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The Pradhan Mantri Jeevan Jyoti Bima Yojana is a yearly renewable term insurance policy launched by the Central Government of India. The scheme was launched with the objective of encouraging life protection for the low-income sections of society. The Pradhan Mantri Jeevan Jyoti Bima Yojana can be availed by individuals between the age group of 18-50 years. Let’s learn more about Pradhan Mantri Jeevan Jyoti Bima Yojana benefits in this article.
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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme offering a renewable one-year term life cover of Rs. 2 Lakh (stretching from 1st June to 31st May) to all the bank account holders who have subscribed to this scheme under the age group of 18-50 years. As a government-initiated insurance policy, there are many Pradhan Mantri Jeevan Jyoti Bima Yojana benefits, like covering death due to any reason, for a premium of Rs. 436/- per annum per subscriber, and will be auto-debited from the subscriber's bank account.
Term Plans
The following are the Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits:
Death Benefit
In case of the unfortunate death of the insurance holder, the death benefit of Rs 2 lakh is offered by the PMJJBY to the nominee of the policy.
Maturity Benefit
As this is a pure term insurance policy, no survival benefit or maturity benefit is offered by the PMJJBY.
Tax Benefit
The premium paid towards the policy is applicable for tax exemption under section 80C of the Income Tax Act.
Policy Tenure
The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits the customers by offering coverage against the risk for 1 year. However, the policy needs to be renewed annually. Moreover, the insurance holder can also choose a longer tenure of more than 1 year by choosing the option of auto-debit linked to his/her savings bank account.
Enrollment Period
The period of enrolment of Pradhan Mantri Jeevan Jyoti Bima Yojana benefits is set from June of each financial year to August of the same year. During the period of enrollment, the subscribers are required to enroll and submit their auto-debit consent. If the individual wants to buy the policy after 1st June, then he/she will be required to pay the lump-sum premium amount of the policy year from the month of joining.
Sum Assured
The coverage amount offered by the Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.2 lakh. The coverage is offered to the beneficiary of the scheme in case of uncertain death of the policyholder during the tenure of the policy. The life insurance coverage as a death benefit offered to the nominee is tax-free. The Pradhan Mantri Jeevan Jyoti Bima Yojana provides a very easy and hassle-free claim settlement process.
Premium Amount
This is another major benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana. Any individual can get coverage of Rs.2 lakh at a minimal premium rate of just Rs.436p.a. The PMJJBY term insurance scheme is a remunerative investment option for individuals with low-income. Moreover, the rate of premiums of the scheme remains the same for subscribers of all age groups i.e. between 18 years- 50 years.
Payment Mode
The premium is auto-debited 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 and May 31st, the premium amount for the policy renewal is also auto-debited from the savings bank account of the insurance holder. If the policyholder wants to discontinue the scheme, then he/she needs to submit the cancellation application to stop the deduction of premium payment.
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Any individual between the age group of 18 years- 50 years having a savings bank account can subscribe to this scheme through participating banks.
Even if the individual has more than one savings bank account, they are allowed to subscribe to the scheme only with one savings bank account.
It is compulsory to link the Aadhar card to the participatory bank account to avail of the PMJJBY benefits offered by the plan.
Now that we have understood the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits let’s take a look at the details of the policy in the table mentioned below:
| PMJJBY Benefits | Minimum | Maximum |
| Entry Age | 18 years | 50 years |
| Maximum maturity age | 55 years | |
| Policy Tenure | 1 years (Renewable yearly) | |
| Sum Assured | Rs. 2,00,000 | |
| Premium Amount | Rs. 436 (inclusive of Rs. 32 towards administrative charges) | |
| Lien Period | Death due to any other reason than accident will not be covered during the first 30 days of premium payment | |
The Pradhan Mantri Jeevan Jyoti Bima Yojana benefits the nominees and the families of the life assured by offering a very easy and hassle-free process of claim settlement. They can get their claims settled by filling out the company’s claims form and adding the required documents. After this, the insurer will review the claim and settle it on successful verification.
The exclusions in the Process of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are:
Insurance covers exclusion for death (other than due to an accident) during the first 30 days from the date of enrollment into the scheme (referred to as the "lien period") for new members.
No admissible claims for death (other than due to an accident) occurring during the lien period.
Here are the steps to enroll into the PMJJBY Scheme:
Visit the official website Jansuraksha Scheme
Click on the 'Application Forms' section
Select your preferred language and fill out the application form
Alternatively, you can register through internet banking
Another option is to send a text message to their toll-free number
Ensure you download the registration receipt at the conclusion of the process
Here is the break-up of the PMJJBY premium:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) premium to the insurer is Rs. 436/annum per member.
Reimbursement of expenses to the bank/agent is Rs. 30/annum per member.
Reimbursement of the administrative costs to the listed bank is Rs. 11/annum per member.
As a government-initiated insurance policy with the lowest premium rates, the PMJJBY is very beneficial for people with low-income. As a comprehensive policy, the plan ensures financial security for the family of the life assured and provides a financial backup so they can deal with any type of emergency. With all these features and Pradhan Mantri Jeevan Jyoti Bima Yojana benefits surely one of the safest and most worthwhile plans to buy for a low-income group of individuals.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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