Life insurance can provide financial support to a family during difficult times, but the cost of conventional insurance policies can discourage many people from taking coverage. To make life insurance more affordable, the Central Government launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in 2015.
Under the scheme, eligible subscribers can get life insurance coverage of ₹2 lakh by paying an annual premium of ₹436. The scheme is aimed particularly at making basic life insurance accessible to families that may not be able to afford costly insurance policies.
What Is PM Jeevan Jyoti Bima Yojana?
The government introduced PMJJBY on May 9, 2015, with the objective of expanding affordable life insurance coverage across the country. The scheme provides life insurance protection of ₹2 lakh against death for an annual premium of ₹436.
The insurance benefit is paid to the registered nominee if the policyholder dies. The coverage applies in cases of both natural and accidental death.
The scheme operates on an annual cycle from June 1 to May 31. The period of coverage can vary depending on when a person joins the scheme. For example, someone enrolling in September receives coverage for the applicable period up to May 31, while an enrolment in October provides coverage through the following June, according to the stated scheme terms.
Eligibility and Key Features
People between 18 and 50 years of age can join PMJJBY, subject to the scheme’s conditions. The applicant must have a bank account linked with Aadhaar and provide consent for automatic deduction of the premium.
A person can have only one PMJJBY policy.
The scheme provides ₹2 lakh of life cover for an annual premium of ₹436. Its objective is to make life insurance available at a relatively low cost, particularly for people who may otherwise find insurance premiums difficult to afford.
How to Apply for PMJJBY
To enrol, applicants need to complete the PMJJBY application form with their personal information and provide the nominee’s details, including their name and address.
The applicant must also give the bank permission to automatically debit the applicable premium from the linked account.
The required documents include an Aadhaar card, bank passbook and auto-debit consent letter. These documents are required for the application process.
How to File a PMJJBY Claim
In the event of the policyholder’s death, the registered nominee can submit the insurance claim. For instance, if the wife has been named as the nominee, she can approach the bank or insurance company and complete the claim form.
The claim application needs to be accompanied by the required documents, including the policyholder’s death certificate, identity proof, bank passbook and relevant policy details. The policyholder’s name, bank account number and insurance policy number may also be required during the claim process.
According to the information provided for the scheme, the claim amount is paid to the beneficiary within 30 days after the claim process is completed.