Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Benefits, Eligibility and How to Apply

• The applicant must be between 18 and 50 years of age.
• The applicant must hold an individual bank or post office account with a participating bank / post office.
• A person with more than one bank account, in one bank or in different banks, can join the scheme through one savings bank account only.
• An NRI with an eligible account at a bank branch located in India can buy PMJJBY cover, subject to the terms and conditions of the scheme; any claim is paid to the beneficiary/nominee only in Indian currency.

• Download and print the PMJJBY Consent-cum-Declaration Form.
• Fill in and sign the form, and attach self-attested copies of the required documents.
• Submit the form to the authorised official at your bank or post office.
• Collect the Acknowledgement Slip cum Certificate of Insurance that the official returns to you.
• The premium is then collected from your account every year through auto-debit.

About the Scheme

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme of the Ministry of Finance. It provides a one-year cover that can be renewed every year, and it pays out on the death of the subscriber due to any reason. The scheme is offered through banks and post offices and administered through life insurance companies. Participating banks and post offices act as the master policy holders, and each participating bank is free to engage an approved insurance company to run the scheme for its subscribers.

Key Benefits Explained

• Life cover of ₹2 lakh is paid if the subscriber dies during the cover period.
• "Any reason" is broad: deaths caused by natural calamities such as earthquakes and floods, suicide and murder are all covered.
• The cover year runs from 1st June to 31st May. The full premium of ₹436 applies for enrolment in June, July or August; it falls to ₹342, ₹228 and ₹114 for enrolment in the later quarters, so the later you enrol in the cover year, the lower the premium.
• First-time subscribers enrolling on or after 1st June 2016 should note the 30-day condition: death from causes other than an accident during the first 30 days after enrolment is not covered, but accidental death is covered from day one.

Who Should Apply and Who Cannot

The scheme is meant for individuals aged 18 to 50 years who hold an individual savings account with a participating bank or post office. Even if you hold several accounts, you can join only through one savings bank account. NRIs can join through an eligible account at a bank branch in India, but claims are paid only in Indian currency. People who left the scheme earlier can join again on the same eligibility conditions.

Applying: Practical Points

• Download the Consent-cum-Declaration Form from the Jan Suraksha portal, fill it in and sign it.
• Attach self-attested copies of the required documents and hand the form to the authorised official at your bank or post office.
• The official returns an Acknowledgement Slip cum Certificate of Insurance to you after you submit the form.
• The premium is auto-debited every year from the account through which you enrolled.
• In case of a claim, the claim form for PMJJBY is available on the Jan Suraksha portal.