PMJJBY: Comprehensive Guide to Eligibility, Benefits, and Application Process

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a key life insurance initiative introduced by Prime Minister Narendra Modi on May 9, 2015. This central government scheme offers yearly renewable life insurance coverage against death from any cause.

According to recent data shared by the Ministry of Finance on platform X (formerly Twitter), the scheme has provided ₹2 lakh life insurance protection to over 21.67 crore enrollees nationwide as of October 20, 2024. Over the same period, 860,575 claims were processed, totaling ₹17,211.50 crore.

Key Features of PMJJBY:

1. Coverage: Offers a ₹2 lakh term life insurance cover, renewable annually, against death due to any reason.
2. Eligibility: Open to individuals aged 18 to 50 years with an active bank or post office savings account.
3. Premium: An annual premium of ₹436, auto-debited from the subscriber’s account.

Eligibility Criteria:

• Individuals aged between 18 and 50 years.
• Must hold a savings account in a participating bank or post office.
• Participants who join before turning 50 can continue coverage up to 55 years by paying the annual premium.

Application Process:

You can apply for PMJJBY through:

1. Bank Branch or Post Office: Visit the branch or post office and complete the necessary formalities.
2. Online Banking: Apply through the official website of the bank.

Steps for Offline Application:

• Download and print the Consent-cum-Declaration Form from this link.
• Fill out the form, attach self-attested copies of required documents, and submit it at the bank or post office.
• Receive an Acknowledgment Slip and Certificate of Insurance after submission.

NRI Eligibility:

Non-Resident Indians (NRIs) with an Indian bank account can avail of PMJJBY. Claims under the scheme will be paid in Indian currency.

FAQs:

1. How is the premium paid?
   The premium is auto-debited from the subscriber’s bank or post office account annually.
2. What is the validity of coverage?
   The coverage is valid for one year, from June 1 to May 31, upon premium payment.
3. Is delayed enrolment allowed?
   Yes, delayed enrolment is allowed with reduced premium amounts based on the joining month:
   • June to August: ₹436
   • September to November: ₹342
   • December to February: ₹228
   • March to May: ₹114
4. Can I rejoin the scheme after exiting?
   Yes, you can re-enroll under the stipulated eligibility conditions.
5. Who manages the scheme?
   The scheme is administered through participating banks and insurance companies, with banks acting as the Master Policy Holders.
6. Are there coverage exclusions?
   For new enrollees post-June 1, 2016, non-accidental deaths within the first 30 days of enrolment are not covered. Accidental deaths are covered from Day 1.
7. How can I access the claim form?
   Claim forms are available here.

For more details about PMJJBY, visit the official website at jansuraksha.gov.in.