Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Hi Friends, 

You can see about of The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment f rom the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. 

 

The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility

• Any Bank Savings Bank (SB) Account holders between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
• Pradhan Mantri Jeevan Jyoti Bima Yojana Policy period
• The cover shall be for one year starting from June 1 to May 31 of next year.
• For the Savings Account holder joining on or after June 1, the cover shall commence from the date of Account holder’s request and end on May 31 of next year.

Pradhan Mantri Jeevan Jyoti Bima Yojana Premium

As per the earlier guidelines by Ministry of Finance, the annual premium for PMJJBY scheme was constant at Rs 330 for a period of 1 year starting from June 1 to May 31 irrespective of the request date of the customer into the scheme. With effect from September 1, 2018, Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the Account holder into the scheme.

The revised structure is as follows:

June, July and August – Annual Premium of Rs 330 is payable

September, October and November – Premium of Rs 258 is payable

December, January and February – Premium of Rs 172 is payable

March, April and May – Premium of Rs 86 is payable.

The premium amount will be decided basis the date of request of the Account holder into the scheme and not as per the date of debit from the account. For e.g. if an Account holder has placed a request for PMJJBY scheme on August 31, 2018 the annual premium of Rs 330 will be applicable to him/ her for the entire one year. Although the debit in his/ her account will be completed in the month of September 2018. At the same time, if Account holder has requested for PMJJBY scheme on September 1, 2018 the pro rata premium of Rs 258 will be applicable to him/ her as per revised structure.

Pradhan Mantri Jeevan Jyoti Bima Yojana Payment Mode

👉 The premium will be directly auto-debited by the bank from the Account holder’s Savings Account held with the Bank.

👉 This is the only mode available currently. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given the cancellation request to the bank for the policy.

👉 Pradhan Mantri Jeevan Jyoti Bima Yojana Risk Coverage

👉 Sum assured of Rs 2 lakh on death of the Insured member for any reason is payable to the Nominee..

👉 Termination of assurance:

👉 Account holder attains age of 55 years

👉 Closure of account with the bank or insufficiency of balance for debiting premium.

👉 In case of multiple coverage under the scheme, the cover will be restricted to Rs 2 lakh and other insurance covers are terminated and premium shall be forfeited.

Pradhan Mantri Jeevan Jyoti Bima Yojana Terms and conditions

👉 If a customer is having multiple Savings Account with the bank, then only one PMJJBY policy will be issued.

👉 In case multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid for such additional policy requests. 

👉 For all enrolments from June 1, 2016, the risk cover will commence only after completion of 45 days from the scheme enrolment date by the customer.

👉 Death due to accident will be exempted from the 45 days cooling period.

👉 Customer will have to pay premium as per the scheme requirement.

👉 Below is the revised Premium Structure:

👉 June, July and August – Annual Premium of Rs 330 is payable

👉 September, October and November – Premium of Rs 258 is payable

👉 December, January and February – Premium of Rs172 is payable

👉 March, April and May – Premium of Rs 86 is payable.

👉 Policy shall not be issued if mobile number is not updated in Savings Bank Account. 

👉 The bank shall provide no separate intimation for the same.

The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their Savings Bank Account. The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima Yojana will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 00002273 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount. Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.

Renewal Premium of Rs 330 including Goods and Services Tax (GST) will be auto debited from the Savings Account between May 25 and May 31 of every year. Customers who desire to cancel the auto renewal need to submit such request before of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms. Joint account holders can enrol for the PMJJBY scheme by submitting a separate request for enrolment at ICICI Bank branch only.