Last Updated on January 7, 2023 by IGNOU Forum
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme in India that was launched by the Indian government in 2015. It is a voluntary, term insurance plan that provides coverage for the policyholder in the event of their untimely death. The scheme is available to all savings bank account holders in the age group of 18 to 50 years, who give their consent to join the scheme and pay the premium.
The premium for the scheme is automatically debited from the account of the policyholder. The coverage under the scheme is INR 2 lakh (about $2,700). If the policyholder dies during the term of the policy, the insurer pays the sum insured to the nominee. PMJJBY is administered by the Life Insurance Corporation of India (LIC) and the premiums for the scheme are collected through banks.
Highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana
Here are some highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
- It is a voluntary, term insurance plan that provides coverage of INR 2 lakh (about $2,700) in the event of the policyholder’s untimely death.
- The scheme is available to all savings bank account holders in the age group of 18 to 50 years, who give their consent to join the scheme and pay the premium.
- The premium for the scheme is automatically debited from the policyholder’s account.
- The scheme is administered by the Life Insurance Corporation of India (LIC) and the premiums are collected through banks.
- The scheme aims to provide financial protection to policyholders and their families in the event of the policyholder’s untimely death.
- The scheme has a low premium and is intended to make life insurance accessible to a larger number of people in India.
- The scheme is renewable every year and the policyholder has the option to exit the scheme at any time.
Who Can Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to all savings bank account holders in India in the age group of 18 to 50 years, who give their consent to join the scheme and pay the premium. The policyholder must also have a valid bank account, which will be linked to the insurance policy.
To apply for the PMJJBY, the policyholder must visit a bank branch and fill out the application form. The policyholder must also provide proof of identity and age, such as a passport, voter ID card, or PAN card. The policyholder must also provide proof of address, such as a utility bill or bank statement.
After the application is submitted, the bank will verify the details and, if the policyholder is eligible, will enroll them in the PMJJBY. The premium for the policy will be automatically debited from the policyholder’s bank account every year on the due date.
It is important to note that the PMJJBY is a voluntary insurance scheme and the policyholder has the option to opt out of the scheme at any time.
How to Apply for PM Jeevan Jyoti Bima Yojana
To apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), you need to follow these steps:
- Visit a bank branch: You will need to visit a bank branch to apply for the PMJJBY. You can visit any bank branch that offers the scheme.
- Fill out the application form: You will need to fill out an application form to apply for the PMJJBY. You can get the form from the bank branch or download it from the official website of the Life Insurance Corporation of India (LIC).
- Submit proof of identity and age: You will need to submit proof of your identity and age, such as a passport, voter ID card, or PAN card, along with the application form.
- Submit proof of address: You will also need to submit proof of your address, such as a utility bill or bank statement, along with the application form.
- Submit the completed application form: After you have filled out the application form and collected all the necessary documents, you can submit the form to the bank.
- Wait for the application to be processed: The bank will verify the details you have provided in the application form and, if you are eligible, will enroll you in the PMJJBY. The premium for the policy will be automatically debited from your bank account every year on the due date.
It is important to note that the PMJJBY is a voluntary insurance scheme and you have the option to opt out of the scheme at any time. If you wish to opt out of the scheme, you can do so by contacting the bank or the LIC.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme in India that provides several benefits to policyholders. Here are some of the benefits of the PMJJBY:
Financial protection: The main benefit of the PMJJBY is financial protection. If the policyholder dies during the term of the policy, the insurer pays the sum insured to the nominee. This can provide financial security to the policyholder’s family in the event of the policyholder’s untimely death.
Low premium: The premium for the PMJJBY is low and is intended to make life insurance accessible to a larger number of people in India. The premium is automatically debited from the policyholder’s bank account every year on the due date.
Renewability: The PMJJBY is renewable every year and the policyholder has the option to continue the coverage if they wish to do so.
Easy enrollment: The PMJJBY is available to all savings bank account holders in the age group of 18 to 50 years, who give their consent to join the scheme and pay the premium. The enrollment process is simple and can be done at a bank branch.
Voluntary scheme: The PMJJBY is a voluntary insurance scheme and the policyholder has the option to opt out of the scheme at any time.
Wide coverage: The PMJJBY is available at all banks that offer the scheme, making it widely accessible to people across India.
Overall, the PMJJBY is a useful insurance scheme that provides financial protection to policyholders and their families in the event of the policyholder’s untimely death.
Pradhan Mantri Jeevan Jyoti Bima Yojana- FAQ
Here are some frequently asked questions about the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):
What is the PMJJBY?
The PMJJBY is a life insurance scheme in India that was launched by the Indian government in 2015. It is a voluntary, term insurance plan that provides coverage for the policyholder in the event of their untimely death.
Who is eligible for the PMJJBY?
The PMJJBY is available to all savings bank account holders in India in the age group of 18 to 50 years, who give their consent to join the scheme and pay the premium.
How much coverage does the PMJJBY provide?
The PMJJBY provides coverage of INR 2 lakh (about $2,700) in the event of the policyholder’s untimely death.
How do I apply for the PMJJBY?
To apply for the PMJJBY, you need to visit a bank branch and fill out an application form. You will also need to submit proof of identity and age, as well as proof of address. After the application is submitted, the bank will verify the details and, if you are eligible, will enroll you in the PMJJBY.
Is the PMJJBY renewable?
Yes, the PMJJBY is renewable every year and the policyholder has the option to continue the coverage if they wish to do so.
Can I opt out of the PMJJBY?
Yes, the PMJJBY is a voluntary insurance scheme and the policyholder has the option to opt out of the scheme at any time.
Who administers the PMJJBY?
The PMJJBY is administered by the Life Insurance Corporation of India (LIC) and the premiums are collected through banks.
Is the premium for the PMJJBY affordable?
Yes, the premium for the PMJJBY is low and is intended to make life insurance accessible to a larger number of people in India. The premium is automatically debited from the policyholder’s bank account every year on the due date.
