PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA(PMJJBY)

The scheme will be a one year cover,renewable from year to year, Insurance Scheme offering life insurance cover fordeath due to any reason. The scheme would be offered / administered throughLIC. 

Scope of coverage: All individual bank account holders in the age 18 to50 years in participating banks will be entitled to join.In case of multiple saving bank accounts held by an individual in one ordifferent banks, the person would be eligible to join the scheme through onesavings bank account only. Aadhar would be the primary KYC for the bankaccount. 

Enrolment Period and Modality: The cover shall be for the one year period stretchingfrom 1st June to 31st May for which option to join / pay byauto-debit from the designated savings bank account on the prescribed formswill be required to be given by 31st May of every year, with the exception asabove for the initial year. Delayed enrollment with payment of full annualpremium for prospective cover may be possible with submission of aself-certificate of good health. 

Individuals who exit the scheme at anypoint may re-join the scheme in future years by submitting a declaration ofgood health in the prescribed proforma. 

In future years, new entrants into theeligible category or currently eligible individuals who did not join earlier ordiscontinued their subscription shall be able to join while the scheme iscontinuing, subject to submission of self-certificate of good health. 

Benefits: Rs.2lakhs is payable on member’s death due to any reason. 

Premium: WEF01/06/2022 Premium on fresh PMJJBY will be charged on pro-rata basisas under:- 

For all fresh PMJJBY done during the monthsof:- 

– June to August: – Rs. 436.00 

– Sep to Nov: – Rs. 342.00 

– Dec to Feb: – Rs. 228.00 

– Mar To May: – Rs. 114.00 

Renewal charges will be Rs. 436/- as on orbefore 31st May every Year. Eligibility norms will be as before.