The Prime Minister’s Jeevan Jyoti Bima Yojana (PMJJBY) is a flagship life insurance scheme launched by PM Narendra Modi on May 9, 2015. This central government initiative provides yearly renewable life insurance coverage of ₹2 lakh for death resulting from any cause.
The scheme is designed to ensure financial security for families by offering affordable coverage to a broad spectrum of individuals, particularly those in low-income groups.
Key Features of PMJJBY
- Coverage Amount: ₹2 lakh term life cover for death due to any reason.
- Age Eligibility: Individuals aged 18 to 50 years.
- Premium: ₹436 per annum, auto-debited from the subscriber’s bank or post office account.
- Validity: Coverage is valid for one year, from June 1 to May 31, and renewable annually.
- Administering Agencies: Offered through participating banks and post offices, and managed by licensed life insurance companies.
Benefits of PMJJBY
- Affordable Coverage: Low premium cost ensures accessibility for a wide audience.
- Flexibility: Subscribers can renew their policy annually.
- No Restrictions: Covers death due to any cause, including accidents.
- Convenient Enrollment: Automatic premium deduction simplifies the process.
Eligibility for PMJJBY
- Individuals must be aged 18 to 50 years.
- Applicants must have a savings bank account or post office account.
- Subscribers who join before 50 can continue coverage until 55 years of age by paying premiums regularly.
Note for NRIs:
Non-Resident Indians (NRIs) with a valid Indian savings bank account can also enroll in PMJJBY. Claims under the scheme are disbursed in Indian currency.
How to Apply for PMJJBY
Online Process:
- Visit your bank’s website or access its mobile application.
- Navigate to the PMJJBY section and fill in the online application form.
- Provide the required details and give consent for auto-debit of the annual premium.
Offline Process:
- Download the Application Form:
- Access the “Consent-cum-Declaration Form” via the official link: PMJJBY Form.
- Fill Out the Form:
- Provide your details and self-attest the required documents.
- Submit the Form:
- Submit the completed application at your bank branch or post office.
- You will receive an Acknowledgment Slip and Certificate of Insurance after submission.
Claims Process
- Access Claim Forms: Available online at Claim Form.
- Fill Out the Form: Provide accurate details along with required documents.
- Submit the Claim: Submit the completed form at the bank or post office where the policy was enrolled.
Why Enroll in PMJJBY?
- Financial Security: Provides much-needed support to families in times of unforeseen loss.
- Government-Backed Assurance: A central government initiative ensuring credibility and ease of access.
- Wide Reach: As of October 20, 2024, over 21.67 crore Indians have enrolled in PMJJBY, with claims totaling ₹17,211.50 crore disbursed.
Additional Details
- Delayed Enrollment: Available at a reduced premium based on the month of enrollment:
- June-August: ₹436
- September-November: ₹342
- December-February: ₹228
- March-May: ₹114
- Master Policy Holders: Participating banks and post offices act as the Master Policy Holders for the scheme.
- First-Time Subscribers: Insurance benefits for deaths (excluding accidental) are unavailable for the first 30 days post-enrollment.
Disclaimer: The information provided is for informational purposes only. For detailed terms and conditions, please visit the official website: jansuraksha.gov.in.
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