The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme aimed at providing financial security to families in case of the unfortunate death of the primary breadwinner. Launched in 2015, PMJJBY offers coverage at a minimal annual premium, making it accessible for low- and middle-income citizens across India.
The scheme is designed to encourage life insurance awareness among the population and ensure that families of policyholders receive timely financial support in case of an unexpected demise. PMJJBY complements other social security measures, providing a simple and cost-effective way to secure life insurance protection.
Key Benefits of PMJJBY
PMJJBY offers several advantages, ensuring basic life insurance coverage for citizens:
| Benefit | Description |
|---|---|
| Life Coverage | Provides financial compensation in case of death due to any cause |
| Affordable Premium | Annual premium of Rs. 330 only |
| Coverage Amount | Rs. 2 lakh for the nominee of the policyholder |
| Easy Enrollment | Registration through banks or post offices, online or offline |
| Auto-Renewal | Policy can be renewed automatically every year through auto-debit |
These benefits make PMJJBY an inclusive, simple, and low-cost life insurance solution.
Eligibility Criteria
Applicants must meet the following conditions to enroll in PMJJBY:
| Criteria | Requirement |
|---|---|
| Age | Between 18 and 50 years |
| Citizenship | Indian citizens with a valid bank account |
| Bank Account | Mandatory for auto-debit of annual premium |
| Enrollment | Voluntary, but strongly recommended for financial security |
| Exclusions | Individuals above 50 years or without a bank account are not eligible |
These criteria ensure the scheme covers a wide range of citizens while remaining administratively efficient.
How to Apply for PMJJBY
The application process for PMJJBY is straightforward and accessible:
- Visit your bank branch, post office, or the official PMJJBY portal.
- Complete the application form with personal and bank account details.
- Authorize the bank for auto-debit of the annual premium of Rs. 330.
- Upon successful registration, the policy becomes active for one year from the enrollment date.
- The policy can be renewed annually through auto-debit or by submitting a fresh application form.
Online registration is available for account holders with internet banking facilities, ensuring easy access for citizens across the country.
Coverage and Benefits Table
The financial assistance under PMJJBY is straightforward and aimed at supporting the nominee:
| Event | Coverage Amount |
|---|---|
| Death due to any cause | Rs. 2 lakh to the nominee |
This ensures that the family receives timely financial support to manage expenses and maintain stability in difficult times.
FAQs
Q1: Can a person above 50 years enroll in PMJJBY?
No, the maximum age for enrollment is 50 years.
Q2: Is the premium paid once or multiple times a year?
The premium of Rs. 330 is charged annually and can be auto-debited.
Q3: Can a person hold PMJJBY along with other insurance policies?
Yes, policyholders can have PMJJBY in addition to other life insurance or health insurance plans.