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Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY - Scheme 2 - for Life Insurance) are as below:

  • Eligibility: The savings bank account holders of the Participating Bank between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year period starting from June 1, 2016 to May 31, 2017 for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given.
  • Premium: Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the Account holder into the scheme. The revised structure is as follows:

    Time Period

    Annual Premium

    June -August

    INR 330

    September - November

    INR 258

    December - February

    INR 172

    March - May

    INR 86

  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers' savings bank account. This is the only mode available currently.
  • Risk Coverage: Sum Assured of Rs. 2,00,000 on death of the Insured member for any reason is payable to the Nominee. No claim is admissible for deaths during the first 45 days from the entry date, except for cases of death due to accident.

For Terms & Conditions click here

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