Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Know the coverage, benefits, eligibility, and application process for (PMJJBY) Pradhan Mantri Jeevan Jyoti Bima Yojana.
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3 min
16-December-2024

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme supported by the government, designed to offer financial security to the nominee in the event of the policyholder's death. It provides a renewable term insurance plan with a one-year tenure at an economical premium. The scheme is made available through banks and post offices and is managed by life insurance companies.

PMJJBY full form

Let us first know the PMJJBY full form. PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. This government scheme is supported by the Department of Financial Services, Ministry of Finance, Government of India.

What is PMJJBY?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that was launched in 2015. The scheme was launched to provide affordable life insurance coverage to people across the country. Any individual between the age group of 18 to 50 years can enroll in this scheme. The scheme provides a sum assured to the family or nominee in the event of an unfortunate death of the policyholder. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) does not provide health insurance.

Given below in the table are the details about this scheme:

PMJJBY scheme details

Full form

Pradhan Mantri Jeevan Jyoti Bima Yojana

Policy type

Life insurance policy

Premium

Rs. 330 per annum

Sum assured

Rs. 2 lakh

Eligibility criteria

Individuals between 18 to 50 years old with a savings bank.

Automatic Renewal

Yes, if the policyholder maintains sufficient balance in their savings bank account.

Nomination

The nominee will be eligible for the sum assured in case of the policyholder's death.

Discontinuation of policy

The policy will lapse if there is insufficient balance in the savings account for payment of the renewal premium. In that case, the policy can be reinstated by paying the entire overdue premiums, subject to medical underwriting.

Claim settlement

In case of the policyholder's death, the nominee should submit a claim form, a death certificate, and other necessary documents. (Check claim settlement ratio in health insurance)


What is the nature of the PMJJBY scheme?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a pure term insurance plan that provides life cover for death due to any reason. It is available for one year, with the option to renew annually, ensuring continuous protection.

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Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY benefits include affordable life insurance coverage, financial security for families, and a simple enrolment process. Below are some of the benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme, discussed in brief:

Financial security

The PMJJBY scheme offers financial protection by providing a one-year term life cover of Rs. 2 lakh to beneficiaries. This coverage ensures the nominee receives monetary support in case of the policyholder's untimely death, helping safeguard the family’s financial stability.

Affordable premium

The premium for this scheme is as low as Rs. 330 per annum, which makes it affordable for every individual who wants to secure their family's future.

High sum assured amount

The nominee of the policyholder gets the sum assured in case of the policyholder's death. This amount helps secure the financial future of the deceased policyholder's family.

Easy enrolment process

The enrolment process for this scheme is hassle-free, and an individual can enrol themselves in this scheme by visiting their bank.

No medical examination

An individual does not have to undergo any medical examination while enrolling in the scheme.

Tax benefits

The premium paid towards the scheme is eligible for tax benefits under Section 80C of the Income Tax Act.

Automatic renewal

The policy gets automatically renewed every year through PMJJBY renewal if the policyholder maintains a sufficient balance in their savings bank account.

Also read: BIS PMJAY

How will the premium be paid in the PMJJBY scheme?

In the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme, the annual premium is Rs. 436, which is automatically debited from the policyholder's bank account. This deduction is typically done through an auto-debit facility, ensuring timely and hassle-free premium payments. To maintain coverage, the account holder must ensure sufficient balance in their account before the due date. The premium is deducted once a year, offering an easy and seamless payment process.

Eligibility criteria for PMJJBY

Below are the eligibility criteria for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme:

  • The applicant must be an Indian citizen and should have a savings bank account.
  • The age of the applicant should be between 18 to 50 years.
  • The applicant should not have any other life insurance scheme.
  • The applicant should give consent to join and provide the required details.
  • The applicant should maintain a sufficient balance in their savings bank account to pay the premium.

Also read : All about Ayushman Bharat Yojana, eligibility and application process

What are the inclusions of PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers essential life insurance coverage with several key inclusions:

  • Life cover of Rs. 2 lakh: In case of the policyholder's death, the nominee receives a sum assured of Rs. 2 lakh, providing financial support to the family.
  • Eligibility criteria: Individuals aged between 18 and 50 years with a savings bank account can enrol in this scheme.
  • Affordable premium: The annual premium for PMJJBY is set at Rs. 330, making it highly economical for everyone.
  • Coverage period: The scheme provides coverage for one year, renewable annually.
  • No medical examination: Policyholders do not need to undergo any medical tests for enrolment, ensuring hassle-free inclusion.

These inclusions make PMJJBY an accessible and effective life insurance option for individuals.

What are the exclusions of PMJJBY?

Below are the exclusions specified under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

  • New members are not covered for non-accidental death within the initial 30 days of enrollment. Claims for non-accidental deaths during this period will not be honoured.
  • Suicide attempts while under the influence of intoxicating substances are not covered.
  • Intentional self-injury or suicide is not covered.
  • Breach of the law, whether with or without criminal intent, is not covered.

Who can benefit the most from PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is ideal for individuals seeking affordable life insurance coverage with minimal requirements. It is particularly beneficial for low-income groups, daily wage earners, and rural populations who often lack access to traditional insurance plans. Self-employed individuals and small business owners can also gain financial security through this scheme. Additionally, it is an excellent choice for young adults and first-time policyholders due to its low premium and straightforward enrolment process. PMJJBY ensures financial stability for families in the event of the insured's untimely demise, making it invaluable for those with dependents.

Pradhan Mantri Jeevan Jyoti Bima Yojana application process

Here is the step-by-step application process of Pradhan Mantri Jeevan Jyoti Bima Yojana:

Step 1: Visit your nearest bank branch or contact your bank's customer care to know about PMJJBY.

Step 2: Ask for the PMJJBY application form from the bank. The application form requires you to fill in basic personal and bank account details, such as name, age, address, and nominee details. Make sure to fill in the application form correctly and provide accurate information.

Step 3: The application form requires you to provide your consent for auto-debit of the premium amount from your bank account. Provide your signature or thumb impression on the application form to provide your consent.

Step 4: Along with the application form, you need to provide a few documents, such as a copy of your Aadhaar Card. Keep the documents handy and submit them along with the application form.

Step 5: Nominate a person who will receive the insurance coverage amount in case of your unfortunate death. Provide the nominee details in the application form.

Step 6: The annual premium for the PMJJBY scheme is Rs. 330, which will be auto-debited from your bank account. Make sure that you have sufficient balance in your bank account to avoid any failed transactions.

Read more about: Aam Aadmi Bima Yojana

How to check PMJJBY policy status online?

You can verify the status of your PMJJBY policy online by following these steps:

Step 1: Access the official website of your bank and log in to your internet banking account.

Step 2: Navigate to the PMJJBY section and input your bank account number.

Step 3: Then, provide your PMJJBY application number and click on submit to check its status.

How to download Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policy certificate online

The steps for downloading a Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policy certificate may vary slightly depending on your bank. However, here is a general guide:

Visit your bank’s website

To start the process, go to your bank's official website and navigate to the net banking login page.

Navigate to insurance options

After logging in, explore the available menus. Under the insurance drop-down menu, select ‘social security schemes’ and then choose the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme.

Choose transaction type

For verification, select a transaction type such as UID and enter your Aadhaar number or other relevant identifiers for authentication.

Provide necessary details

Enter details including your name, account number, and nominee information. Check the box for ‘Declaration of Good Health’.

Access your policy certificate

Once your details are verified and the information is submitted, the system will display your PMJJBY policy certificate, which you can then download or print for your records.

PMJJBY claim registration and settlement procedure online

If you are a nominee in a PMJJBY scheme, given below are the steps to claim cash benefit:

Step 1: Visit the official website of your bank.

Step 2: Access the PMJJBY section.

Step 3: Fill out the claim form with accurate details.

Step 4: Submit necessary documents like death certificate, claim form, etc.

Step 5: Await verification and approval from the insurer.

Step 6: Once approved, the settlement amount is credited to the nominee's bank account.

Are NRIs eligible for coverage under PMJJBY?

Non-Resident Indians (NRIs) are eligible for coverage under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme, provided they hold a bank account in India and meet the age criteria of 18 to 50 years. However, the claim benefits will only be paid to a nominee in India in the event of the NRI's death.

Are PMJJBY policies linked with foreign insurance companies?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) policies are not introduced or serviced in collaboration with foreign insurance companies. The scheme is fully managed by Indian life insurance companies, primarily the Life Insurance Corporation (LIC) and other similar insurers. These policies aim to provide affordable life insurance coverage to Indian citizens without any foreign involvement in servicing or underwriting.

Why should you opt for Pradhan Mantri Jeevan Jyoti Bima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers an affordable and accessible life insurance solution for individuals seeking financial security for their families. With a low annual premium and a substantial life cover of Rs. 2 lakh, it provides significant protection at minimal cost. The scheme’s simplicity, requiring no medical examination, makes it highly inclusive, particularly for those who may not qualify for traditional insurance plans. Furthermore, the policy ensures peace of mind by offering financial assistance to dependants in the event of the policyholder’s untimely demise, making it a prudent choice for securing one’s family’s future.

How to cancel a Pradhan Mantri Jeevan Jyoti Bima Yojana policy?

There are two ways to cancel PMJJBY policy. The first is by visiting the branch office of your bank linked to the PMJJBY scheme and request to stop the annual auto-debiting of the PMJJBY premium. If the payment is missed, the policy will be automatically canceled. Alternatively, transfer all funds out of your linked bank account. This ensures that the auto-debiting process fails due to insufficient funds, leading to the policy's cancellation.

In conclusion, applying for Pradhan Mantri Jeevan Jyoti Bima Yojana is a simple and straightforward process. By following these simple steps, you can apply for PMJJBY and avail of the benefits of this government-backed insurance scheme.

PMJJBY renewal is automatic, and there is no need for a medical examination. The eligibility criteria are straightforward, and applicants can apply for the policy by visiting their bank. With the benefits mentioned above, every individual must consider investing in this scheme.

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Frequently asked questions

What is the benefit of PMJJBY?

PMJJBY offers a renewable one-year life insurance cover with a fixed sum assured, ensuring financial protection to the insured's beneficiaries in the event of death, all at an affordable premium, promoting financial security for low-income individuals.

Under what circumstances will the PMJJBY policy be involuntarily terminated?

The PMJJBY policy may be involuntarily terminated if the insured reaches the age of 55, fails to maintain the requisite bank account balance for premium deduction, or if the insurance holder opts out. Additionally, non-payment of premium dues can lead to policy discontinuation.

What is the benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana?

PMJJBY offers life insurance coverage of Rs. 2 lakh in case of the policyholder's death from any cause. It provides affordable life insurance to individuals between 18-50 years, ensuring financial security for their families.

How much money is deducted under Pradhan Mantri Jeevan Jyoti Bima Yojana?

An annual premium of Rs. 436 is deducted from the policyholder's bank account through an auto-debit facility to ensure seamless and timely renewal of the insurance policy under PMJJBY.

How to claim Pradhan Mantri Jeevan Jyoti Bima Yojana?

To claim PMJJBY, the nominee must submit the death certificate and claim form to the bank where the policyholder was insured. The insurance company processes the claim, and the nominee receives Rs. 2 lakh after verification.

How do I pay the premium for PMJJBY?

The premium for PMJJBY is automatically deducted from the policyholder’s linked savings account through an auto-debit facility once a year. The account holder must ensure a sufficient balance before the due date.

What is PMJJBY full form?

The full form of PMJJBY is Pradhan Mantri Jeevan Jyoti Bima Yojana, a government-backed life insurance scheme that provides affordable coverage for individuals aged 18 to 50 years.

What is the minimum eligibility to subscribe to PMJJBY?

To subscribe to PMJJBY, individuals must be between 18 and 50 years of age and have an active savings bank account in India, which is linked to the scheme for premium deductions.

What is the validity of the insurance cover in PMJJBY?

The insurance cover under PMJJBY is valid for one year, from June 1 to May 31. The policy is renewable annually, allowing continuous life insurance coverage upon timely premium payment.

Which bank accounts are eligible for subscribing to PMJJBY?

All savings bank accounts linked with Indian banks are eligible for subscribing to PMJJBY. The account must have sufficient balance to facilitate annual premium auto-debit for the policy renewal.

What is the PMJJBY Rs. 436 plan?

The PMJJBY Rs. 436 plan is a life insurance policy under the Pradhan Mantri Jeevan Jyoti Bima Yojana, where policyholders pay an affordable premium of Rs. 436 per year. This plan provides life cover of Rs. 2 lakh to the nominee in case of the policyholder’s death, regardless of the cause.

What is the use of PMJJBY?

PMJJBY is designed to provide financial security to families in case of the policyholder’s untimely demise. The policy ensures that the nominee receives a sum assured of Rs. 2 lakh, helping them cope with financial challenges during a difficult time.

How do I claim PMJJBY amount?

To claim the PMJJBY sum assured, the nominee must inform the bank or the insurance company administering the policy. The nominee will need to submit a death certificate and any other required documents for the claim process to be initiated.

How can I check my PMJJBY policy details?

You can check your PMJJBY policy details by visiting the bank where you enrolled in the scheme. Alternatively, you can also log in to the bank’s online portal or mobile app, where the policy details may be available. Some banks also provide SMS services for policy status.

What is the meaning of PMJJBY?

PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. It is a government-backed life insurance scheme aimed at providing affordable life cover to individuals in the age group of 18-50 years, ensuring financial security for their families in case of death.

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