PMJJBY Scheme Details 2022: Check All Important Information

PMJJBY Scheme Details: Pradhan Mantri Jeevan Jyoti Bima Yojana is a Life Insurance scheme launched by the Government of India back in 2015. The major features of this scheme include a Life Insurance that is renewable from year to year, offering one-year insurance cover for death due to any reason. PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to enable auto-debit from their bank accounts. To know more about the PMJJBY scheme details, refer to the information given below.

PMJJBY Scheme Details 2022- Overview

Pradhan Mantri Jeevan Jyoti Bima Yojana is an amazing opportunity to buy life insurance at nominal rates. The scheme is aimed at young adults and middle-aged individuals in general. Moreover, The scheme is being offered by Life Insurance Corporation (LIC) and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose. LIC being a trustworthy and reliable government entity is the first choice for insurance policies in the country.

PMJJBY Scheme Details 2022

As mentioned earlier, the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme is a chance to get your life insured at nominal prices. But, there are certain criteria to be fulfilled if a person wants to enroll himself in this scheme.

PMJJBY Scheme Details 2022- Enrollment Conditions

• For the cover period of June 1st of the current year to May 31st of the next year, subscribers will be required to enroll and give their auto-debit consent by May 31st of the current year.
• Late enrollment for prospective cover will be possible up to August 31st of the current year, which may be extended by Govt. of India for another three months, i.e. up to November 30th of the current year.
• Those joining subsequently may be able to do so with payment of full-year premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.
• Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a self-certificate of good health in the specified proforma.
• In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription will be able to join while the scheme is continuing, subject to submission of a declaration of good health.

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PMJJBY Scheme Details 2022- Eligibility Criteria

• The savings bank account holders of the participating banks aged between 18 years and 50 years who give their consent to join/enable auto-debit, as per the above conditions, will be enrolled into the scheme.
• Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a self-certification of good health and that he/she does not suffer from any of the critical illnesses as mentioned in the applicable Consent /Declaration form as on date of enrollment or earlier.

PMJJBY Scheme Details 2022- Benefits and Premium

• Rs.2 lakhs is payable on a member’s untimely death due to any reason.
• The premium for this scheme is Rs. 436 per annum per member.
• The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before May 31st of each annual coverage period under the scheme.
• Delayed enrollment for prospective cover after May 31st will be possible with full payment of annual premium and submission of a self-certificate of good health.

PMJJBY Scheme Details 2022- Insurance Claim

In case the beneficiary passes away, the following is the process to settle the claims:

• The nominee needs to contact the bank of the policyholder that is linked to the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme. The nominee should also have the death certificate of the policyholder.
• The nominee should collect the receipt of discharge and claim form. It can be collected from the bank or can be downloaded from the official bank website.
• The nominee should submit the claim form, receipt of discharge, certificate of death, and a xerox of the canceled cheque of the bank account of the nominee if accessible. In case the canceled cheque is not provided, the bank details of the savings account are required, which is linked to the PMJJBY scheme.

PMJJBY Scheme Details FAQs