Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit. The risk cover on the lives of the enrolled persons has commenced from 1st June 2015.

In case of any queries, please write to : pmoschemes@kvb.bank.in

Features & benefits

All individual account holders of participating banks/ Post office in the age group of 18 to 50 years are entitled to join. In case of multiple bank accounts held by an individual in one or different banks, the person is eligible to join the scheme through one bank account only. Aadhaar is the primary KYC for the bank account.
It is offered / administered through LIC and other Indian private life insurance companies.
Participating bank is the master policyholder.
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.
In case of a claim, the nominees / heirs of the insured person have to contact respective bank branch where the insured person was having a bank account. A death certificate and simple claim form are required to submit and the claim amount will be transferred to nominees account.
The cover shall be for one-year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated individual bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as described below;
1. For enrolment in June, July and August – Full Annual Premium of Rs.436/- is payable.
2. For enrolment in September, October, and November – pro rata premium of Rs. 342/- is payable.
3. For enrolment in December, January and February – pro rata premium of Rs. 228/- is payable.
4. For enrolment in March, April and May – pro rata premium of Rs. 114/- is payable.

Lien period of 30 days shall be applicable from the date of enrolment.

Eligibility

This policy is available for the people between the age of 18-50 years. The policy ceases at 55 years of age of the policyholder.
The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable thereunder,
- On attaining age 55 years (age near birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- A person can join PMJJBY with one Insurance company with one bank account only.
For subscribers enrolling for the first time on or after 1st June 2021, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during the lien period, no claim would be admissible.
Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and rejoin on any date on or after 01st June 2021.
In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing subject to the 30 days lien period described above.