Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY)

2 years ago sarkariadmin 0

On 9th May 2015, three schemes were launched by Narendra Modi Goverment Pradhan Mantri Jivan Jyoti Bima Yojana is one of them. Other two are Pradhan Mantri Surakhsha Yojana and Atal Pension Yojana for the people employed and working in unorganized sector. PMJJBY is an insurance scheme that will provide benefit of Rs 2 lakh which will be payable to the family member in case of his death due to any reasons like accident, disease etc and that will be renewable every with just a premium of Rs 330. Any Indian resident with in the age of 18 to 50 years are avail to apply for this scheme, she/he should have savings account with which the scheme would be attached.

NOTES: As per the scheme, it is the complete responsibility of participating bank to collect annual premium in one installment from the account holder from or before the due date.

Highlights of the Pradhan Mantri Jivan Jyoti Bima Yojana (PMJJBY):

  • Eligibility: Applicants should have savings account and 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by May 31, 2015, extendable up to May 31, 2016.
  • Premium: Rs. 330 (per annum).
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ savings bank account. This is the only mode available currently.
  • Risk Coverage: Sum Assured of Rs 2 Lakh on death of the Insured member for any reason is payable to the Nominee.


Apply for PMJJBY- click here