Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a social security life insurance scheme introduced by the Government of India during FY 2015-16.
- Scheme provides life insurance cover of Rs. 2,00,000/- to the insured.
- Individuals between age group of 18 years to less than 50 years having savings bank account can join the scheme. The savings bank account must be linked with Aadhaar.
- The premium for the scheme is fixed by government and is same across all distribution points. Annual premium of Rs. 330/- to be paid by the insured for continued cover. This premium mandatorily needs to be auto debited from the linked savings bank account.
- Life insurance cover is provided between 1st June to 31st May of each year.
- All major banks and post offices offer this scheme to their customers. Banks have their tie-up with various participating insurance companies for offering this to customers.
- On successful premium payment, customers are provided SMS which contains their policy number. No separate policy/bond is issued/sent to the customer for this scheme.
- Any early claim within 45 days of joining the scheme or re-joining will be rejected.
- In case of death of insured, nominee need to initiate the claim preferably within 30 days from the date of death. Nominee need to fill claim form with bank account number of insured, nominee KYC, Aadhaar copy of insured and death certificate.
While the scheme is aimed for lower income group, there is no restriction for others and anyone meeting the eligibility criteria can join the scheme.