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Introduced in 2015, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year pure risk Term Insurance cover offered by LIC and other players in the Life Insurance space, in association with participating banks. The plan can be purchased from the bank accounts of policyholders at nominal premium rates.
1
The policy is renewable from year to year
2
Life Cover is fixed at Rs. 2,00,000
3
Policy Term is of 1 year
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Reasonable premium amount
5
The simplified and swift enrollment process
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Govt. of India Life Insurance Scheme
Death Benefit
In the unfortunate demise of the Life Assured during the policy period of 1 year, the Sum Assured is paid to the nominee appointed by the policyholder. The death benefit under the Pradhan Mantri Jeevan Jyoti Bima Yojana is subject to a cap of Rs. 2 Lakhs.
Surrender / Maturity Benefit
The plan does not come with any surrender or maturity benefit. You can renew your policy at the end of the policy period for continued cover.
Tax Benefits
Income Tax benefits/exemptions are applicable as per the current Income Tax Laws in the country. Please note that the terms are subject to change with time and you are advised to consult with your tax advisor for updates.
| Age at Entry | Minimum: 18 years, Maximum: 50 years | ||
| Maximum age at Maturity | 55 years | ||
| Policy Term | 1 year (renewable annually) | ||
| Enrollment Period | 1st June - 31st May | ||
| Premium Payment Option | Single-Premium (auto-debited from the registered savings bank account) | ||
| Premium Amount | Month of Enrollment | Period of Coverage | Premium Amount* |
| June - August | 4 quarters | Rs. 330 | |
| September - November | 3 quarters | Rs. 258 | |
| December - February | 2 quarters | Rs. 172 | |
| March-May | 1 quarter | Rs. 86 | |
| Sum Assured | Rs. 2,00,000 | ||
* The premium amount is inclusive of administrative charges payable to the participating bank
** Please note that the eligibility criteria might vary for different Insurance Companies
Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.
The life cover shall be terminated on any of the following events and no benefit is liable to be paid under such circumstances.
An individual can join the scheme through the bank in which (s)he holds the savings account. Those who wish to enrol can do so by paying the full annual premium amount anytime during the year. Those who have exited the scheme can also join back by paying the annual premium.
On policyholder’s demise, the claim will be settled by the respective Pension and Group Scheme (P&GS) Office / Unit of LIC. The process for claim settlement is as follows:
I. By Bank
I. By Designated P&GS Unit
See More Term Insurance Articles
See More Term Insurance Articles
1. How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana at ICICI Bank?
Internet Banking: Login to your Internet Banking account at ICICI Bank and Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana
Phone Banking (through IVR): Call ICICI Bank Customer Care and select IVR option 5 for PM Insurance Scheme and after that select option 1 to enrol for PMJJBY*
Branch Banking: Customers can enrol for PMJJBY by visiting the nearest ICICI Bank Branch
2. What is the procedure to activate PMJJBY at HDFC Bank?
3. How will the premium be paid?
The premium will be deducted from the account holder’s bank account through the ‘auto debit’ facility in one instalment, as per the consent to be given on enrolment. Members may also give a one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of the experience of the scheme.
4. Can all holders of a joint bank account join the scheme through the said account?
In the case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs. 330 per person per annum.
5. Does the PMJJBY cover death resulting from natural calamities such as earthquakes, floods and other convulsions of nature? What about coverage from suicide/murder?
All these events are covered as PMJJBY covers death due to any reason.
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