Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme backed by the government that was introduced in 2015 to offer life insurance coverage to all Indian citizens.  The PMJJBY is a one-year term life insurance policy that needs to be renewed annually and can be offered through your life insurance provider or authorised banks.

If your life insurance provider has a tie-up with a bank, you can enable the auto-debit facility for the premium payment. It is important to note that all types of death, due to any reason, can be covered under this policy.

Being a term insurance plan, the PMJJBY offers a pure life insurance coverage of ₹2 lakhs. The affordability of the premiums ensures that every policyholder covered under the scheme should be able to receive the benefit of life insurance coverage for the lowest possible premium amount

Plan Benefits of the Pradhan Mantri Jeevan Jyoti Bima Yojana

• Plan Benefits of the Pradhan Mantri Jeevan Jyoti Bima YojanaThe Pradhan Mantri Jeevan Jyoti Bima Yojana can offer the following benefits to you, the policyholder:
  • Life Cover
    PMJJBY offers pure life insurance coverage that secures your family’s financial future. By renewing the policy annually, you can be assured that they will enjoy continued life insurance protection.

  

  • Financial Protection
    With a sum assured of ₹2 lakhs payable on the unfortunate death of the life assured, you can offer life insurance coverage to your family. This sum assured will be paid out to your beneficiaries and will take care of all their financial needs when you cannot provide for them.

  

  • Tax Benefits
    Under Section 80C of the Income Tax Act, 1961, the annualised premium paid towards this term life insurance policy will be eligible for tax deductions. The death benefit will be exempt from taxation under Section 10(10D) of the Income Tax Act.

  

  • Renewable Policy
    The term life insurance policy offers one-year insurance coverage with the choice of renewing it annually. Hence, you can determine the total policy term for as long as you keep renewing the plan yearly.
• Eligibility Criteria
  • These are the following eligibility criteria to be fulfilled to enrol for the PMJJBY. You should:
  • • Have a savings account in any participating bank that offers the scheme or a bank that is eligible to offer the scheme.
  • • Only enrol in the scheme with one savings bank account, even if you have several bank accounts.
  • • Be an accountholder between 18 – 50 years of age
    • Have your valid Aadhar card linked with the participating bank account.
  • • Produce a medical certificate with self-attestation to declare that you are not suffering from any pre-existing critical illnesses.
  • The last eligibility criterion was not applicable for policyholders who joined the scheme during the initial enrolment period. Hence, those who availed of the PMJJBY between August 31, 2015, and November 30, 2015, were not required to produce any medical tests for the policy declaration.
• What are the Documents Required to Enrol?
  • The following documents are necessary for enrolling in the PMJJBY:
  • • A passport-size photo
  • • Your valid Aadhar card
  • • Your current mobile number
  • • Your existing savings bank passbook
  • • Proof of identity (as stated by the bank or your life insurance provider).
• What is the Premium Amount to Avail of this Scheme?
  • The base premium to avail of the Pradhan Mantri Jeevan Jyoti Bima Yojana is ₹436 if the policy is purchased in the risk period’s first quarter. However, here is a break-up of the total premium amount that will be deducted with every annual renewal of the policy:
  • • The insurance premium payable to your life insurance provider in the first quarter of the risk period will be ₹436, the annual expenses paid to the bank will be ₹30, and the annual administrative expenses will be ₹11.
  • • The premium amount will be ₹342 if the policy is purchased in the second quarter of the risk period. Here, the annual expenses paid to the bank will be ₹22.50, and the annual administrative expenses will be ₹10.50.
  • • The premium amount will be ₹228 if the policy is purchased in the third quarter of the risk period. The annual expenses paid to the bank will be ₹15, and the annual administrative expenses will be ₹7.
  • • The premium amount will be ₹114 if the policy is purchased in the fourth quarter of the risk period. The annual expenses paid to the bank will be ₹7.50, and the annual administrative expenses will be ₹3.50.

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