Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme providing affordable term cover for death due to any cause.
Key Features & Benefits:
- Death Benefit: A life cover of ₹2 Lakh is paid to the nominee if the insured person passes away due to any reason.
- Annual Premium: ₹436 per year (revised from ₹330), which is auto-debited in one instalment from your savings account.
- Pro-rata Premium: For those joining mid-year, the premium is calculated based on the quarter of enrolment (e.g., ₹342 for Sept–Nov, ₹228 for Dec–Feb, and ₹114 for March–May).
- Policy Period: The cover runs from June 1st to May 31st and must be renewed annually.
Eligibility Criteria:
- Age Limit: Individuals between 18 and 50 years are eligible to join.
- Coverage Extension: Once enrolled, you can continue the cover until the age of 55, provided you pay the annual premium.
- Account Requirement: Must have a savings bank or post office account.
- Single Policy: An individual can only join the scheme through one bank account, regardless of how many accounts they hold.
How to Apply?
- Online: Use your bank’s Internet Banking or mobile app to opt-in under the "Social Security Schemes" or "Insurance" section.
- Offline: Visit your bank branch to submit an enrolment form and provide auto-debit consent.
- Required Documents: Aadhaar is the primary KYC document for identification and linking.
