Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a renewable life insurance cover of Rs 2 lakh with very small premium. It is a non-linked, non-participating and one year renewable group term insurance plan.

Eligibility

Any Indian resident within the age group of 18 years (completed) to 50 years (completed) is eligible to avail the scheme, provided he or she has a saving bank account with which the scheme would be attached and has given the consent to join the scheme by enabling auto-debit.

Premium

Rs 330/- per annum for each member which will be deducted from the insured memberís saving bank account through an Ďauto debití. Insured member will have a life cover for one year period starting from June 1 to May 31 every year for which option to join and pay by auto-debit from the designated savings bank account is required to be given by May 31. The insurance cover will start from the date of debit of premium from the insured memberís account.

The appropriation of Rs 330/- charged by insured member is as follows:

  • Annual insurance premium by LIC per member - Rs 289/-
  • Reimbursement of expenses to Agents/Corporate/Micro/BC - Rs 30/-
  • Administrative Reimbursement Expenses to the banks participating in the scheme - Rs 11/-

Benefits

Nominee will receive a sum Assured of Rs. 2 Lakh on death of the insured member for any reason. This covers both the natural as well as accidental deaths. A maximum sum of Rs 2 lakh rupees will be given as the coverage for insurance claims.

Tax rebate under section 80C of Income Tax Act

There is no tax rebate under section 80C of Income Tax Act that one can avail of the premium of Rs330/- paid in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Termination

The cover of the member will terminate under any of the following events automatically:

  • On policyholder's attaining age 55 years.
  • Closure of account with the bank.
  • If the premium has not been paid due to insufficient balance in the saving account.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

Upcoming Bank Holidays

2017 February 24 is a bank holiday in Chandigarh due to Mahashivratri.
2017 February 27 is a bank holiday in Sikkim due to Losar.
2017 March 03 is a bank holiday in Mizoram due to Chapchar Kut.
2017 March 12 is a bank holiday in Jammu And Kashmir due to Holi (Jammu Province Only).

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