Prime Minister Jeevan Jyoti Bima Yojana: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme that offers economical protection to a family by offering coverage in the event of the policyholder’s death. PMJJBY was launched in the year 2015 under the Department of the Ministry of Finance. This scheme helps poor families by giving financial support if the insured person dies.
The scheme is provided through banks and post offices and managed by life insurance companies. Individuals aged 18 – 50 with an account in a participating bank or post office can join the scheme.
Overview of Prime Minister Jeevan Jyoti Bima Yojana
| Name of the scheme | Prime Minister Jeevan Jyoti Bima Yojana |
| Organised by | Life Insurance Corporation |
| Name of department | Department of Financial Services Jan Suraksha |
| Date of commencement | 2015 |
| Scheme category | Life insurance scheme |
| Annual Premium | INR 330/- annually |
| Insurance coverage | INR 2 Lakhs |
| Official site | https://financialservices.gov.in/ |
Objective of Prime Minister Jeevan Jyoti Bima Yojana
Prime Minister Jeevan Jyoti Bima Yojana provides an affordable life insurance cover of INR 2 Lakhs for bank account holders between 18 and 50 years of age. It mainly supports low-income families by giving financial security through a payout if the insured person dies, no matter the cause. It is a one-year life insurance plan that can be renewed every year, helping promote financial inclusion and strengthen social security for people.
Benefits of Prime Minister Jeevan Jyoti Bima Yojana
- In case of the death of a beneficiary, the nominee will receive a lump sum amount of INR 2 Lakhs.
- PMJJBY charges a yearly premium of Rs. 330, which is quite budget-friendly for the majority of people.
- You can join PMJJBY through any bank or post office, and there is no need for a medical check-up.
- After enrolling under the PMJJBY Scheme, the annual premium will be automatically deducted from your bank account.
- Since this is a term insurance plan, it covers only life risk and does not offer any maturity benefits.
Eligibility criteria – Prime Minister Jeevan Jyoti Bima Yojana
- The minimum age required to apply for the PMJJBY scheme is 18 years, and the maximum age limit is 50 years.
- Applicants who are in this age group with a savings account can be a part of this scheme through participating banks.
- The applicants must not have any other insurance policy.
- Anyone joining after the enrolment dates must declare that they are in good health and do not have any listed critical illnesses.
- The applicants must have a sufficient account balance to pay the annual premium in their bank account.
Application process Prime Minister Jeevan Jyoti Bima Yojana
- Step I: Applicants must visit the nearest bank and collect the PMBBJY application form from the branch.
- Step II: You need to fill out the application form with correct information.
- Step III: Attach all the required documents along with the completely filled application form.
- Step IV: After completion of all the procedures, submit the form to the bank.