various banks then that person will be entitled to join the PMJJBY scheme with simply one account in the bank.
Anyone who still is looking forward to joining the scheme now can still do by renewing the plan anytime during the year simply by making the complete premium payment and not just the proportionate sum. The date of renewing will still be the same for all the subscribers i.e. first of June.
In the below grid is the list of banks in India the offers the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme at their respective branches:
Allahabad Bank | Canara Bank | IDBI Bank Ltd | Punjab National Bank | State Bank of Travancore |
Andhra Bank | Central Bank of India | Indian Bank | Ratnakar Bank Ltd | Syndicate Bank |
Axis Bank | City Bank Union Ltd | Indian Overseas Bank | South Indian Bank Ltd | UCO Bank |
Bank of Baroda | Corporation Bank | IndusInd Bank Ltd | State Bank of Bikaner and Jaipur | Union Bank of India |
Bank of India | Federal Bank Ltd | Jammu and Kashmir Bank Ltd | State Bank of Hyderabad | United Bank of India |
Bank of Maharashtra | HDFC Bank Ltd | Oriental Bank of Commerce | State Bank of India | Vijaya Bank |
Bhartiya Mahila Bank | ICICI Bank Ltd | Punjab and Sind Bank | State Bank of Patiala | Yes Bank Ltd |
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*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.
There are some other relevant details that you should know in regards to the Pradhan Mantri Jeevan Jyoti Bima Yojana as follows: