PM Jeevan Jyoti Bima Yojana 2023: Eligibility Criteria, Application Form, Benefits, Premium Amount

Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year cover Term Life Insurance Scheme offered by Life Insurance Corporation (LIC). The Scheme offers life insurance cover for death due to any cause. Apart from LIC, other insurance companies are also allowed to offer this scheme with necessary approvals on similar terms in collaboration with participating banks.

All individual bank holders aged 18 to 50 years can take this scheme. If you are looking to take this PM Jeevan Jyoti Insurance Scheme then you should go through this post carefully. Here, we will explain all the necessary details related to Pradhan Mantri Jeevan Jyoti Bima Yojana.

PMJJBY Overview

Name of the scheme Pradhan Mantri Jeevan Jyoti Bima Yojana
Common Abbreviation PMJJBY
Who can take the scheme? Bank account holder in the age of 18 to 50 years
Benefit Life Insurance Coverage of Rs. 2 lakhs
Premium Rs. 330/- annually
Maturity Benefit Not Applicable
Enrollment Period 1 year (1st June to 31st May)

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility Criteria

The eligibility criteria to take Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows.

  • All individual (single or joint) bank account holders in the age 18 (completed) to 50 years in participating banks are eligible to join.
  • In the case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.
  • To take the policy, you will have to give bank the consent 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.
  • NRIs are also eligible if they have a bank account with a bank branch located in India is eligible for purchase of PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme. However, in case a claim arises, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency

How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana?

  • You can apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) through your bank.
  • You may visit the official website of your bank and fill out the application form after signing in through NET banking.
  • Alternatively, you may download the offline application form through the official website i.e. https://www.jansuraksha.gov.in/Forms-PMJJBY.aspx.
  • In the application form, you need to provide the following information.
    • Name of the account holder
    • Father’s Name/ Husband’s Name
    • Bank/ Post Office Account Number
    • IFSC Code of Bank Branch
    • PAN Number
    • Aadhar Number
    • Date of the birth
    • Name and Address of the Nominee
    • Mobile number of the Nominee
  • You may submit the duly filled application form to your bank or post office in which you have an account.

What is the premium under Pradhan Mantri Jeevan Jyoti Bima Yojana?

  • The yearly premium of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is Rs. 330/-.
  • The initial premium depends upon the month in which you will take the policy. The details are as explained below.
    • June, July & August –Annual premium of Rs. 330/- is payable
    • September, October & November –3 quarters of premium @ Rs. 86.00 i.e. Rs. 258/- is payable
    • December, January & February – 2 quarters of premium @ Rs. 86.00 i.e. Rs. 172/-is payable
    • March, April & May – 1 Quarterly premium @ Rs. 86.00 is payable.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Scheme

The benefits of Pradhan Mantri Jeevan Jyoti Bima Scheme are as follows.

  • Death Benefit – Rs. 2 Lakh will be given to the Nominee in case of death of the insured due to any reason.
  • Maturity Benefit – No maturity benefit or surrender benefit is available with this policy

The insurance amount will be reimbursed only if the Scheme Member dies during Insurable Membership, subject to policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid.

Other Terms and Conditions of Pradhan Mantri Jeevan Jyoti Bima Yojana

  • No benefit is payable to the member on attaining the age of 55 years.
  • The benefits will not be provided in case of closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • The bank/ company will not provide benefits in case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • Participating banks will deduct the premium amount in the same month when the auto-debit option is given, preferably in the month of May every year.

Frequently Asked Questions

Why should I take Pradhan Mantri Jeevan Jyoti Bima Yojana?

This scheme provides you with a life insurance cover for one year. It is a good scheme that you can renew every year offering life insurance cover for death due to any reason.

How will I have to pay the premium?

Premium payment under this scheme is absolutely hassle-free. It will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment.

When will be the insurance will be terminated?

The assurance of the life of the member will be terminated in the following case.
Deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment
Closure of account with the Bank or insufficiency of balance to keep the insurance in force
If a member is covered through more than one account and premium is received by LIC / insurance company

If I leave the scheme can I rejoin the same later on?

Yes, you can rejoin the scheme at any time in the future by paying the annual premium and submitting a self-declaration of good health.

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