By financen | June 6, 2015 - 7:24 am - Posted in Insurance

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – for Life Insurance:

  • Eligibility: Available to all the people in the age group of 18 to 50 and must have a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium:  Rs 330 per annum.
  • Payment Mode:  The premium will be auto-debited by the bank from the subscribers account.
  • Risk Coverage: Rs. 2 Lakh in case of death for any reason. The amount will be paid to the Nominee.
  • Terms of Risk Coverage: A person has to opt for the scheme every year.
  • Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurance company who are willing to join the scheme and tie-up with banks for this purpose.

Termination of assurance:

  • At the time of attaining the age of 55 years.
  • Closure of account with the Bank or insufficiency of balance for debiting premium.
  • In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

Application and claim FORM:




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