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Insurance - PMJJBY

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance cover of ₹2 lakhs for an annual premium of ₹330/-. This is an annual cover starting from June 1, 2015, renewable from year to year and provides cover for death due to any reason. The scheme would be administered through Life Insurance Corporation of India. All savings bank account holders in the age group of 18 to 50 years are entitled to join the scheme.

Eligibility :
  • All savings bank account holders in the age 18 to 50 years will be entitled to join the Scheme.
Features :
  • ₹2 lakhs is payable on member’s death due to any reason.
Premium :
  • Annual premium of ₹330/- only.
Enrolment Period :
  • Insurance period is from 01st June to 31st May, every year.
  • Enrolment possible on payment of full annual premium on any date.
Premium
Payment :
  • Premium auto-debited from enrolled account centrally.
Scheme Validity :
  • Scheme validity will be till May 31, every year from the date of debit of premium from customers’ account.
Scheme Renewal :
  • In the month of May (before 31st May) every year.
Termination of assurance :
  • On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by LIC inadvertently, insurance cover will be restricted to ₹ 2 Lakh and the premium shall be liable to be forfeited.
Enrolment mode :
  • The customers can enrolled for the scheme through Branches as offline mode, by giving a one page application form.
Important terms :
  • Due to insufficient balance on due date or any other administrative / technical issues if the insurance cover is ceased,the same can be continued after receiving of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and continuation of risk cover will be at the sole discretion of concerned insurance company.
  • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.
  • The summary of the amount payable under PMJJBY Scheme based on Date of Enrolment is furnished below for reference :
Date of Enrolment takes place in the months of
(Coverage is up to immediately next 31st May)		 Total Premium payable by the customer
(A)		 Premium payable to LIC of India
(out of A) 		Bank’s share of incentive
(out of A)		 BC share of incentive
(out of A)		 Incentive to Bank for applications directly sourced by Branches
(out of A)
JUNE, JULY &AUGUST 330.00 289.00 11.00 30.00 41.00
SEPTEMBER, OCTOBER & NOVEMBER 258.00 225.00 10.50 22.50 33.00
DECEMBER, JANUARY & FEBRUARY 172.00 150.00 7.00 15.00 22.00
MARCH, APRIL & MAY 86.00 75.00 3.50 7.50 11.00
Mandatory Documents :
  • Original PMJJBY Claim Form signed by nominee and branch
  • Original PMJJBY Discharge Receipt duly filled in and signed by nominee signed across revenue stamp (₹ 1/-) affixed. Branch should also sign and certify.
  • Copy of enrolment form, attested by branch.
  • Copy of proof of date of birth of the nominee, attested by branch
  • Copy of proof of date of birth of the insured, attested by branch
  • Copy of Death Certificate in English, Hindi or Marathi, attested by branch.
  • Cancelled Cheque leaf / account statement / copy of front page of passbook of nominee.
Note :
  • If the document is not in English, Hindi or Marathi, a translated copy of the same attested by the branch shall also be submitted.
  • If the nominee is a minor, claim form shall be filled by the appointee on behalf of the minor. Contact and account details of appointee may be entered in the claim form and the claim portal.
Q1. What would be the premium payable and benefits under the scheme?
Q2. What is the nature of the scheme?
Q3. Who will be eligible to avail the scheme?
Q4. How will the premium be paid?
Q5. What is the enrolment period and mode?
Q6. Who is our insurance partner for the scheme?
Q7. Will this cover be in addition to cover under any other insurance scheme the customer may be covered under?
Q8. Is enrolment possible after August 31?
Q9. What is the procedure for renewal?
Q10. Can any customer at any point rejoin the scheme if he / she had exited the scheme?
Q11. When the assurance on life of the member can get terminated?