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What is Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme backed by the government that was introduced in 2015 to offer life insurance coverage to all Indian citizens. The PMJJBY is a one-year term life insurance policy that needs to be renewed annually and can be offered through your life insurance provider or authorised banks.
If your life insurance provider has a tie-up with a bank, you can enable the auto-debit facility for the premium payment. It is important to note that all types of death, due to any reason, can be covered under this policy.
Being a term insurance plan, the PMJJBY offers a pure life insurance coverage of ₹2 lakhs. The affordability of the premiums ensures that every policyholder covered under the scheme should be able to receive the benefit of life insurance coverage for the lowest possible premium amount.
Plan Benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana can offer the following benefits to you, the policyholder:
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Life Cover
PMJJBY offers pure life insurance coverage that secures your family’s financial future. By renewing the policy annually, you can be assured that they will enjoy continued life insurance protection.
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Financial Protection
With a sum assured of ₹2 lakhs payable on the unfortunate death of the life assured, you can offer life insurance coverage to your family. This sum assured will be paid out to your beneficiaries and will take care of all their financial needs when you cannot provide for them.
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Tax Benefits
Under Section 80C of the Income Tax Act, 1961, the annualised premium paid towards this term life insurance policy will be eligible for tax deductions. The death benefit will be exempt from taxation under Section 10(10D) of the Income Tax Act.
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Renewable Policy
The term life insurance policy offers one-year insurance coverage with the choice of renewing it annually. Hence, you can determine the total policy term for as long as you keep renewing the plan yearly.
Eligibility Criteria
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These are the following eligibility criteria to be fulfilled to enrol for the PMJJBY. You should:
Have a savings account in any participating bank that offers the scheme or a bank that is eligible to offer the scheme.
Only enrol in the scheme with one savings bank account, even if you have several bank accounts.
Be an accountholder between 18 – 50 years of age
Have your valid Aadhar card linked with the participating bank account.
Produce a medical certificate with self-attestation to declare that you are not suffering from any pre-existing critical illnesses.
The last eligibility criterion was not applicable for policyholders who joined the scheme during the initial enrolment period. Hence, those who availed of the PMJJBY between August 31, 2015, and November 30, 2015, were not required to produce any medical tests for the policy declaration.
How to Enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana?
To enrol under the PMJJBY, your life insurance provider should have a tie-up with the banks that offer this insurance scheme. Alternatively, you can also purchase the policy from a post office that offers the PMJJBY.
The policy inception date can be the later of the two –
- The date of the insured’s enrolment into the scheme.
- June 01 of the year when the policy was purchased.
The insurance coverage is applicable until May 31 of the next year, which will mark the end of one policy year.
The premium will be deducted from the policyholder’s bank account or post office account as a lumpsum premium payment of ₹436 at the time of enrolment.
What are the Documents Required to Enrol?
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The following documents are necessary for enrolling in the PMJJBY:
A passport-size photo
Your valid Aadhar card
Your current mobile number
Your existing savings bank passbook
Proof of identity (as stated by the bank or your life insurance provider).
What is the Premium Amount to Avail of this Scheme?
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The base premium to avail of the Pradhan Mantri Jeevan Jyoti Bima Yojana is ₹436 if the policy is purchased in the risk period’s first quarter. However, here is a break-up of the total premium amount that will be deducted with every annual renewal of the policy:
The insurance premium payable to your life insurance provider in the first quarter of the risk period will be ₹436, the annual expenses paid to the bank will be ₹30, and the annual administrative expenses will be ₹11.
The premium amount will be ₹342 if the policy is purchased in the second quarter of the risk period. Here, the annual expenses paid to the bank will be ₹22.50, and the annual administrative expenses will be ₹10.50.
The premium amount will be ₹228 if the policy is purchased in the third quarter of the risk period. The annual expenses paid to the bank will be ₹15, and the annual administrative expenses will be ₹7.
The premium amount will be ₹114 if the policy is purchased in the fourth quarter of the risk period. The annual expenses paid to the bank will be ₹7.50, and the annual administrative expenses will be ₹3.50.
Frequently Asked Questions
How much is the premium amount for the PMJJBY?
The annualised premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana is ₹436 in the first quarter of the risk period. In joint savings bank accounts, each account holder will have to pay a premium of ₹436. However, they should meet the other eligibility criteria.
When was the scheme launched?
The Pradhan Mantri Jeevan Jyoti Bima Yojana, a government-backed life insurance scheme, was launched on May 09, 2015.
What is the age criterion for availing of the PMJJBY?
Any individual in the age group of 18 - 50 years with a savings bank account can avail of the PMJJBY scheme.
How will the premiums be paid?
The premiums can be easily paid through your savings bank account through the auto-debit facility. Your bank should be a participating bank in the PMJJBY and the auto-debit facility will only be facilitated with your consent at the time of enrolment.
Can I rejoin the scheme if I leave it?
Yes, you can rejoin the Pradhan Mantri Jeevan Jyoti Bima Yojana after exiting the scheme due to any reason. To join the scheme again, you will have to pay the annual premium to start receiving the life insurance coverage from the policy.
Are NRIs eligible for life insurance coverage under PMJJBY?
Yes, Non-Resident Indians (NRIs) can be eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana if they have a savings account in an Indian bank branch. The bank should enable the purchase of the PMJJBY policy, subject to other terms and conditions of the policy.
Which bank accounts are eligible for subscribing?
Banks that offer the Pradhan Mantri Jeevan Jyoti Bima Yojana are eligible to subscribe. The account holders with savings account in any of these banks should be between the ages of 18 years – 50 years.
What is the enrolment period and modality of the scheme?
The coverage is for a one-year period starting from June 01 to May 31. During enrolment, you will have to submit your permission for the auto-debit facility from the bank account or post office account for the premium payment.
During the renewal of the scheme, you will not have to submit fresh instructions to the bank for the premium payment unless you choose to discontinue the coverage.
Can eligible individuals join the scheme after the initial year of the scheme?
Yes, if you want to join the PMJJBY after the first year of the scheme, you can simply enable the premium payment through auto-debit and avail of the scheme’s benefits. However, for the first month or 30 days of the coverage, only accidental death coverage will be active.
Who is the master policyholder of the scheme?
The master policyholder of the scheme is the participating bank or the post office that offers the PMJJBY. Your life insurance provider can ensure a smooth subscription and claim settlement process in collaboration with these entities.
When is the life insurance coverage terminated?
The insurance coverage can be terminated or restricted under the following circumstances:
- Once you, the insured, attain the age of 55 years.
- If the premium payments are paused due to insufficiency of funds or the bank account is closed.
- If multiple bank accounts are used to receive insurance coverage, then the duplicate bank accounts will be forfeited.
Under this scheme, what is the role of the life insurance company and the bank?
The life insurance company will administer the scheme through the participating banks and post offices. The bank/post office will be responsible for the recovery of the premium paid through the auto-debit facility and will transfer the same to the life insurance company. The enrolment form, auto-debit mandate and declaration forms will be retained by the bank or post office and the life insurance company may request these documents if needed.
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