Pradhanmatri Jeevan Jyoti Bima Yojna (PMJJBY)

The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason.

  • All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join.
  • Subscriber will get insurance cover of Rs. 200000/- on receipt of premium by Insurance Company.
  • A 45 Days lien clause may be imposed in PMJJBY scheme whereby the claim cases during the first 45 days from the date of enrollment will not be paid. However deaths due to accident would be exempted from the lien clause.
  • The premium of Rs 330/- will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme subject to availability of the fund in the Bank’s account.
  • Following premium will be debited from the account depending upon the month of joining the scheme.

Bifurcation of

premium collected from Customers

Enrolment

during month of June, July & August

Enrolment

during Sept, Oct & Nov

Enrolment

During Dec, Jan & Feb

Enrolment

During March, April & May

 

Total premium

collected

 

Rs.330/-

 

Rs.258/-

 

Rs.172/-

 

Rs.86/-

 

  • On death due to any reason of the subscriber, registered nominee will be eligible to get Rs 200000/- in his/her saving account.