Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies.
Pradhan Mantri Jeevan Jyoti Bima Yojana - Introduction
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies. All individuals who are account holders of participating banks/ post office in the age group of 18 to 50 years are entitled to join.
Pradhan Mantri Jeevan Jyoti Bima Yojana
Benefits
- PMJJBY offers one-year term life cover of ₹ 2.00 Lakh to all the subscribers in the age group of 18-50 years. It covers death due to any reason.
- Premium payable is ₹ 436/- per annum per subscriber, to be auto debited from the subscriber’s bank/post office account.
Eligibility
- The age of the applicant must be between 18 to 50 years.
- The applicant must hold an individual bank / post office account.
Exclusions
Application Process
One can also avail cover under PMJJBY online using their bank's Net banking facility.
Definitions
No claim shall be payable in case of death occurring within 30 days from the date of joining/rejoining the policy, except in case of death due to accident.