PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

PMJJBY is an Insurance Scheme offering life insurance cover for death due to any reason. It would be a one year cover, renewable from year to year. The scheme would be offered/administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie-ups with Banks for this purpose. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.

The cover shall be for the one year period stretching from 1st June to 31st May for which option to join/pay by auto-debit from the designated individual bank account on the prescribed forms will be required to be given by 31st May of every year.

Rs.330/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one installment, as per the option is given, on or before 31 st May of each annual coverage period under the scheme. Delayed enrolment for prospective cover after 31st May will be possible with full payment of annual premium. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.

For more details, you can visit the site – Jan-Dhan se Jan Surksha

Beneficiary:

All individual account holders of participating banks in the age group of 18 to 50 years

Benefits:

Rs.2 lakh is payable on member’s death due to any cause