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Business
26 Jun 2018

#PolicyExplainer: All about Pradhan Mantri Jeevan Jyoti Bima Yojana

All about Pradhan Mantri Jeevan Jyoti Bima Yojana

The Government of India launched a life insurance scheme called 'Pradhan Mantri Jeevan Jyoti Bima Yojana' (PMJJBY) in 2015, offering coverage for death.

Notably, PMJJBY covers only mortality, and has no investment component.

So, who all can get themselves enrolled under this GST-exempted scheme? What is the enrollment process? What is the amount of premium payable under the scheme?

Get all these questions answered here.

In context

All about Pradhan Mantri Jeevan Jyoti Bima Yojana
Everything you need to know about PMJJBY

All Details

Everything you need to know about PMJJBY

The PMJJBY is a one-year life insurance scheme, renewable on a yearly basis.

The scheme offers a life insurance cover of Rs. 2 lakh from June 1st of every year to May 31st of the subsequent year, only in case of the death of the policyholder.

The scheme is open for all savings bank account holders, between the age of 18 to 50 years.

Around 5.35 crore people enrolled under PMJJBY

As of May 14, 2018, around 5.35 crore people had got themselves enrolled under PMJJBY. Also, the total number of claims received till date stands at nearly 1,02,849.

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Premium Details

How much premium is payable under PMJJBY?

Under PMJJBY, you need to pay an annual premium of just Rs. 330.

The premium is payable through an auto-debit facility from the account holder's savings bank account.

The subscribers are required to give consent to the auto-debit facility at the time of enrollment under the scheme.

The process of enrollment under PMJJBY

Enrollment Process

The process of enrollment under PMJJBY

The scheme is offered by the Life Insurance Corporation of India and other life insurance companies willing to offer the product on similar terms, having necessary approvals.

To get yourself enrolled, you may download the PMJJBY enrollment form and submit it to your bank which has a tie-up with the insurance companies.

Alternatively, you may use an SMS-based enrolment process offered by some banks.

Enrollment

When can you get yourself enrolled under PMJJBY?

You may get yourself enrolled under PMJJBY and give your consent for the auto-debit facility by May 31st of any year.

If you have missed the May 31st deadline, then you may join subsequently by paying the full annual premium (and not the proportionate amount) for prospective cover and submitting a self-certificate of good health.

When can the assurance on life of the member terminate?

Termination

When can the assurance on life of the member terminate?

The assurance on the life of the member shall terminate:

When the subscriber attains 55 years of age

On the closure of the subscriber's bank account or insufficient balance to keep the insurance in force

In case a member is covered through more than one account and premium is received by LIC/ insurance company inadvertently, then insurance cover will get restricted to Rs. 2 Lakh and the premium will get forfeited.

How to settle the claim?

Notably, the death claim is settled by the designated office of the Insurance Company concerned. For your perusal, here's the link to the claim form: http://www.dif.mp.gov.in/FI_Plan_MP/PMJJY/ClaimFormEng.pdf

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Most asked questions

When will I receive this claim? I had applied in this PMJJBY 3 months ago.

Does PMJJBJ Covers death under suicidal cases?

What are the minimum and maximum age to get enrolled in Pradhan Mantri Jeevan Jyoti Bima Yojana?

Does Pradhan Mantri Jeevan Jyoti Bima Yojana cover accident, health also or it covers only death?

In 2015 I started Pradhan Mantri Jeevan Jyoti Bima Yojana but can't get any certificate. When would get the same?

More questions

When will I receive this claim? I had applied in this PMJJBY 3 months ago.

Asked on 27-06-2018 by K-kay G max yadav

Answered by NewsBytes

Pradhan Mantri Jeevan Jyoti Bima Yojana scheme offers a life insurance cover of Rs. 2 lakh from June 1st of every year to May 31st of the subsequent year, only in case of the death of the policyholder. So, you won't be receiving any claims.

Does PMJJBJ Covers death under suicidal cases?

Asked on 27-06-2018 by Saurabh Singh

Answered by NewsBytes

As PMJJBY covers death due to any reason, therefore, deaths by suicides and murders are also included.

What are the minimum and maximum age to get enrolled in Pradhan Mantri Jeevan Jyoti Bima Yojana?

Asked on 26-06-2018 by kunal dixit

Answered by NewsBytes

All individual (single or joint) bank account holders in the age 18 to 50 years in participating banks will be entitled to join Pradhan Mantri Jeevan Jyoti Bima Yojana. 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.

Does Pradhan Mantri Jeevan Jyoti Bima Yojana cover accident, health also or it covers only death?

Asked on 26-06-2018 by Bryan Moss

Answered by NewsBytes

Pradhan Mantri Jeevan Jyoti Bima Yojana does not cover health or accident coverage. It only covers death benefits that in case of demise of the insured person the Pradhan Mantri Jeevan Jyoti Bima Yojana provides a death coverage of Rs. 2,00,000 to the beneficiary of the policy.

In 2015 I started Pradhan Mantri Jeevan Jyoti Bima Yojana but can't get any certificate. When would get the same?

Asked on 26-06-2018 by Niladri Naskar

Answered by NewsBytes

You can ask your respective bank or financial service provider to provide you with whatever certificates you need with respect to your insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana.

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