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.
The policy is renewable from year to year
Life Cover is fixed at Rs. 2,00,000
Policy Term is of 1 year
Reasonable premium amount
The simplified and swift enrollment process
Govt. of India Life Insurance Scheme
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.
|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
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
Written By : Naval Goel
Last Updated : October, 2021
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