Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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Life Insurance Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

PMJJBY or Pradhan Mantri Jeevan Jothi Bhima Yojana is a life insurance scheme with a life cover of ₹2 lakh at a premium of ₹436 per annum per member and is renewable every year.

Overview

PMJJBY or Pradhan Mantri Jeevan Jothi Bhima Yojana is a life insurance scheme with a life cover of ₹2 lakh at a premium of ₹436 per annum per member and is renewable every year.

Policy Period: Period of insurance is annual (1st June to 31st May of every year), Coverage will be auto renewed during end of May every year.

Premium: The premium is ₹436 per annum which will be auto-debited in one instalment from the subscriber's bank account as per the option given by him/her on or before 31st May of each annual coverage period under this scheme.

Eligibility

The scheme is eligible for the resident customers with a Bank account

Entry Age in the scheme - 18 to 50 years of age

The insured person can renew the policy up to the age of 55 years and the premium will be debited till the customer attains 55 years of age.

Risk Coverage

Risk coverage under this scheme is for ₹2 lakh in case of death of the insured, due to any reason.
(* Risk cover will start from 30 days after fresh enrolment)
(**Claims forms to be submitted to concerned bank branch within 30 days from the date of death.)

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