Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme offering coverage for death due to any reason. It provides a one-year term life cover, renewable annually, and is administered through participating banks, post offices, and life insurance companies.
Benefits
- Life Cover: Provides a sum assured of ₹2 lakh to the nominee in the event of the subscriber’s death due to any cause.
- Premium: An annual premium of ₹436 per subscriber, auto-debited from the subscriber’s bank or post office account.
Eligibility Criteria
- Age: Individuals aged between 18 and 50 years.
- Bank/Post Office Account: Must hold an individual bank or post office account.
- Consent: Must provide consent for auto-debit of the premium from their account.
Application Process
Eligible individuals can enroll in PMJJBY through both offline and online methods.
Offline Enrollment
- Obtain the Consent-cum-Declaration Form: Download the form from the official website or collect it from your participating bank or post office.
- Complete the Form: Fill in the required details and sign the form.
- Submit the Form: Submit the duly filled form to your bank or post office branch.
- Auto-Debit Activation: Upon submission, the annual premium will be auto-debited from your account.
Online Enrollment
- Log in to Net Banking: Access your bank’s net banking portal
- Navigate to Insurance Section: Find the section for insurance or social security schemes.
- Select PMJJBY: Choose the option to enroll in PMJJBY.
- Provide Consent: Agree to the terms and authorize auto-debit for the premium.
- Confirmation: After completion, you will receive a confirmation message regarding your enrollment.
Claim Process
In the unfortunate event of the subscriber’s death, the nominee can file a claim by following these steps:
- Collect Claim Form: Obtain the PMJJBY claim form from the bank or post office where the subscriber held the account, or download it from the official website.
- Complete the Claim Form: Fill in the necessary details accurately.
- Attach Required Documents: Include the death certificate of the insured member and a discharge receipt.
- Submit to Bank/Post Office: Submit the completed claim form and documents to the respective bank or post office branch.
- Processing of Claim: The bank/post office will verify the details and forward the claim to the insurance company. Upon approval, the claim amount will be credited to the nominee’s account.
Frequently Asked Questions (FAQs)
Q: How is the premium for PMJJBY paid?
A: The premium of ₹436 per annum is auto-debited from the subscriber’s bank or post office account.
Q: What is the validity period of the insurance cover under PMJJBY?
A: The cover is for one year, from June 1 to May 31, renewable annually.
Q: Can individuals who exit the scheme rejoin later?
A: Yes, individuals can rejoin in subsequent years by paying the annual premium. However, insurance benefit shall not be available for death (due to any cause other than accident) occurring during the first 30 days from the date of re-enrollment into the scheme.
Q: Are NRIs eligible for coverage under PMJJBY?
A: Yes, Non-Resident Indians (NRIs) holding a bank account in India are eligible, but the claim benefit will be paid to the nominee in Indian currency.
Q: Does PMJJBY cover death resulting from natural calamities or suicide?
A: Yes, the scheme covers death due to any reason, including natural calamities and suicide.
Q: How can one access the claim form for PMJJBY?
A: The claim form can be obtained from the participating bank or post office or downloaded from the official website.