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Can I join the scheme even after 31 May?

Asked 2018-12-29 23:45:32 by Ankita Dutta

Answered by NewsBytes

Yes, in case you have missed the May 31 deadline for enrolment, then you can join subsequently by paying the full annual premium or the proportionate amount; the premium amount depends on the date of joining.

Are there any tax benefits available under PMJJBY?

Asked 2018-12-29 23:45:32 by Anika Singh

Answered by NewsBytes

Yes, subscribers can claim a tax benefit on the premium paid towards the PMJJBY policy, which is eligible for tax deduction under section the 80C of Income Tax Act. However, if the insurance holder fails to submit form 15 G/15 H then any life insurance proceeds exceeding Rs. 1,00,000 will be taxable by 2%.

Can a subscriber discontinue and rejoin the scheme?

Asked 2018-12-29 23:45:32 by Ishan Chopra

Answered by NewsBytes

Yes, the PMJJBY scheme allows a subscriber who wants to discontinue or walk out of the scheme to do so at any time. They can also rejoin the scheme in the future.

How much to pay if I join after 31 May of a year?

Asked 2018-12-29 23:45:32 by Aaradhya Trivedi

Answered by NewsBytes

As per the 2018-19 rules, full annual premium is payable for enrollment in June-August 2018. For enrolment in September-November 2018, Rs. 258 is payable. For enrollment in Dec'18-Feb'19, Rs. 172 is payable. And, for enrolment in March-May 2019, Rs. 86 is payable.

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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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