Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

1. Eligibility:

• Age Limit: The scheme is available to individuals aged between 18 and 50 years. However, once enrolled, the coverage can be continued until the age of 55, provided the premium is paid annually.
• Bank Account Requirement: To enroll in PMJJBY, participants must have an active savings bank account. This is essential for the auto-debit of the annual premium.
• Policy Renewal: The policy is renewable every year until the policyholder reaches the age of 55, allowing continuous coverage if the premium is regularly paid.

2. Coverage:

• Life Cover Amount: PMJJBY provides a life insurance cover of ₹2 lakhs.
• Payout to Nominee: In the unfortunate event of the policyholder’s death, the sum assured of ₹2 lakhs is paid to the nominee, regardless of the cause of death. This universal coverage is a significant benefit of the scheme, as it does not differentiate between natural or accidental causes of death.

3. Premium:

• Affordable Cost: The annual premium for the PMJJBY scheme is ₹330. This amount is deliberately kept low to ensure that the scheme remains affordable for economically weaker sections of society.
• Auto-Debit Feature: The premium is automatically debited from the policyholder’s savings bank account, ensuring ease of payment and continuous coverage without the need for manual intervention.

4. Enrollment:

• Easy Enrollment Process: Enrollment in PMJJBY can be done through participating banks, insurance companies, and other authorized agencies. The widespread availability of these institutions makes it convenient for individuals to join the scheme.
• Annual Renewal: The policy operates on an annual renewal basis. This means the policyholder must renew their coverage each year to continue benefiting from the life cover. The renewal process is straightforward, with the premium being automatically debited from the bank account.
• Flexible Joining Period: Individuals can join the scheme at any time during the year by paying the full annual premium of ₹330, ensuring that new members can enroll whenever they are ready.

5. Exclusions:

• No Exclusions: One of the key features of PMJJBY is that there are no exclusions under the policy. This means that the claim is payable for all types of deaths, providing comprehensive coverage without any restrictions.

1. Bank Account Requirement:

• Savings Account: To enroll in PMJJBY, the individual must have an active savings bank account. This is crucial as the premium payments are managed through this account.
• Linking with the Scheme: The savings account needs to be linked to the PMJJBY scheme. Most banks facilitate this linkage as part of their customer services, making it convenient for account holders to enroll.

2. Auto-Debit Mandate:

• Automatic Premium Payment: The annual premium for PMJJBY is ₹330, which is auto-debited from the policyholder’s linked savings bank account. This feature ensures that the policyholder does not miss the premium payment, which is necessary for continuous coverage.
• Sufficient Funds: The policyholder must ensure that their bank account has sufficient funds before the due date for the premium debit. Insufficient funds may lead to the cancellation of the policy, resulting in a loss of coverage.
• Mandate Setup: When enrolling, the policyholder provides an auto-debit mandate, authorizing the bank to deduct the premium amount automatically every year.

3. Renewal Process:

• Automatic Renewal: PMJJBY operates on an annual renewal basis. The policy is automatically renewed each year as long as the auto-debit mandate is active and there are sufficient funds in the account.
• Continued Coverage: To ensure uninterrupted life coverage under the scheme, the policyholder does not need to take any additional action once the auto-debit mandate is in place, apart from maintaining sufficient funds in the account.
• Monitoring: It’s advisable for the policyholder to monitor their bank account to confirm that the premium is successfully debited each year, thereby ensuring that the policy remains active.

1. Affordable Coverage:

• Low Premium: PMJJBY offers life insurance coverage at a nominal annual premium of ₹330. This low cost ensures that the scheme is affordable and within reach for a large section of the population, including those from economically weaker backgrounds.
• Widespread Accessibility: The affordability of the premium makes it possible for a wide range of individuals, especially those who may not have had access to life insurance before, to secure financial protection for their families.

2. Financial Security:

• Substantial Payout: In the event of the policyholder’s untimely death, the nominee receives a sum assured of ₹2 lakhs. This financial support can be crucial in helping the nominee manage immediate expenses and maintain financial stability during a difficult time.
• Comprehensive Coverage: The scheme provides financial security to the policyholder’s family regardless of the cause of death, ensuring that the family is supported without any exclusions or conditions.

3. Ease of Enrollment:

• Simple Process: The enrollment process for PMJJBY is straightforward and can be easily completed through any participating bank or insurance provider. The availability of these institutions across the country makes it convenient for individuals to enroll.
• Automatic Premium Deduction: Once enrolled, the annual premium is automatically debited from the policyholder’s savings account, eliminating the need for manual payments and ensuring continuous coverage without hassle.

4. Inclusive Scheme:

• Open to All: PMJJBY is an inclusive scheme that is open to all individuals with a savings account, regardless of their socio-economic status. This inclusivity ensures that people from various backgrounds can benefit from life insurance coverage.
• No Discrimination: The scheme does not discriminate based on income, occupation, or social standing, making it a universal option for anyone looking to secure life insurance.