Quick Overview
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance plan sponsored by the government of India to Indian citizens.
- It offers life insurance cover of 2 lakh at a very low annual premium.
- The scheme is attached to the bank account of the subscriber.
- Death caused by any reason is covered.
- It is a renewable one-year term life insurance.
- People between 18 and 50 are eligible to enrol.
- Once a year, the premium is automatically debited from the bank account.
- The scheme is meant to offer financial stability to the families of the economically weaker sections.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana?
It is a life insurance scheme sponsored by the government and was implemented by the Government of India in 2015 to provide the masses with affordable life cover. PMJJBY offers a pure term life insurance policy, which offers financial security to the family of the life insurance holder in the event of death. The scheme is administered by both the public and private sector life insurance companies and is distributed by participating banks and post offices.
Objectives of Pradhan Mantri Jeevan Jyoti Bima Yojana
Providing Affordable Life Insurance Coverage
A major goal of the Pradhan Mantri Jeevan Jyoti Bima Yojana is to ensure that all groups of people in society, particularly low-income and vulnerable groups that frequently fail to obtain life insurance cover, have access to it because its premiums are affordable.
Financial Security for Families in Case of Death
The scheme guarantees that the nominee gets a lump sum amount in the event of the unfortunate death of the policyholder. It is a financial aid that assists families to cover household costs, pay debts, and be financially stable.
Expanding Insurance Penetration in India
PMJJBY is instrumental in creating awareness and penetration of insurance in India by motivating people to take basic life insurance by enrolling in the programs and paying minimal premiums.
Key Features of PMJJBY Scheme
Feature |
Details |
Annual Renewable Life Insurance Policy |
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance policy of 1 year with a validity period between 1 st June and 31 st May on a yearly basis. Renewal of the policy can be done every year with the payment of the premium within the stipulated period. The coverage is extended as long as the insured is within the age limit that is covered and the policy is not lapsed. |
Age-Based Continuity of Coverage |
People may join at an age between 18 and 50. Upon enrollment, the policy is renewable on an annual basis until the age of 55 years, provided there is continuous payment of premiums. |
Low-Cost Premium Structure |
The PMJJBY annual premium is ₹436 and is very affordable to people across the income group. The amount of premium remains constant and is not raised with age throughout the policy term. |
Auto-Debit Premium Payment |
The premium is automatically charged to the savings bank account of the subscriber every year, and this eliminates the chances of defaulting on payments and lapsing of the policy. |
No Medical Examination Required |
PMJJBY does not involve medical examinations to enrol, and therefore, it is available to first-time insurance purchasers and those who have low access to healthcare centres. |
Simple Enrollment Through Bank Accounts |
It is enrolled by participating in banks or post offices where the individual has a savings account. Consent-cum-declaration form is filled to authorise premium auto-debit. |
Minimal Documentation |
Simple KYC documents like Aadhaar or a valid identity are enough to enroll into the system, and it will make the process paper-light and hassle-free. |
Government-Backed Scheme |
The Government of India supports PMJJBY and is executed by authorised life insurance companies, which brings reliability and trust to the policyholders. |
Coverage Offered Under Pradhan Mantri Jeevan Jyoti Bima Yojana
Life Insurance Coverage Amount
The insured is provided with life cover of ₹2 lakh under PMJJBY. This is the sum that the nominee will receive in the event of the death of the insured individual within the policy term.
Death Benefit Coverage Details
The scheme covers death as a result of any cause, whether natural, illness, or accident. The policy is not limited to the cause of death as long as it is active.
Policy Tenure and Validity Period
The policy is operational between 1 st June and 31 st May annually. The renewal should be carried out on an annual basis by paying the premium before the renewal date of the policy.
Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits
Benefit |
Details |
Simple and Hassle-Free Life Insurance |
Pradhan Mantri Jeevan Jyoti Bima Yojana is a simple term life insurance with no complicated terms, which makes it the most appropriate insurance cover for first-time insurance buyers and people with low financial literacy. |
No Medical Examination Required |
There are no medical tests to be enrolled under PMJJBY, and this has made the scheme very accessible to a large population,including rural and semi-urban populations. |
Guaranteed Life Cover |
The scheme offers guaranteed life insurance coverage of 2 lakh, which is paid to the nominee in the event of the death of the insured within the period of the policy. |
Financial Protection at a Nominal Premium |
PMJJBY provides significant financial security to families with an annual premium of Rs. 436, and it assists them to cover expenses and liabilities in the event of the death of the earning member. |
Coverage for Death Due to Any Cause |
The policy includes death caused by natural causes, illnesses, or accidents and offers a broad policy coverage not limited by cause of exclusion. |
Easy Premium Payment via Auto-Debit |
The premiums are debited automatically from the bank account of the insured, which minimises the chances of lapse of the policy because of default of payments. |
Tax Benefits Under the Income Tax Act |
Premium collected under PMJJBY is liable to tax deduction in Section 80C, with some limits. The death benefit that accrues to the nominee is tax-exempt as per the existing income tax regulations. |
Nationwide Availability |
There are participating banks and post offices that make the scheme available across India, making it widely accessible. |
Government-Backed Security |
As a government-backed programme, PMJJBY is reliable, transparent, and trustworthy to policyholders and their families. |
Supports Financial Inclusion |
PMJJBY has a major role in making life insurance cover accessible to the economically disadvantaged and the uninsured sectors of society. |
Eligibility Criteria for Pradhan Mantri Jeevan Jyoti Bima Yojana
Age Limit for PMJJBY Enrollment
Individuals between the ages of 18 and 50 years are able to subscribe to the scheme. Coverage upon enrollment is renewable at the age of 55 years, though it would be subject to payment of premiums.
Bank Account and Aadhaar Requirements
The subscriber should possess an active bank account. The Aadhaar is primarily utilised in identity verification and KYC, but enrollment is done by banks, according to the regulations.
Eligibility Conditions for Renewal
The policy will be in force provided that the insured pays the premium on time and does not exceed the age limit allowed. Failure to pay the premium leads to lapse of coverage.
How to Enrol in Pradhan Mantri Jeevan Jyoti Bima Yojana
- PMJJBY enrollment is available only through participating banks and authorised post offices.
- The individual must have an active savings bank account to enrol in the scheme.
- Enrollment can be done by visiting the bank branch where the savings account is held.
- The applicant needs to fill out a PMJJBY consent-cum-declaration form.
- Consent is required to allow auto-debit of the annual premium from the bank account.
- Aadhaar or valid KYC documents are used for identity verification as per banking norms.
- The policy coverage begins from the scheme’s annual start date, subject to premium payment.
Online and Offline Enrollment Process
- Many banks offer online PMJJBY enrollment through internet banking portals.
- Some banks also allow enrollment using mobile banking applications.
- Online enrollment requires logging in, selecting PMJJBY, and providing consent for auto-debit.
- Offline enrollment is available at bank branches and select post offices.
- Bank staff assist applicants in completing the enrollment process and documentation.
- Once enrolled, confirmation is reflected through account statements showing the premium debit.
Role of Partner Insurance Companies
- Government-authorised life insurance companies underwrite PMJJBY policies.
- Insurance companies issue the policy once enrollment details are received from banks.
- Premium collection is facilitated through banks via auto-debit arrangements.
- Insurance companies handle claim assessment and claim settlement under PMJJBY.
- They ensure timely processing and direct credit of the claim amount to the nominee’s bank account.
- Customer support and claim-related queries are addressed through the bank and insurer network.
PMJJBY Claim Settlement Process
- The nominee should immediately inform the bank branch where the insured held the PMJJBY-linked savings account.
- The nominee must obtain the official death certificate issued by the local authority.
- A PMJJBY claim form should be collected from the bank or insurance company and filled out accurately.
- The nominee must submit the required documents, such as a death certificate, identity proof, and bank account details.
- The bank verifies whether the Pradhan Mantri Jeevan Jyoti Bima Yojana policy was active at the time of death.
- Bank officials check premium payment records and confirm auto-debit status.
- The bank validates the nominee details as per the bank and PMJJBY records.
- Once verification is complete, the bank forwards the claim documents to the partner insurance company.
- The insurance company reviews the submitted documents for completeness and eligibility.
- Additional clarification or documents may be requested if any discrepancies are found.
- After successful verification, the insurance company approves the claim.
- The approved claim amount of ₹2 lakh is directly credited to the nominee’s bank account.
- The nominee is informed by the bank or insurer once the claim settlement is completed.
Documents Required for PMJJBY Claim
Death Certificate of the Insured
An official death certificate issued by the competent authority is mandatory to initiate the claim.
Claim Form and Bank Details
The nominee must submit the duly filled claim form along with bank account details for claim settlement.
Identity Proof of the Nominee
Valid identity proof and relationship proof of the nominee are required to establish claim eligibility.
How to Check PMJJBY Policy Status
Checking PMJJBY Status Through Bank
Policyholders can check their PMJJBY status by visiting their bank branch or contacting customer support.
PMJJBY Status via Insurance Provider
Some insurance companies allow policy status verification through their customer service channels using basic policy details.
Offline Status Verification Options
Account statements reflecting premium debit can also be used as confirmation of active coverage.
Conclusion
Pradhan Mantri Jeevan Jyoti Bima Yojana is a crucial social security initiative that offers affordable life insurance to millions of Indians. With its low premium, simple enrollment, and assured death benefit, PMJJBY ensures financial protection for families and promotes inclusive insurance coverage across the country.
Why You Should Opt for ManipalCigna Health Insurance Along with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
While PMJJBY provides life insurance coverage, it does not cover medical expenses during hospitalisation. Combining PMJJBY with a comprehensive health insurance plan like ManipalCigna Health Insurance helps individuals secure both life protection and healthcare coverage, ensuring complete financial security against medical emergencies and unforeseen life events.
FAQs
What is Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY?
It is a government-backed life insurance scheme offering ₹2 lakh coverage at a low annual premium.
What are the key benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana?
Affordable premium, death coverage for any cause, easy enrollment, and tax benefits.
Who is eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana?
Individuals aged 18 to 50 years with a bank account can enrol.
What is the coverage amount under the PMJJBY scheme?
The scheme provides life insurance coverage of ₹2 lakh.
How can a nominee file a claim under Pradhan Mantri Jeevan Jyoti Bima Yojana?
The nominee needs to approach the bank with a claim form, a death certificate, and identity documents for claim processing.
