The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to people in the age group of 18 to 50 years having a bank account who give their consent to enable auto-debit.
People joining the scheme before completing 50 years of age can continue to have the risk of life covered under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) up to age of 55 years upon the payment of premium.
PMJJBY was launched to increase penetration of life insurance among citizens
The objective of this scheme is to provide affordable life insurance cover to the eligible people, especially the poor and underprivileged, for death due to any reason
Aadhar is the primary KYC for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The life cover of Rs. 2 lakhs shall be for the one year period commencing from 1st June to 31st May and will be renewable,
Risk coverage under this scheme is for Rs 2 Lakh in case of death of the insured, due to any reason.
The premium is Rs. 436 per annum which is to be auto debited in one instalment from the policy subscriber’s bank account as per the option given by the subscriber on or before 31st May of each annual coverage period under the scheme.
The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.
The maturity age of the Pradhan Mantri Jeevan Jyoti Yojana is 55 years, that means the insurance policy under the Pradhan Mantri Jeevan Jyoti Yojana will be terminated once the insured person reaches the age of 55 years
HOW TO ENROLL?
Enrolments under the scheme can be done by visiting the bank of account holder or at the post office in case of post office savings bank account
People having multiple saving accounts across various banks may also take part in the Pradhan Mantri Jeevan Jyoti Yojana policy, but they can enrol for the policy only once with any one of their Savings accounts
The scheme is being offered by Life Insurance Corporation and all other life insurers with necessary approvals who are willing to offer the product on similar terms and tie up with banks for this purpose