Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Introduction

• Pradhan Mantri Jeevan Jyoti Bima Yojana is a Life Insurance Scheme of Department Of Financial Services under Ministry Of Finance.
• It is a social security scheme and was launched by Prime Minister Sh. Narendra Modi On 9th Of May 2015 in Kolkata.
• The main objective behind starting Pradhan Mantri Jeevan Jyoti Bima Yojana is to provide social and financial security cover to people of India.
• This scheme is also called "Prime Minister Life Insurance Scheme" or "Pradhan Mantri Jeevan Jyoti Bima Scheme".
• It is a yearly personal life insurance scheme for the people who are uninsured.
• Financial Assistance of Rs. 2,00,000/- will be provided to nominee under Pradhan Mantri Jeevan Jyoti Bima Yojana in case of untimely demise of a insured person.
• Insurance Amount under this scheme is payable irrespective of cause of death of a person.
• This scheme is offered by Life Insurance Corporation of India and other Life Insurance Companies having collaboration with Banks and Post Office.
• It is up to Banks/ Post Offices to engage any Life Insurance Company to implement the scheme for their customers.
• Beneficiary has to pay a very nominal premium amount of Rs. 436/- per year for Pradhan Mantri Jeevan Jyoti Bima Yojana.
• Person can enroll themselves under Pradhan Mantri Jeevan Jyoti Bima Yojana at any point of time in a financial year.
• Premium Amount will be paid through Auto Debit Mode.
• Beneficiary can Visit their Bank or Post Office and get themselves covered under Pradhan Mantri Jeevan Jyoti Bima Yojana.

Benefits

• The following benefits will be provided to a person who is insured under Pradhan Mantri Jeevan Jyoti Bima Yojaa :-
  • Personal Insurance Cover of Rs. 2,00,000/-
  • Very Nominal Premium of Rs. 436/- per Year.
  • Covers Death caused due to any reason.
  • Nominee of Policy Holder will get Rs. 2 Lakh in case of Death of Policy Holder.

Eligibility Criteria

• Every Indian Citizen is Eligible.
• The Age of Person should be between 18 Years to 50 Years.
• Beneficiary should have Jandhan Bank Account or Saving Bank Account in any Bank or in a Post Office.
• Bank/ Post Office Account should be linked with the Person's Aadhar Number.

Key Features Of The Scheme

• It is a social security scheme especially focuses on uninsured poor and underprivileged persons.
• Life Insurance is only for 1 year starting from 1st June to 31st May in every year.
• The annual renewal date of the scheme is 1st of June in every upcoming year.
• On consent from the policy holder, the amount of premium i.e. Rs. 436/- will be paid though autodebit mode from policy holder account in a single instalment.
• Any person who exited the scheme at any point of time can join again the scheme in near future.
• Pradhan Mantri Jeevan Jyoti Bima Yojana is exempted from GST.
• No need to submit health report or certificate to join Pradhan Mantri Jeevan Jyoti Bima Yojana.
• A person who crosses the age of 50 years cannot register himself under this scheme.
• However, a person who registered himself/ herself for this scheme under auto debit facility will have auto renewal up to the age of 55 years.
• It is mandatory to link person's Aadhar Card with his/her Bank/ Post Office account.
• Pradhan Mantri Jeevan Jyoti Bima Yojana can avail through by filling a form in the Bank Branch/ Post Office at any time in the year or the other mode is through netbanking facility.
• In case of death of a policy holder, the nominee can receive the amount of Rs. 2 Lac.
• If any person has multiple bank accounts then in that case he/ she can avail the benefit of the scheme from only single bank account of himself/ herself.

Conditions In Which No Claim Will Be Payable

• When beneficiary attain the age of 55 Years.
• Insufficient Balance in the Bank/ Post Office Account.
• Closure of Bank/ Post Office Account.
• When any person avail the benefit of same scheme through multiple bank accounts.

Application Forms

• Pradhan Mantri Jeevan Jyoti Bima Yojana Application/ Enrolment Form according to the Languages of State are as follows :-
  • English.
  • Hindi. (हिन्दी)
  • Bangla. (বাংলা)
  • Gujarati. (ગુજરાતી)
  • Kannada. (ಕನ್ನಡ)
  • Marathi. (मराठी)
  • Odiya. (ଓଡ଼ିଆ)
  • Tamil. (தமிழ்)
  • Telugu. (తెలుగు)

Claim Forms

• Following are the Claim Forms of Pradhan Mantri Jeevan Jyoti Bima Yojana in different languages :-
  • English.
  • Hindi. (हिन्दी)
  • Bangla. (বাংলা)
  • Gujarati. (ગુજરાતી)
  • Kannada. (ಕನ್ನಡ)
  • Marathi. (मराठी)
  • Odiya. (ଓଡ଼ିଆ)

Important Links

• JanDhan se Jan Suraksha Website.
• Department Of Financial Services.
• Pradhan Mantri Jeevan Jyoti Bima Yojana Guidelines.

Contact Details

• National Toll Free Number :-
  • 18001801111.
  • 1800110001.