The Prime Minister’s Jeevan Jyoti Bima Yojana (PMJJBY) is a flagship programme of the NDA government, which was introduced by PM Narendra Modi on May 9, 2015. This life insurance scheme, offered by the central government, provides yearly renewable coverage for death resulting from any cause.
According to a statement released on social media platform X (formerly Twitter) by the Ministry of Finance, the programme has furnished Rs 2 lakh life insurance protection to over 21 crore recipients nationwide in India. As per the official data, as of October 20, 2024, the total number of enrolments under the scheme reached 21.67 crore. During the same period, a total of 860,575 claims were received, amounting to Rs 17,211.50 crore.
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Prime Minister’s Jeevan Jyoti Bima Yojana: Key features
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme that provides life insurance coverage in the event of death for any reason. It is a renewable one-year policy offered by banks and post offices, and managed by life insurance companies. All individuals aged 18 to 50 who hold accounts with participating banks and post offices are eligible to enroll in the scheme.
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Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The PMJJBY provides a one-year term life cover of Rs 2.00 Lakh to all subscribers aged between 18-50 years. This cover includes death due to any reason.
Subscribers are required to pay a premium of Rs 436 per annum, which will be automatically debited from their bank or post office account.
Prime Minister’s Jeevan Jyoti Bima Yojana: Eligibility
Individuals aged between 18 and 50 with a bank account or post office account are qualified to apply for this program. Participants who join the program before turning 50 years old can maintain life insurance coverage until they reach 55 by paying regular premiums.
Prime Minister’s Jeevan Jyoti Bima Yojana: Application process
To submit an application for the PMJJBY scheme, individuals can either visit the bank branch/BC point, or access the bank’s website. Post office savings bank account holders must visit the post office to apply. Premiums for the PMJJBY scheme are automatically deducted from the subscriber’s bank account each year, as per a one-time mandate from the account holder. For more detailed information about the scheme, please visit jansuraksha.gov.in.
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To complete the process offline, please follow the steps below:
Download and print the “CONSENT-CUM-DECLARATION FORM” from the following link: CONSENT-CUM-DECLARATION FORM
Fill out and sign the application form, and attach self-attested copies of the necessary documents.
Submit the completed form to the authorized official at your Bank/Post Office. They will provide you with the “ACKNOWLEDGEMENT SLIP & CERTIFICATE OF INSURANCE”.
Eligibility of NRIs for Prime Minister’s Jeevan Jyoti Bima Yojana
As per the Department of Financial Services, NRIs with a valid bank account at an Indian bank branch are eligible to purchase the PMJJBY cover, provided they adhere to the scheme’s terms and conditions. It is important for beneficiaries to note that any claims made under the scheme will be paid out in Indian currency.
Frequently Asked Questions (FAQs)
How do I pay the premium for PMJJBY?
The premium will be deducted from the account holder’s bank / Post office account through ‘auto debit’ facility.
What is the validity of the insurance cover in PMJJBY?
Coverage under PMJJBY is valid for one year from 1st June to 31st May on payment of annual premium.
Is delayed enrolment for prospective cover possible under this scheme?
Yes. Delayed enrolment for prospective cover is possible on payment of premium as described below – a) For enrolment in June, July and August – Full Annual Premium of Rs.436/- is payable. b) For enrolment in September, October, and November –premium of Rs. 342/- is payable c) For enrolment in December, January and February –premium of Rs. 228/- is payable. d) For enrolment in March, April and May –premium of Rs. 114/- is payable.
If I decide to exit the scheme, is there any possibility that I can rejoin at a later point of time?
Yes. One can enroll again under the same conditions of eligibility stipulated in the Scheme.
Who will offer / administer the scheme?
The scheme would be offered / administered through Insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.
What is the minimum eligibility to subscribe to PMJJBY?
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled 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 saving bank account only.
Who would be the Master policy holder for the scheme?
Participating Banks/ Post Offices will be the Master policy holders.
What are the changes in the terms of insurance coverage applicable to new subscribers?
For subscribers enrolling for the first time on or after 1st June 2016, insurance benefit shall not be available for death (due to any cause other than accident) occurring during the first 30 days from the date of enrolment into the scheme. Death due to accidental causes will be covered from day one of insurance coverage.
How do I access the Claim Form for PMJJBY?
The claim forms can be accessed from the link – https://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf
