Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Life insurance scheme providing financial protection to eligible subscribers against death from any cause. Life insurance scheme providing financial protection to eligible subscribers against death from any cause.
योजना विवरण
Overview: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
A pure term life insurance initiative administered by the Department of Financial Services (DFS), Ministry of Finance, offering affordable life risk coverage to bank and post office savings account holders across India regardless of the cause of death.
What is the PMJJBY Scheme?
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides one-year renewable term life protection of ₹2.00 Lakh at an annual contribution of ₹436 per subscriber. Unlike general accidental policies, PMJJBY pays out the full death benefit to the nominated family member upon death due to any reason—including natural demise, medical illness, or unforeseen accidents.
Key Scheme Highlights & Policy Terms
| Policy Parameter | Terms & Outlay |
|---|---|
| Sum Assured / Life Coverage | ₹2,00,000 (Payable to nominee upon subscriber death) |
| Annual Premium Outlay | ₹436 per annum (Auto-debited between 25th and 31st May) |
| Cause of Demise Covered | Any cause (Natural, illness, medical complications, or accidental) |
| Policy Duration & Cycle | 1 Year (Renewable annually from 1st June to 31st May) |
| Lien Period (Waiting Window) | 30 days from enrollment (Accidental death covered from Day 1) |
Quarterly Pro-Rata Premium Structure
For individuals enrolling mid-cycle, premium deductions follow a structured pro-rata schedule:
- June, July, August: Full annual premium of ₹436.
- September, October, November: ₹342 pro-rata contribution.
- December, January, February: ₹228 pro-rata contribution.
- March, April, May: ₹114 pro-rata contribution.
Core Benefits of PMJJBY
- Comprehensive Life Shield: Guarantees financial security of ₹2 Lakh to vulnerable families on natural or medical demise without requiring exhaustive medical underwriting.
- Effortless Auto-Debit Renewal: Scheduled auto-debits prevent lapses, ensuring perpetual coverage as long as required bank balances are maintained.
- Tax Deductions: Premiums paid qualify for deductions under Section 80C of the Income Tax Act, and claim receipts are tax-free under Section 10(10D).
- Institutional Backing: Administered through Life Insurance Corporation (LIC) and authorized private life insurers in tie-up with public, private, and regional rural banks.
Eligibility Criteria
- Individual must be aged between 18 years and 50 years (risk coverage continues up to age 55, subject to annual renewal).
- Must maintain an active individual savings account in a commercial bank, regional rural bank (RRB), or post office.
- Applicant must submit consent for annual automated premium deduction.
- Subscribers can join via only one single bank account; multi-account enrollments result in forfeiture of additional premiums and rejection of duplicate claims.
Step-by-Step Enrollment & Claim Settlement Process
- Enrollment via Net/Mobile Banking: Sign in to your banking application, select the Jan Suraksha / Insurance Schemes menu, choose PMJJBY, and confirm auto-debit consent.
- Enrollment via Branch: Submit the completed PMJJBY consent-cum-declaration form with nominee details at your bank or post office counter.
- Claim Intimation: Following the death of the insured, the registered nominee must notify the servicing bank branch.
- Document Submission: Submit the claim form, original death certificate, discharge receipt, nominee KYC, and canceled cheque/bank passbook.
- Settlement: The bank transmits records to the tied insurer, and the claim benefit of ₹2 Lakh is credited directly to the nominee's bank account via DBT.
