Govt of India launched is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which offers Rs 2 lakh life insurance cover with just a mere premium of Rs 330 yearly.  Any Indian resident within the age group of 18 to 50 years is eligible to avail the scheme, provided he or she has a saving bank account with which the scheme would be attached.

Pradhan Mantri Jeevan Jyoti Bima Yojana is yearly renewable insurance scheme.  The scheme covers death due to any reasons.  Any Indian resident  of age group from 18 to 50 years is can join this scheme.  if You have multiple saving accounts in several banks, then u can only join one scheme that could be attached to any of the saving accounts.

Pradhan Mantri Jeevan Jyoti Bima Yojana Premium  Details

The premium of PMJJBY is Rs 330 per annum which is  auto-debited from the saving account of subscriber only once in  yearly basis.  This money would be debited from the on or before 30th May of each year.

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility

  • The person should be within the age limit of 18 to 50 years
  • The subscriber should have a working saving account with any of the bank in India
  • Those who join the scheme after the last date of the scheme would have to pay full premium along with a good health certification.
  • The subscriber should give a written consent that the premium would be auto-debited from his/her saving account on an yearly basis and he/she would maintain the required minimum balance at the time of auto-debit.

Termination of assurance under Pradhan Mantri Jeevan Jyoti Bima Yojana

In following conditions, the benefits of the scheme shall be immediately terminated and no amount would be payable to either the subscriber or the nominee:

  1. The assurance would be terminated in the event of subscriber is above age of 55 years.
  2. The assurance and benefits would be terminated in case of closing saving account from which auto-debit is guided.
  3. The cover would be terminated with all except one bank account if the subscriber has more than one saving account and more than one PMJJBY are running on those saving account. Only one insurance cover is allowed per individual.
  4. The scheme would be terminated if the subscriber fails to maintain a minimum balance to the saving account at the time of auto-debit.

Pradhan Mantri Jeevan Jyoti Bima Yojana Claim settlement Process

A maximum sum of Rs 2 lakh rupees shall be provided as the coverage for insurance claims. Here is process of Pradhan Mantri Jeevan Jyoti Bima Yojana:

  • Nominee has to reach out for the bank where the member has a “savings account” through which he/she shall be covered under PMJJBY.
  • Nominee has to bring the death certificate of the insurance holder along with him/her.
  • Nominee has to get the claim form and the Discharge receipt which will be given by the bank or any other designated sources like insurance companies, insurance agents and hospitals. After that the nominee has to fill up the form accurately, fill up the discharge receipt and offer the Xerox of the death certificate.
  • A photocopy of a cancelled cheque needs to be provided or the bank account details should also be given where the savings account is there for covering the PMJJBY.