Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme available to all bank and post office savings account holders in the age group of 18 to 50 years. It offers a renewable one-year life insurance cover of ₹2 lakh at a very nominal premium of ₹436 per annum.
Coverage Details
- Life Insurance Cover: ₹2 lakh in case of death of the insured (from any cause)
- Premium: ₹436 per annum (auto-debited from savings account)
- Cover Period: 1st June to 31st May, renewable annually
Eligibility
- Age: 18 to 50 years (entry age)
- Must have a savings account with a bank or post office
- Aadhaar-linked account for auto-debit
- Multiple accounts cannot be enrolled under the same PAN/Aadhaar
How to Enroll
Visit your nearest post office with your savings account passbook and Aadhaar card. Fill out the PMJJBY enrollment form and submit it to the postmaster. The annual premium of ₹436 will be auto-debited from your account on or before 31st May each year.
Claim Process
In the unfortunate event of the death of the insured person, the nominee must submit the claim form along with the death certificate, policy details, and KYC documents to the post office. The insurance company settles the claim of ₹2 lakh to the nominee within 30 days of receipt of complete documentation.
Important Points
- The scheme is administered by LIC of India
- Cover is renewable every year
- Auto-debit of premium from the savings account
- Cover ceases if the account becomes inactive or premium cannot be collected