Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a goverment-backed life insurance scheme that offers affordable coverage of Rs2 lakh in case of the subscriber's death, for an annual premium of Rs 436. it is available to individuals aged 18-50 years with a bank account, and the policy is renewed yearly with auto-debit facility.
Benefits Offer Under the Scheme
- Life insurance cover of Rs2 lakh is provided in case of the insured person's death (due to any cause, including natural or accidental).
- Affordable annual premium of only Rs 436 per year, making it accessible to a wide section of the population.
- Auto-debit facility from the subscriber's bank account ensures easy premium payment and policy renewal.
- Hassle-free enrolment through participating banks with minimal documentation.
- Renewable every year, allowing continued coverage as long as eligibility criteria are met.
Eligibility
- Entry age: 18 to 50 years, with coverage continuing up to 55years (subject to renewal).
- Must have an active savings bank account (single or joint account holders can enrol, but only one policy per person).
- Subscriber must provide consent for auto-debit of the premium from their bank account.
- Must be enrolled/optedin through a participating bank or authorized channel.
- Individuals should be in good health at the time of enrolment (self-certification may be required if joiningafter the initial enrolment period).
Application Details
- Visit your bank branch or log in to your net banking/mobile banking app of a participating bank.
- Fill out the PMJJBY enrolment form (physical or digital) and provide basic details like name, age, and nominee information.
- Submit a consent for auto-debit of the annual premium from your savings bank account.
- Provide any required documents/self-certification, especially if enrolling after the initial period.
- Once the premium issuccessfully debited, the policy gets activated and coverage begins.
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