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Home » Blog » General » Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

January 21, 2016 By vijay kumar

Contents

  • 1 Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Introduction
  • 2 PM Jeevan Jyoti Bima Yojana Scheme Conditions
  • 3 Government Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Features
  • 4 Govt Pradhan Mantri Jeevan Jyoti Bima Yojana Enrollment period
  • 5 Termination of Assurance
  • 6 Govt PMJJBY Forms and Documents

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Introduction

Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year life insurance cover. Finance Minister of India announced this policy in February 2015. This cover will be required to be renewed every year. PMJBY Government Scheme is available only for the people having a bank account. Government PMJJBY Insurance Scheme offers insurance cover of Rs. 2 lakhs for an annual premium of Rs. 330.

Pradhan Mantri Jeevan Jyoti Bima Yojana Image

PMJBY Government Life Insurance Cover would be offered through LIC & other Life Insurance companies with required approvals and tie-ups with Banks to provide the product on similar terms. Coverage of 2,00,000/- will be outstanding to the family, in the case of death of Individual for any reason.

PM Jeevan Jyoti Bima Yojana Scheme Conditions

Age at Entry:
  • Minimum: 18 years.
  • Maximum: 50 years.
Period:
  • 1 year (renewable group insurance cover).
Date of commencement:
  • 1st June 2015.
Premium:
  • Rs. 330/- per annum + service tax as applicable.
Payment Mode:
  • The premium will be directly auto-debited in one installment by the bank from the subscribers account.
Primary KYC:
  • Aadhar number (However, Aadhar is not mandatory).

Government Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Features

The key features involved in Government PMJJBY Scheme are given below.

  • One year renewable group insurance cover which will commence from 1st June to 31st May, 2015.
  • Age group of 18 to 50 years and having a bank account are eligible to take the cover. Account should be in any of the participating banks.
  • Bank will be the master policyholder. Individual members will be provided with COI (Certificate of Insurance).
  • Risk Coverage will be 2,00,000/- in the case of death for any reason.
  • An individual has to opt for this scheme every year, or he/she can also prefer a long term option of continuing.
  • Tax Benefit: You can avail tax benefit for the premiums paid under section 80C.

Govt Pradhan Mantri Jeevan Jyoti Bima Yojana Enrollment period

  • Enrollment is required for all bank account holders and has to give their auto-debit consent (agreement) by 31-05-2015.
  • Late enrollment will be possible up to 31-08-2015.
  • The Govt may extend the enrollment period for another three months, i.e. up to 31st November 2015.
  • Those who are joining after 31-08-2015 will have to pay the full annual premium. They have to submit the self-certificate of good health in the prescribed proforma.

Termination of Assurance

PM Jeevan Jyoti Bima Yojana cover will be terminated based on below reasons.

  • Account holder attains 55 years of age.
  • In the case of Bank account closure or balance insufficiency for debiting premium.
  • Even in the case of many coverages under this scheme, the cover will be restricted to Rs. 2,00,000/-. Other are terminated, and premium shall be surrendered.

Govt PMJJBY Forms and Documents

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana Application Form in English

Pradhan Mantri Jeevan Jyoti Bima Yojana Application Form in Hindi

PMJBY Application Form in Malayalam

PM Jeevan Jyoti Bima Yojana Claim Form

PMJBY RULES and FAQ

Filed Under: General Tagged With: Government Scheme, PMJBY Government Insurance Scheme, PMJJBY Life Insurance Cover, Pradhan Mantri Jeevan Jyoti Bima Yojana

Comments

  1. Sk singh says

    May 12, 2017 at 12:51 pm

    Sir pls tel me on maturity how much amount I will get back

    Reply
  2. Perreddy medapati says

    February 28, 2017 at 7:18 pm

    Sir my mother paid 2 terms os PMJBY . My mother died 16.02.2017 …..Sir please tell me how to apply the for money……..my mother have a account in andhra bank….

    Reply
  3. Vivek upadhyaya says

    September 4, 2015 at 10:36 pm

    Sir its very good method to know about the total maturity amount of the policy.
    I want to know my total amount I will receive after maturity(year 2037) of Jeevan shree -I after 25 years. My sum assured amount is 10 lacs. So please tell the lump-sum amount I will receive after policy maturity after all bonuses etc.
    Sir please mail regarding the same on my mail I’d – vivek.upadhyaya26@gmail.com

    Reply
  4. Ananta Borthakur says

    May 30, 2015 at 4:55 pm

    Is there any provision for refund of premium in PMJJBY scheme?

    Reply

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