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 section 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
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
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. In order to help you know more about the policy, we have discussed some of the key features and benefits offered by the policy.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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 June 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 is tax-free. 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 he/she 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 under Section 80C of the Income Tax Act.
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 he/she 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 policy is eligible for tax deduction under section 80C of the Income Tax Act. In case the insurance holder fails to submit form 15 G/15 H then any life insurance proceeds exceeding Rs. 1,00,000 will be taxable by 2%.
PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is 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.
|18 years||50 years|
|Maximum maturity age||55 years|
|Policy Term||1 years( Renewable yearly)|
|Premium amount||Rs330(inclusive of Rs41 towards administrative charges)|
|Lien period||45 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.
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, he/she 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 nominee or bank account details of the policyholder.
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.
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 time period the insurance company can take to approve and disburse the claim amount is of30 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. This scheme was open for subscription from 1st June 2015-31st May 2016. The subscribers can enroll themselves after this date as well, provided payment of full annual premium payment is made and 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 the society.
An individual can easily enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana by simply approaching any affiliated bank or insurance company. The Pradhan Mantri Jeevan Jyoti Bima Yojana form can be downloaded online by simply visiting the website https://jansuraksha.gov.in/Forms-PMJJBY.aspx
Next, click on the ‘Application Forms’ tab. The PMJJBY form is available in nine different languages namely Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil and Telugu.
The process of registration can also be initiated through the internet banking facility or simply by sending a message on the toll-free number of the onboarding organization.
Activating the Policy by Using SMS Facility
An individual can also apply for the PMJJBY online:
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 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.
It is advisable to join the scheme now and obtain cover for the complete twelve months. In case you had exited the scheme earlier, you could still re-join by simply paying the yearly premium.
Listed below are the steps of the enrolment process:
You can also check with your respective bank for an SMS-based process of enrolment and then proceed further with the application.
In the below grid is the list of banks in India the offers PMJJBY scheme at their respective branches:
|Allahabad Bank||Bank of India||Canara Bank||Federal Bank Ltd||Indian Bank|
|Axis Bank||Bhartiya Mahila Bank||Corporation Bank||IDBI Bank Ltd||Induslnd Bank Ltd|
|Andhra Bank||Bank of Maharashtra||City Bank Union Ltd||ICICI Bank Ltd||Oriental Bank of Commerce|
|Bank of Baroda||Central Bank of India||HDFC Bank Ltd||Indian Overseas Bank||Jammu and Kashmir Bank Ltd|
|Punjab National Bank||Ratnakar Bank Ltd||Syndicate Bank||United Bank of India||Yes Bank Ltd|
|Punjab and Sind Bank||State Bank of Hyderabad||State Bank of Travancore||Union Bank of India||State Bank of Patiala|
|South Indian Bank Ltd||State Bank of Bikaner and Jaipur||UCO Bank||State Bank of India||Vijaya Bank|
There are some other relevant details that you should know in regards to the Pradhan Mantri Jeevan Jyoti Bima Yojana as follows: