Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Introduction

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme was introduced by Government of India in the Year 2015. Government’s PMJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) Scheme provides life Insurance Cover to your family in case of any unfortunate death of scheme holder due to any reason. This PMJBY scheme provides life insurance cover for only one year which can also be renewable from year to year with low premium.

The Annual Premium payable by Scheme holder is Rs.330 only which is valid for one year. Under this PMJBY Govt’s scheme Rs. 2,00,000 is payable to scheme holder’s family in case of death due to any reason. PMJBY life insurance cover scheme will start from 01 June 2015 to 31 May 2016.

Government Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme Eligibility Conditions

Entry Age	Minimum – 18 years Maximum – 50 years
Scheme Period	One year (Renewable from year to year).
Date of Implementation	1st June 2015
Premium	Rs. 330 per annum plus service tax as applicable.
Premium Payment Mode	Directly Auto-debited by the bank from the scheme holder’s account in one instalment.
Risk Coverage	2 Lakhs in case of death for any reason.
Primary KYC	Aadhar number.
Tax benefits	Premium paid towards this scheme is eligible for tax deduction under section 80C.

Government PMJBY Scheme Key Features

Main Key Features of Government PMJBY Scheme are as follows

One year Renewable group life insurance cover.
One time Annual premium is payable i.e., Rs.330 per subscriber.
On death of Scheme holder due to any reason Rs.2 lakhs is payable.
Premium will be deducted annually from scheme holder’s savings bank account through ‘auto debit’ facility in one installment on or before 31st May every year.
Under this PMJBY scheme, Bank will be the master policyholder. Individual members will be provided with certificate of Insurance (COI).
Terms of Risk Coverage: Account holder has to opt for this PMJBY scheme every year. He can also prefer to give a long term option of continuing, in which case his account will be auto-debited every year by the bank.

PM Jeevan Jyoti Bima Yojana Scheme Enrollment period

All account holders who are interested towards this scheme are required to enroll and give their auto-debit consent by 31 May 2015.
Late Enrollment for prospective cover will be possible up to 31 August 2015. Government had extended the enrollment for another 3 months, i.e. upto 31 Nov 2015.
Candidates who are joining subsequently after 31 August 2015, will be able to do so with payment of full Annual premium for prospective cover and with submission of self-certificate of good health in the prescribed proforma.

Termination of Assurance

Scheme holder attains age of 55 years.
Closure of Bank account or low balance for debiting premium.
In case of multiple coverage under this PMJBY scheme then the insurance cover will be restricted to Rs.2 lakhs and all other life insurance covers are terminated and the premium shall be forfeited.