Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Features, Eligibility and More

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme. It provides a life insurance cover of ₹2 lakhs at an affordable annual premium. The scheme targets individuals aged 18–50 years and is renewable every year. Its simplicity, affordability, and accessibility make it a viable option for millions who were previously excluded from formal insurance benefits.

The policyholder’s family can use the sum assured to meet various financial needs, such as educational expenses, medical emergencies, or any unforeseen contingencies.

The premium is ₹436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by the Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose

FEATURES OF PMJJBY

Affordable Premium: The scheme is extremely affordable, requiring a yearly premium of only ₹436. This makes it accessible to individuals across socio-economic backgrounds.

Life Insurance Cover: PMJJBY provides a life insurance cover of ₹2 lakhs in the event of the policyholder’s death, ensuring financial stability for the family.

Renewable Policy: The policy is valid for one year, starting from June 1 to May 31 of the following year. It can be renewed annually.

Automatic Debit: The premium is auto-debited from the policyholder’s linked bank account, simplifying the process of maintaining the policy.

Coverage Until 55 Years: Individuals can remain insured under the scheme until they turn 55, provided they enrolled before the age of 50 and continue renewing the policy.

ELIGIBILITY CRITERIA

To enroll in the PMJJBY, individuals must meet the following criteria:

Age: Between 18 and 50 years.

Bank Account: Must have an active savings bank account in any Indian bank.

Health Declaration: Applicants need to provide a self-declaration of good health at the time of enrollment. No medical tests are required.

Consent for Auto-Debit: Policyholders must authorize the bank to debit the annual premium from their account.

HOW TO ENROLL IN PMJJBY

The enrollment process is simple and can be completed through online or offline modes:

Step 1: Visit Your Bank where you hold your savings account. Request the PMJJBY enrollment form.

Step 2: Fill Out the Form, Provide details such as your name, address, nominee information, and consent for the auto-debit facility.

Step 3: Once the form is submitted and the premium is debited, the bank confirms your enrollment.

IMPACT OF PMJJBY

Since its inception, PMJJBY has insured millions of individuals across India, particularly those from economically weaker sections. The scheme has brought financial security to families, reduced dependency on informal loans, and encouraged more people to participate in formal banking systems.

According to government data, over 13 crore individuals have enrolled in the scheme, and thousands of claims have been settled, showcasing its effectiveness and reliability.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a commendable initiative aimed at securing the financial future of Indian families. Its affordability, simplicity, and wide accessibility have made it one of the most successful social security schemes in the country. By providing financial protection to millions, PMJJBY plays a vital role in empowering economically weaker sections and fostering a culture of financial security.

For those who have not yet enrolled, PMJJBY offers a reliable and affordable way to secure the future of their loved ones, making it a must-consider option for every eligible citizen.

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