Pradhan Mantri Jeevan Jyoti Bima Yojana – PMJJBY Details

By | May 11, 2017

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana || PMJJBY || PM Bima Yojana || PM Insurance Yojana || PM Bima Scheme || PM Scheme || PM Bima Scheme For All || प्रधान मंत्री जीवन ज्योति बीमा योजना


Prime Minister Narendra Modi is known for starting many ambitious social security schemes in India. Pradhan Mantri Jeevan Jyoti Bima Yojana is one of those schemes. Pradhan Mantri Jeevan Jyoti Bima Yojana is government oriented life insurance scheme.

This scheme was launched by Prime Minister Narendra Modi. As per one survey, only 20% of Indians has covered under any insurance scheme. To provide security of insurance to individuals, this scheme gets started by the government of India.

Who are eligible for PMJJBY?

This scheme is applicable for the people of age group of 18 to 50 years old. Those who have valid bank accounts as well. It mainly focuses on the people who belong to a weaker section of the society, those who can’t afford the heavy monthly installments. PMJJBM has an annual premium of ₹330 only.

This amount is debited monthly from the account of Scheme account holders. This scheme is exempted from any service Tax. In case the account holder dies, then nominee will get an amount of ₹2 lacs.

Process of Linking & Maintaining Scheme

Individuals who have their account under Pradhan Mantri Jan Dhan Yojana, their accounts will get linked directly with each other. At first, mostly of these accounts have zero balance. The government is trying to cover-up these zero balance account with this scheme.

Nowadays any individual having any bank account can avail this scheme. PMJJBM is offered by none other than Life Insurance Corporation of India. If any bank wants to get associated with this scheme then they can get connected with related banks.

An individual who will join this scheme from other banks will be called as a Master account holder. Final Payment & procedures will be conducted by LIC & other insurance companies.

Duration of Scheme

PMJJBM scheme is only for one year. If anyone has taken this scheme between 1st June 2015 to 31st May then they also have to tell banks when monthly installment should be deducted from their bank accounts. If any individual takes this scheme after mentioned date then he has to give a self-declaration in which he must ensure that he is healthy & can carry this scheme in future.

If anyone wants to continue even after one year of tenure than he has to ensure that he has given permission to deduct monthly installment from his account till 31st May of that year. If anyone still wants to continue further, then he has to give time to time declaration of good health.

Renewal process of Yojana

This policy is valid till account holders complete the age of 55. In order to continue PMJJBM, the account holder has to renew policy time to time. In case, account holder is unable to maintain a minimum balance to continue policy or even close the account on which policy is taken then this scheme will automatically get closed.

In case of policyholders has multiple accounts & by mistake took two policies at the same time, then his premium will get seized.

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