Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

This Pradhan Mantri Jeevan Jyoti Bima Yojana- PMJJBY launched in 2015 and available for the people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account of the subscriber.

The PMJJBY Policy scheme is a one-year life insurance scheme renewable from year to year offering coverage for death. The scheme is administered through both public and private sector insurance companies in tie-up with scheduled commercial banks, cooperative bank and regional rural banks.
The government has focused heavily on the insurance with the target to include the poor and the underprivileged section of the society.

PMJJBY full form

This PMJJBY scheme has provision the life cover of Rs. 2 lakhs for the one year period from 1st June to 31st May and this will be auto renewable.

Risk coverage under this Pradhan Mantri Bima Yojana scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium of PMJJBY Scheme is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account annually on or before 31st May under the scheme. The PMJJBY scheme is being offered by Life Insurance Corporation and all other life insurers’ organization that are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

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Pradhan Mantri Jeevan Jyoti Bima Yojana PDF

Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme are:

• Eligibility: PMJJBY age Limit: Savings Bank (SB) Account holders who have given the consent to join the scheme / enable auto-debit and between 18 years (completed) and 50 years (age nearer birthday), will be enrolled into the scheme.
• Policy period: This PMJJBY Scheme cover shall be for one year and start from June 1 to May 31 of next year. For the Savings Account holder, the cover shall commence from the date of Account holder’s request and end on May 31 of next year.
• Payment Mode: The premium of this PMJJBY Scheme will be directly auto-debited by the bank from the Account holder’s Savings Account held with the Bank. And for renewal of the policy, the same will be auto debited between May 25 and May 31, unless the customer has given their cancellation request to the bank for closer of the policy.
• Premium: As per the earlier guidelines by Ministry of Finance Government of India, the annual premium for Pradhanmantri Jeevan Jyoti Bima Yojana scheme for a period of 1 year starting from June 1 to May 31 was constant at Rs 330 irrespective of the request date of the customer into the scheme.
• Risk Coverage: On death of the Insured member for any reason sum assured of Rs 2 lakh is payable to the Nominee.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

• Protect your family’s financial security in an eventuality
• Security – to cover an eventuality
• Cover of Rs.2 lakh at a reasonable cost
• Simplicity – easy enrollment and swift processing with no medical examination
• Affordability – through nominal premiums across all ages

Termination of assurance of the insurer:

• Closure of Bank account or insufficiency of balance for debiting premium.
• Policy holder attains age of 55 years
• The cover will be restricted to Rs 2 lakh
• Other insurance covers are terminated and premium shall be forfeited in case of multiple coverage under the scheme,

PMJJBY Terms and conditions:

• The risk cover will commence only after completion of 45 days from the scheme enrolment date by the customer for all enrolments from June 1, 2016. Death due to accident will be exempted from the 45 days cooling period.
• Only one PMJJBY policy will be issued whether the customer is having multiple Savings Accounts with the bank. At any stage if multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid for such additional policy requests.
• Customer will have to pay premium as per the scheme requirement and as per revised premium structure.
  • For the month of June, July and August – Annual Premium of Rs 330 is payable
  • For September, October and November – Premium of Rs 258 is payable
  • For December, January and February – Premium of Rs172 is payable
  • For March, April and May – Premium of Rs 86 is payable.
• Mobile number updating in Savings Bank Account is mandatory for issuing of policy. The bank shall provide no separate intimation for the same.
• Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
• The customer response shall be considered as their consent received through their registered mobile number for auto-debit from their Savings Bank Account.
• Renewal Premium of Rs 330 including GST between May 25 and May 31 of every year will be auto debited from the Savings Account. Customers who desire to cancel the auto renewal need to submit such request before of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms.

Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana launched in 2015 and this social security scheme is to be administered through both public and private sector insurance companies in tie-up with regional rural banks, cooperative banks and scheduled commercial banks. The main emphasis of the government under this scheme is to ensure that people with permanent total as well as impartial disability could avail the benefits of insurance coverage under this Pradhan Mantri Bima Yojana.

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY) are:

• This scheme provides Accidental Death Insurance.
• Premium: Rs. 12 per annum.
• Eligibility:  Savings Bank (SB) Account holders who give their consent to join / enable auto-debit, as per the modality and age between 18 years (completed) and 70 years (age nearer birthday), will be enrolled into the scheme.
• Policy period: The policy cover shall be for one year starting from June 1 to May 31 of next year.
• Saving Account holder joining on or after June 1, the insurance cover shall commence from the date of premium debit and end on May 31 of next year.
• Payment Mode: As discussed earlier in this article the premium will be directly auto-debited by the Bank from the subscriber’s savings account. This is the only mode available. For renewal of the policy every year, the premium will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
• Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

Terms and conditions of Pradhan Mantri Suraksha Bima Yojana:

• The cover shall commence from the date of premium debit.
• If mobile number is not updated in savings account, the policy shall not be issued. The Bank shall provide no separate intimation for the same.
• Only one PMSBY policy will be issued whether a customer is having multiple saving. In case multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid.
• Customer will have to pay full annual premium even if he/she joins the Scheme after the commencement of the Group Policy.
• The membership in the Scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
• The customer response considered as their consent for auto-debit from their savings bank account received through their registered mobile number.
• The personal details, as required in this scheme, regarding admission into the Pradhan Mantri Suraksha Bima Yojana Scheme, will be provided by subscriber and his account for authorisation of the auto deduction of the premium amount.
• The membership to the Scheme shall be treated as cancelled if any information provided by the customer found to be untrue and from all premium paid in respect thereof shall stand forfeited from the date of joining the scheme.
• Every year between May 25 and May 31, renewal Premium of Rs. 12 (including GST) will be auto debited from the Savings Account.
• Customers, who wish to cancel the auto renewal, need to submit such request to their respective bank before April 30 of the year.
• As per the scheme norms, renewal premium will be debited until the eligible age of the insured.
• If subscribers want to enroll in Joint account holder(s) PMSBY scheme, they can enroll for the PMSBY scheme by submitting a separate request for enrolment to their respective bank only.

Pradhan Mantri Surksha Bima Yojana Review:

*The total amount that can be claimed under the policy is INR 2 lakh only

PMSBY Table

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