Launched as part of the Budget announcement for 2015-16, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a social security and life insurance plan provided by the Ministry of Finance. It is implemented through banks in alignment with Insurance companies and in sync with the directions set by the Government of India. It is a plan that lasts for one year and can be renewed year after year.
What does PMJJBY cover?
This is a Life Insurance scheme, which is renewable every year, and the scheme provides life insurance cover for death due to any reason. From June 2021, there exists a lien period of 30 days except accidental death. Before June 2021, the lien period had been 45 days from the date of enrollment.
Who is eligible for PMJJBY?
Any person in the age category of 18 years and 50 years, with an account in sync with a participating bank or post office is eligible for PMJJBY. For the purpose of identification, Aadhaar is essential.
What should I know about the PMJJBY coverage?
PMJJBY offers life insurance coverage of ₹ 2.00 Lakh to bank account holders who are in the 18-50 age category. An affordable premium of ₹ 330 per year is automatically deducted from the subscriber's bank account. The coverage lasts for one year and protects against death from any cause.
When does the assurance on the life of the policyholder terminate?
As per PMJJBY scheme, the assurance can terminate on any of the following events:
When the person turns 55 years old, this would be subject to the annual renewal up to that date of birth. However, entry is not possible after crossing the age of 50.
The closure of account with the bank
Insufficient balance to maintain the scheme in force
Suppose a policyholder has more than one account and premium is inadvertently received by the insurance company, the cover will be only up to Rs. 2 Lakh. The premium is to be forfeited.
How do I apply for PMJJBY coverage?
You can download and print the "CONSENT-CUM-DECLARATION FORM'' from this website link: https://www. jansurakshagovin/Files/PMJJBY/English/ApplicationFormpdf#zoom=250
Few pointers to keep in mind:
Please complete and sign the application form.
Include photocopies of the necessary documents that you have already signed.
Hand in the paperwork to the authorised person at the bank or post office.
The person in charge will give you a paper that says "ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF INSURANCE".
Remember, it is necessary to keep your identity proof ready. Any of the following documents are accepted for the purpose of ID proof and these are listed below:
Aadhaar card
Electoral Photo Identity Card (EPIC)
MGNREGA card
Driving License
PAN card
Passport
Can eligible persons who could not join PMJJBY in its launch year still join in subsequent years?
Yes. On payment of the stipulated premium that is submitted via auto-debit, new and eligible persons can join in subsequent years.
Can I leave the PMJJBY scheme and still be eligible to rejoin?
Yes, those who exit the PMJJBY scheme can rejoin later by making the annual premium payment.
In Conclusion
Remember, most government schemes tend to be updated or revised with few minor changes. Try to stay updated with such changes in the Pradhan Mantri Jeevan Jyoti Bima Yojana. It's a good idea to enquire at the bank where you hold an account or the nearest post office. Try to always stay informed about the scheme and be aware of the latest information on the same.
