Pradhan Mantri Jeevan Jyoti Bima Yojana

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Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY is a life insurance scheme that has been launched by Government of India. It is a pure term insurance plan and is available for people between the age group of 18-50 years. The scheme is advantageous for those who have a low income. It aims to secure the financial future of the individual and provides a backup in case of any misfortune. To help you understand better about the policy, we have discussed some of the key features of PMJJBY.

Features:
  • Coverage for one year
  • It gets renewed every year
  • Insured can walk out of the scheme and rejoin it any time
  • Maximum sum assured is Rs. 200000
  • Claim settlement process is simple and straightforward.
Cases where death benefit offered is terminated:
  • When the insured is above 55 years of age
  • The policy holder is insured through different bank accounts
  • The insufficient balance is bank account could not keep the policy in force.
Eligibility Criteria:
  • To avail the benefits offered by PMJJBY, these are the requirements:
  • The age of the person should be between 18-50 years and should have a saving bank account
  • You can subscribe to this scheme by only one saving bank account
  • It is mandatory to link your aadhar card to the participatory bank account


Highlights of PMJJBY:
Age Entry
Minimum: 18 years
Maximum: 50 years
Maximum maturity age
55 years
Sum Assured
Rs. 2lakhs
Policy Term
One year
Amount of Premium
Rs. 330 per annum
Lien Period
45 days from enrollment date into the scheme

Premium Amount
The annual premium is Rs. 330 including administrative charges. In the first year of enrollment, the premium applicable is as below:
Month of Enrollment
Premium Payable for
Premium Amount
June, July, August
Entire four quarters
Rs. 330
September, October, November
Three quarters
Rs.258
December, January, February
Two quarters
Rs. 172
March, April, May
One quarter
Rs. 86

Tax Benefit:
The premium paid by you towards the policy is eligible for tax deduction under Section 80C of Income Tax Act.

How to Claim the Amount?
In case of claim, the nominee or heirs (where nomination is not made) of the insured person will contact the respective bank branch where the insured had bank account. A death certificate and claim form is required to be submitted. The claim amount will then be transferred to nominee or heirs account.

If you have any doubts or queries regarding PMJJBY, ask us in the comments section below.

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