Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Government of India to provide affordable life insurance coverage to people across the country. The scheme was introduced in 2015 and is aimed at economically weaker sections of society. PMJJBY offers a one-year renewable life insurance policy that provides a death benefit to the nominee of the insured in case of the policyholder’s demise.
The policy provides a fixed sum assured, and the premium is kept minimal, making it accessible to a wide range of individuals. It can be availed by individuals aged between 18 and 50 years, and the policy can be renewed annually. In this article we will learn about PMJJBY in detail.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana?
Pradhan Mantri Jeevan Jyoti Bima Yojana or PMJJBY is a central government backed life insurance scheme. The insurance will be provided by Life Insurance corporation of India or LIC. A nominee can claim the Insurance in case of death due to any reason.
This scheme was launched by the then Late Finance Minister Arun Jaitley in the Budget session of February, 2015. It was later formally introduced by the Prime Minister Narendra Modi in Kolkata. By the time it was launched i.e May,2015, only 20% of the Indian population was insured. The Indian Government aimed to increase this number, therefore, a scheme like this was introduced. Let us learn more about PMJJBY scheme details.
| Pradhan Mantri Jeevan Jyoti Bima Yojana Key Highlights | |
| Pradhan Mantri Jeevan Jyoti Bima Yojana launch date | May 9, 2015 |
| Pradhan Mantri Jeevan Jyoti Bima Yojana official Wesbite | PMJJBY |
| Pradhan Mantri Jeevan Jyoti Bima Yojana is related to | To provide affordable life insurance coverage to people across the country. |
| Pradhan Mantri Jeevan Jyoti Bima Yojana under which ministry | Ministry of Finance |
| Pradhan Mantri Jeevan Jyoti Bima Yojana Premeimum Amount | Rs 436/Year |
| Pradhan Mantri Jeevan Jyoti Bima Yojana Age limit | 18-50 years |
| Pradhan Mantri Jeevan Jyoti Bima Yojana Renew duration | Yearly |
Who is eligible for the PMJJBY scheme?
- Any individual who is between 18 to 50 years of age can invest in this scheme.
- He/she must hold a Bank/Post office account. Individuals having accounts under PM Jan Dhan Yojana need not to open another account, this scheme will be linked to a PMJDY account.
- Who can pay a premium of 436 per annum (revised rate) which will be auto debited from the subscriber account. It is auto renewable.
- Who have proof of Identity i.e., KYC, Voter Card, NREGA Card etc.
What are the benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana?
- Affordable Life Insurance: PMJJBY provides a one-year renewable life insurance policy at a 436/Year premium, making it accessible to a large segment of the population.
- Financial Security: In the unfortunate event of the insured person’s death, the scheme provides a death benefit to the nominee, which can help provide financial security to the family and dependents.
- Easy Enrollment: The enrollment process for PMJJBY is straightforward and can be done through designated banks or insurance providers, ensuring a hassle-free application.
- Renewable Policy: The policy can be renewed annually, allowing continued coverage for those who wish to avail of the scheme in subsequent years.
- Age Eligibility: Individuals aged between 18 and 50 years can join the scheme, widening the scope for coverage among the economically weaker sections of society.
- Auto Debit Facility: The premium amount is automatically deducted from the policyholder’s bank account, making it convenient for them to maintain the policy.
- Wide Reach: PMJJBY is a government-backed scheme, and through the network of banks and insurance companies, it reaches a significant portion of the population, ensuring broader coverage.
What all documents are needed to apply and how to apply?
- Aadhaar Card: You must have a valid Aadhaar card issued by the Unique Identification Authority of India (UIDAI). The Aadhaar number is used for identification and verification purposes.
- Bank Account Details: You need to have an active bank account, preferably linked to your Aadhaar number, as the premium for PMJJBY will be directly debited from this account.
- Age Proof: You may be required to submit a document proving your age, such as a birth certificate, voter ID card, passport, or any other government-issued identification with the date of birth mentioned.
- Self-Declaration Form: Some banks or insurance providers may ask for a self-declaration form stating that you are eligible to apply for PMJJBY based on the age criteria.
Download PMJJBY Application Form PDF :
In order to apply for this scheme you have to download and take print of the “CONSENT-CUM-DECLARATION FORM” provided below: https://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
Carefully fill and sign the application form. Also, attach the self-attested copies of the required documents and submit the form to the authorized official of the Bank / Post Office.
Do not forget to collect the “ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF INSURANCE” that will be given to you by the official. This is the proof that you are the beneficiary of the scheme. You can also download the PMJJBY Certificate from the bank’s official website. Here’s how
Download PMJJBY Certificate : Step by Step Guide.
The following steps are the basic steps that you need to follow in order to d0wnload the certificate. Certain steps might differ depending upon the bank you are using.
In some banks like Bank of Baroda, having internet banking is a must, however, in other banks it is not necessary. Let’s understand through SBI. Here’s how you can Download the PMJJBY Certificate through SBI portal.
- Login to the SBI Life Website
- While logging in, they will ask you to select the product type. Select PMJJBY COI.
- Fill in all the required details such as Account number, Date of Birth, captcha and so on.
- Your Customer ID and Name will be displayed on the screen.
- You can now click on the certificate download and your PMJJBY Certificate will be downloaded.
SBI Life PMJJBY Policy Document
SBI Life PMJJBY Claim form prior to June 01,2016
SBI Life PMJJBY Claim form on or after June 01,2016
What is the Enrolment period and how much I have to pay?
This Yojana will cover you for a one-year period stretching from June 01 to May 31 of every year. Please note that you must enroll for May 31 every year. In case of any delay, you must pay as per the pro-rata premium provided below:
- For enrolment in June, July, and August – Full Annual Premium of Rs.436/- is payable.
- For enrolment in September, October, and November – pro rata premium of Rs. 342/- is payable.
- For enrolment in December, January, and February – pro rata premium of Rs. 228/- is payable.
- For enrolment in March, April, and May – pro rata premium of Rs. 114/- is payable.
Appropriation of Premium :
Trivia:
Earlier the PMJJBY premium per year for the scheme was rupees 330 per subscriber. It was revised in 2022. PMJJBY renewal happened almost 07 years post launch.
Points to be noted:
- Protection will not be available for deaths (other than those caused by accidents) that happen within the first 30 days of joining the plan (the “lien period”) for subscribers registering for the first time on or after June 01, 2021. Please note that no claim would be accepted in the event of a death (other than one caused by accident) within the lien period.
- In case you have exited from the scheme and want to rejoin the scheme, you may do so in future. However, you will be excluded from the insurance benefits during the lien period.
- Participating banks or the Post office are the master policy holders, however, the claim settlement process will be finalized by the LIC in consultation of the participating banks.
Under what circumstances can my assurance be terminated?
There are certain events that can cause the termination of the assurance on the life of the member. No benefit will become payable to him/her thereafter. The following events are provided below.
1. On attaining age 55 years.
2. In case your account got closed with the Bank/ Post office due to insufficiency of balance. It will keep the insurance in force.
3. In case the subscriber has more than one account for PMJJBY with LIC or another insurer. The sum insured will be restricted to Rs 2 Lakh. Also, the other accounts’ premiums will be fortified.
4. In case insurance cover is ceased due to insufficient balance on the due date or due to exit from the scheme.
FAQ’S
Is PMJJBY Compulsory ?
No. PMJJBY is not compulsory, however, it’s a great initiative by the government to provide affordable insurance premiums to the citizens of the country.
What is PMJJBY full form?
The PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. It was launched in February 2015 in the budget speech of the then finance minister Shri Arun Jaitely.
How to download the PMJJBY Certificate from SBI?
The complete step by step guide of downloading PMJJBY Certificate from SBI is provided below.
Login to the SBI Life Website
While logging in, they will ask you to select the product type. Select PMJJBY COI.
Fill in all the required details such as Account number, Date of Birth, captcha and so on.
Your Customer ID and Name will be displayed on the screen.
You can now click on the certificate download and your PMJJBY Certificate will be downloaded.
