What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government run life insurance scheme in India which was launched in 2015.

This scheme offers life insurance for people aged 18 to 50 years for just ₹436/- for one year and an insurance coverage of ₹2 lakh on the death of the policyholder. This insurance is valid for one year and is renewable every year.

The scheme has been implemented by Life Insurance Corporation of India (LIC) and other insurance companies in collaboration with banks.

Objectives of Pradhan Mantri Jeevan Jyoti Bima Yojana

The main objective of this scheme is to make life insurance accessible to the majority of people in India and provide protection to more families. At the time of inception of this scheme i.e. in 2015 only 20% of India’s population was covered by insurance. One of the objectives of this scheme was to increase this number so that in case of sudden death the family of the person can get life insurance benefits.

Pradhan Mantri Jeevan Jyoti Bima Yojana Details

Important features of Pradhan Mantri Jeevan Jyoti Bima Yojana are detailed below:

Duration of Insurance:

The insurance period in this scheme is from 1st June of every year to 31st May of the following year. Auto debit facility will automatically debit the premium amount from the account on or before 31st May every year.

Coverage:

There is no need to submit any health report or certificate in case of Pradhan Mantri Jeevan Jyoti Bima Yojana. A coverage of ₹2 lakh is provided to the nominee in case of any death of the insured. As per the Income Tax Act, the amount of coverage given to the beneficiary is fully tax exempt.

Risk Coverage:

No insurance coverage is available for new subscribers of this scheme for death (other than accidental) occurring within the first 30 days (earlier 45 days) from the date of enrollment in the scheme. This period is known as the ‘Lion Period’, and no claim will be accepted during this period unless the death is due to an accident.

Premium:

The annual premium of this insurance is ₹436/-, which is fixed on 1st June 2022. The premium amount has been kept the same for all customers in the age group of 18-50 years. Earlier the annual premium of this insurance was ₹330/-.

For those who apply for PMJJBY in the middle of the policy period, the premium amounts are mentioned below:

Term:

The commencement date of the insurance cover is 1st June and the insurance coverage will be valid till 31st May of the following year. Generally this insurance can be taken up to the age of 50 years. However, in case of Auto Debit facility, you will get insurance coverage till the age of 55 through automatic renewal.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

From PMJJBY you will get the following benefits:-

• PMJJBY pays a coverage amount of ₹2 lakh to the policy nominee, in case of death of the insured.
• The premium paid for this scheme is fully tax free as per Section 80C of the Income Tax Act.
• The scheme will also be linked to bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.
• PMJJBY provides risk coverage for 1 year and you can renew it every year with auto debit facility.

Pradhan Mantri Jeevan Jyoti Yojana Eligibility

For PMJJBY you need the following qualifications:-

• Anyone who is between 18-50 years of age and has a savings account with a post office or bank can avail this scheme.
• Even if you have multiple bank accounts, you can do this scheme with only one savings bank account.
• In case of joint account holders, all holders are eligible to join the scheme and pay ₹436/- per customer.
• Linking your Aadhaar Card with Participating Bank Account is mandatory for this scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana Form

Application form of PMJJBY is available in Bengali, English, Gujarati, Hindi, Kannada and Telugu languages on official ‘Janasuraksha’ site. Besides, you can also click on Pradhan Mantri Jeevan Jyoti Bima Yojana Form to go directly to the form page and download the PDF from there.

You can join this scheme at any time of the year, by submitting the application form and annual premium at any post office or bank where you have a savings account. But in all cases your renewal date will be same i.e. 1st June for all customers.

Besides, you can also apply for PMJJBY from the bank’s website or mobile apps.

Pradhan Mantri Jeevan Jyoti Bima Yojana Claims

PMJJBY claims settlement process on death of policyholder is mentioned below:

• The nominee should visit the post office or bank where the policyholder has a ‘Savings Account’ and must carry the death certificate of the policyholder.
• Next, the nominee needs to collect the claim form and discharge receipt. It can be collected from post office or bank or download forms from LIC, Bank, Jansuraksha portal website or directly click Pradhan Mantri Jeevan Jyoti Bima Yojana Claim Form & Discharge Receipt.
• The nominee must submit the claim form, discharge receipt, death certificate and xerox copy of canceled check of the nominee’s account if available, otherwise he must provide the details of the policyholder’s savings account.

PMJJBY SBI Online Application

You can apply online PMJJBY in SBI in the following ways.

• For online PMJJBY application in SBI you first need to go to SBI portal and click on ‘Continue to login’ and fill ID and password and captcha and click on login button.
• Then an OTP will be sent to your registered mobile number, enter it and click on the ‘Submit’ button to complete your login process.
• After login you need to click on ‘E-Services’ and click on ‘More’ below.



• Here you can see the complete page of ‘E-Services’. There you have to click on ‘Social Security Scheme’.



• Then select ‘Pradhan Mantri Jeevan Jyoti Bima Yojana’ from the scheme and submit by clicking on your account number below.



• A detailed information form will open in which you have to submit State, District, Sub-District, Village or Village, City, PIN, Gender, E-mail, Aadhaar Number and Nominee Details.



• You will get application successful message and payment of ₹436/- will also be debited from your account. If you want to check the status of your application, you can click on status.

Pradhan Mantri Jeevan Jyoti Bima Scheme related Queries (FAQs):