Planning for the future is essential, and ensuring that your family is financially secure is a top priority for many. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an initiative that helps citizens achieve that peace of mind. With a yearly premium of ₹436, this insurance scheme provides life insurance coverage to individuals, offering financial protection to their families in the event of the policyholder’s unfortunate demise. Accessible to a wide range of individuals and with simple procedures, this scheme ensures that anyone can afford life insurance without the hassle of complicated paperwork or medical exams.

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Overview

Below mentioned table showcases the major highlights of the PMJJBY Yojana:-

Particulars	Details
Scheme Name	Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Launched By	Government of India
Age Eligibility	18 to 50 years (Coverage until 55)
Sum Assured	₹2 lakh
Annual Premium	₹436
Coverage	Death from any cause
Policy Period	1 year (renewable annually)
Auto-Renewal Option	Yes

What Is The PMJJBY Scheme?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is one of the insurance products that are meant to give the buyer insurance against life’s unpredictability.

Details

PM Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme by the Government of India, providing a ₹2 lakh life cover for an annual premium of ₹436, aimed at individuals aged 18-50 years.

The following points cover the important details of the Pradhan Mantri Jeevan Jyoti Bima Yojana:-

1. Insurance Type: A one-year insurance policy that pays out in case of death.

2. Administered by LIC and other insurance companies with arrangements with most of the banks throughout the country.

3. Eligibility: should have a savings bank account and the candidate is 18–50 years old (coverage is until 55).

4. Premium: ₹330 per annum per member.

5. Life Cover: ₹2 lakhs.

6. Joint Accounts: Any account holder in the joint account can wade in if qualified and willing to contribute to the premium.

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Features

The scheme offers a life cover of ₹2 lakh for death due to any reason, renewable annually with an affordable premium. It is linked to a savings bank account for ease of enrollment and premium auto-debit.

The following are the salient features of the PM Jeevan Jyoti Bima Yojana:-

• Affordable Premium: The yearly premium of rupees four hundred thirty-six makes this govt scheme very cheap for everyone.

• Automatic Renewal: The premium is automatically deducted from the account keeping the client constantly covered without requiring him/her to renew it.

• Wide Age Range: It was open to people between the ages of 18 and 50; however, clients signed up with this policy before attaining the age of 55.

• Death Benefit: Offers ₹2 lakh paid out to the nominee of the policyholder in the event of the policyholder’s demise.

• No Medical Check-ups: There are also no medical examinations that are required for enrolling citizens thus making it easier for citizens.

Break-Up Of The Premium

The table showcases the break-up of the premium amount under the PMJJB Yojana:-

Component	Amount (₹)
PMJJBY Premium to the insurance company	Rs. 436 per annum per member
Reimbursement of expenses to the agent/bank	Rs.30 per annum per member
Reimbursement of the administrative costs to the listed bank	Rs.11 per annum per member

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Benefits

The following are the important benefits of the PM Jeevan Jyoti Bima Yojana:-

• Financial Support: The scheme provides help of ₹2 lakh to the nominee in case the policyholder is no longer alive, providing independence during difficult times.

• Simple and Affordable: Starting at ₹436 as an annual premium, it is a plan that all classes of people can afford or would consider as cheap.

• Easy Enrollment Process: Favourable terms of choosing include no requirement for medical tests and simple paperwork that allows for joining the scheme.

• Widespread Availability: The bima scheme can also be registered through any of the affiliated banks and therefore ease in registration is experienced.

Eligibility Criteria

To be eligible, individuals must be between 18-50 years of age, hold a savings bank account, and provide consent for auto-debit of the premium.

Below mentioned points showcase the main criteria to be eligible for the PM Jeevan Jyoti Bima Yojana:-

• Age: Eligibility of this scheme is open to everyone between 18 and 50 years of age.

• Savings Account: Each applicant must be able to show a savings account in a bank that participates in SBA lending.

• One Account: For the scheme, only a single savings account shall be allowed though the applicant may have many accounts.

• Aadhaar Linking: The benefit of working savings interest and also savings account must be linked to the applicant’s Aadhaar card.

• Medical Certificate: All those enrolling after the first phase date (31st August 2015 to 30th November 2015) have to produce an attested medical fit certificate that they are not suffering from any critical illness.

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Application Process

Applicants need to visit their bank, fill out the application form, provide consent for auto-debit of the premium, and submit the required documents.

Here is a step-by-step guide to applying for the PM Jeevan Jyoti Bima Yojana:-

Apply For PM Jeevan Jyoti Bima Offline:

Step 1: Using the link provided, download the “Consent-Cum-Declaration Form” and take a printout.

Step 2: In a format, kindly complete the form, sign it where you want and enclose self-attested copies of the mentioned documents. Endorse the form to the authorised bank official or the post office official. At the end of the programme, they will issue you with an “Acknowledgement Slip Cum Certificate of Insurance.”

Apply For PM Jeevan Jyoti Bima Online:

It is equally possible to fill a PMJJBY form through banks’ net banking facility for applying the same.

Documents Required

The necessary documents include a savings bank account passbook, an Aadhaar card, and a filled-out consent form for auto-debit of the annual premium.

The following are the important documents required for the PM Jeevan Jyoti Bima Yojana:-

• Aadhaar card or valid ID proof.

• Active savings bank account details.

• Signed consent form for auto-debit.

• Nominee information.

How Does PMJJBY Work?

PMJJBY provides life insurance coverage for one year, with the option of annual renewal. The premium is automatically debited from the policyholder's linked bank account.

The PM Jeevan Jyoti Bima Yojana works the following way:-

This insurance scheme provides a life insurance cover of ₹2 lakhs in case of death, and the claim settlement process is handled by the insurance company through the following steps:

For Nominees

• Approach the Bank: The nominee has to go to the bank where the member used to have a savings account linked with PMJJBY with the death certificate of the member.

• Collect Claim Form: Get the claim form and discharge receipt from the concerned party of the bank insurance branches, hospitals or insurance agents.

• Submit Documents: Complete claim form, enclosure of death certificate, discharge receipt, cancelled cheque/bank account details, and then Banking Corporation, Inc.

For Banks

• Check Coverage: Many organisations must confirm that the insurance cover was valid on the date the member died and whether the premium was paid and reported.

• Verify Claim: Cheque this data from their records and fill in the rest of the required data into the claim form and the nominee part of the form.

• Submit Documents: Besides the claim form, the insured should submit a death certificate, the receipt of discharge and the cancelled cheque of the nominee to the insurer within 30 days.

For Insurance Companies

• Review Claim: Match every document with the insurance claim form to ascertain that all documents required are available. In case of doubt on any of the features just contact the bank.

• Check Coverage: Cross-checking to see whether the member had his/her insurance in place as well as determining whether a compensation payment had been made to the particular member at an earlier time.

• Settle Claim: If no such claim has been made before then they release the payment to the nominee’s bank account. The insurer has 30 days from the date of receiving the claim to be processed.

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Conclusion

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a perfect way for those who are in search of a cheap life insurance plan. It has low criteria for approval, does not require any medical tests, and costs as little as ₹436 per year to avail of PA’s life insurance service. The scheme is useful in ensuring that families are protected in cases where a breadwinner or any other dear one dies, as this will be of help in ensuring that families do not struggle financially due to the death of the breadwinner or any other dear one.

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Government Sources

Official Website: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Guidelines: Revised rules for pradhan mantri jeevan jyoti bima