Pradhan Mantri Jeevan Jyothi Bima Yojana will be an Insurance Scheme offering life insurance
cover for death due to any reason. It would be a one year cover, renewable from
year to year. The scheme would be offered / administered through LIC and other
Life Insurance companies willing to offer the product on similar terms with
necessary approvals and tie ups with Banks for this purpose. Participating
banks will be free to engage any such life insurance company for implementing
the scheme for their subscribers.
PMJJBY Premium Amount
The premium amount of Rs 330/-will be deducted from the
account holder’s bank account through ‘auto debit’ facility in one instalment,
as per the option given, on or before 31 st May of each annual coverage period
under the scheme. Delayed enrolment for prospective cover after 31st May will
be possible with full payment of annual premium. 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.
PMJJBY Eligibility Conditions
Individual bank
account holders of the participating banks aged between 18 years completed and
50 years who give their consent to join / enable auto-debit, as per the above
modality, will be enrolled into the scheme.
PMJJBY Coverage
Individual bank account holders of participating banks in
the age group of 18 to 50 years will be eligible to join. In case of multiple
bank accounts held by an individual in one or different banks, the person would
be eligible to join the scheme through one bank account only. Aadhar would be
the primary KYC for the bank account.
PMJJBY Benefits
The nominee will get Rs 2,00,000/- for the person death due
to any cause.
