Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

know more about life insurance scheme for our SB account holders

Learn more about the exclusive Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme.

Government of India has announced a scheme "Pradhan Mantri Jeevan Jyoti Bima Yojana" in order to facilitate life insurance cover to all the masses of India even affordable to economically weaker society.

The insurance cover is available under a One Year Renewable Term Insurance Plan of Life Insurance Corporation of India [LIC],. This scheme provides the value addition of life insurance for all Savings deposit account holders, who can now avail of life insurance cover through their account.

The scheme provides insurance cover to all savings account holders in the age group of 18 - 50 years. After enrollment, coverage will be available up to 55 years of age for existing members.

Salient Features:

Eligibility
People in the age group of 18 to 50 and having 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.
Target Group
All existing and new SB account holders.
Premium
Rs. 330.00 per annum. It will be auto-debited in one installment.
Risk Coverage
Rs. 2 Lakhs in case of death for any reason (Suicide not covered).
Payment Mode
The payment of premium will be directly auto-debited by the bank from the subscribers account.
Terms of Risk Coverage
A person has to opt for the scheme every year or else he/she can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

  • No medical tests required. A simple declaration of good health will suffice.
  • Insurance cover commences immediately on debit of premium to the account. The customer does not have to wait for the policy document.
  • Simple payment mechanism: the premium can be debited to customers account and standing instructions can be given for renewal. Thus there is no possibility of lapse of cover.
  • Income Tax benefit is available under section 80c of IT Act.
  • Nomination facility is available.
  • Simple claim settlement process.
  • The insurance cover is provided under the Group Insurance Scheme of LIC.

About Premium Subscription:

  • The enrollment period will be from 1st June, 2015 to 31st August, 2015.
  • Consent is to be provided by the eligible Saving Bank Account Holder to join the scheme during the "enrollment period". The auto debit consent for premium of Rs. 330.00 to be provided by 31st May, 2015 to commence the risk cover from 1st June 2015. In other cases, the risk will commence prospectively, i.e. date of receipt of premium by LIC.
  • Saving bank account holders can enroll after the enrollment period (i.e., after 31.08.2015) or after the extended period on submission of self declaration of good health and payment of full annual premium of Rs. 330.00.
  • The Annual Premium of Rs. 330.00 per member per annum is to be deducted & remitted by TMB to LIC on annual renewal date, i.e. 1st June every year.
  • In future years, new savings bank account holders or currently eligible account holders who did not join earlier or exited the scheme and willing to join again will be able to join the scheme, subject to submission of self declaration of good health and remittance of full annual premium of Rs. 330.00.
  • In nutshell, annual premium Rs. 330.00 per member per annum is to be paid irrespective of date of joining and renewal premium will be Rs. 330.00 per member per annum will be deducted on annual renewal date, i.e. 1st June every year.
  • Note:: Proposal Form is provided in the website with a facility to down load them by the customers. The filled in and signed forms can be sent by the customers by post or courier to the home branch or else the customer has to go personally or through any third party to the Home Branch and deliver the filled in application form to them to enroll under the scheme.

PMJJBY Documents for Download:

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Most Important Terms & Conditions governing SB Account Operations:

Download the Application Form: