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Pradhan Mantri Jeevan Jyoti Bima Yojana, a life insurance scheme launched by prime minister of India on 9 May 2015 which offers one year life insurance of Rs. 2 lakh. Along with the launch of this scheme, two another welfare schemes were also launched named as Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana.
Pradhan Mantri Jeevan Jyoti Bima Yojana 2023
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a national level life insurance scheme under which the life insurance cover of Rs. 2 lakh is given to the Bima holder’s family or the nominee in case of death due to any reason. The scheme have one year cover which is renewed year to year.
The scheme is being offered through LIC and other private insurance companies to saving account holders in any of the banks across the country. Only saving account holders are eligible to avail the scheme. If anyone have multiple saving account then he/she cannot join the scheme through all accounts. The person is eligible to avail the scheme only through one saving bank account.
Enrollment Period for Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY
The policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016. Thereafter, the cover can be renewed on the 1st of June every year through auto-debit of the premium from your bank account.
In case anyone wish to join the scheme post policy commencement date, he/ she can do so with the payment of full premium and submission of self certificate of good health. The enrollment rules would be as specified by the Government of India from time to time.
Premium for Pradhan Manti Jeevan Jyoti Bima Yojana
- Insurance Premium to LIC/Insurance Company: Rs. 289/- per annum per member.
- Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs. 30/- per annum per member.
- Reimbursement of Administrative Expenses to participating Bank: Rs. 11/- per annum per member.
The policyholder will have to pay Rs. 330 per year to continue with the policy. To join the policy applicant have to enroll for the scheme by paying the premium and presenting a self-certificate of good health. The premium amount will be deducted from the saving bank account of policy holder through auto-credit facility in one installment.
The premium would be reviewed based on annual claims experience. However barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.
Eligibility Criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana
Any person who wants to avail the Pradhan Mantri Jeeven Jyoti Bima Yojana should run over the eligibility criteria of the scheme mentioned below:
- The applicant should have completed the age of 18 years.
- The age of applicant should not be more than 50 years.
- The applicant must have a saving bank account with sufficient balance to be eligible for the scheme.
- The applicants who have more than one saving account can only avail the Pradhan Mantri Jeevan Jyoti Bima Yojana through only one account.
Termination of Assurance
The insurer can terminate the assurance of life insurance of member under Pradhan Mantri Jeevan Jyoti Bima Yojana on any following events and not benefits will be payable under these conditions:
- On attaining age 55 years (Age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered under PMJJBY with LIC of India/ other company through more than one account and premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health.
- Participating Banks shall remit the premium to insurance companies in case of regular enrollment on or before 30th of June every year and in other cases in the same month when received.
Claim of Insurance after Death
The Insurer shall pay the claim amount in relation to the Death Benefit in the name of the Nominee of the deceased Scheme Member. Claim amount of Rs. 2,00,000/- is payable on death of a member to his/her nominee(s). The Risk cover will be provided to the person from his/herage of 18 years (Completed) till attaining age 55 years (nearer birthday) as on the annual renewal date. i.e. eligibility will cease on attaining age 55 years (nearer birthday) or on closure of account with the Bank or insufficiency of balance to keep the insurance in force. Death claim benefit of Rs. 2,00,000/- will be settled by the designated Office of Insurance Company concerned.
The claim form can be obtained by using the link below:
Toll-free Number : 1800 110 001 and 1800 180 1111