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Pradhan Mantri Jeevan Jyoti Bima Yojana India is a life insurance scheme backed by the Government of India. Pradhan Mantri Jeevan Jyoti Bima Yojana offers one year of life insurance and this insurance can be renewed afterward. This scheme delivers coverage of Rs. 2lakh in case of premature death. This scheme is announced in February 2015 by Finance Minister Arun Jaitley.

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme is offered by the Life Insurance Corporation of India and other insurance companies that have collaborated with Banks. Pradhan Mantri Jeevan Jyoti Bima Yojana is an Insurance Scheme that does not involve any investment component.

The premium amount for PM Jeevan Jyoti Bima Yojana Scheme is Rs. 330. This amount will be reduced depending on the month you enrolled. The amount will be directly deducted from the account of the policyholder in an auto-debit manner.

Pradhan Mantri Jeevan Jyoti Bima Yojana Logo:
Pradhan Mantri Jeevan Jyoti Bima Yojana Logo

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Benefits:

  • Pradhan Mantri Jeevan Jyoti Bima Yojana provide a life insurance of Rs. 2lakh in case of sudden death of the policy holder
  • This scheme offers benefeciries of the policy even if the death of the policy holder happen due to any reason
  • The amount will be payed after the 45 days of the date. If the death of policy holder happens due to accident then there is no waiting period for insurance claim, the beneficies will be provided immediately.
  • The aquisition made towards PM Jeevan Jyoti Bima Yojana can be claimed for tax deduction under Section 80C of the Income Tax Act 1961.

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility:

  • Account type should be a Savings Account
  • Pradhan Mantri Jeevan Jyoti Bima Yojana age limit is in between 18 to 50 years
  • Individual with more than on ebank account can also get benefit of this scheme
  • Aadhar card linking to your bank account is mandatory for the beneficieries
  • Individuals who fail to join the scheme in the initial year can join the scheme in subsequent years by annual premiums and submitting a self-certificate of good health
  • Death cover offered by this scheme will terminate if the person is above 55 years
  • Individuals needs to have Savings Bank Account to get the beneficieries of this scheme

PM Jeevan Jyoti Bima Yojana Premium Amount:

The annual premium amount of Jeevan Jyoti Bima Yojana is Rs.330 per person. The breakup of the same is as follows:

  • The annual premium to the insurance company is Rs. 289 per member
  • The annual reimbursement of expenses to the bank or the agent is Rs. 30 per member
  • The annual reimbursement of the administrative costs to the participating bank is Rs. 11 per member
  • You can also know more about Pradhan Mantri Jeevan Jyoti Bima Yojana Status Check

Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

The key features of the Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows-

  • PM Jeevan Jyoti Bima Yojana scheme offers the life insurance coverage of Rs. 2 lakh to the policy holder at annual premium charges
  • This scheme offers coverage of one year and can be renewed per year
  • This insurance scheme does not offer maturity benefits, it is pure term insurance plan
  • Individuals can easily exit the scheme or rejoin the scheme in future
  • The scheme is applicable for all the eligible users in upcoming years
  • Jeevan Jyoti Bima Yojana is simple and user friendly insurance scheme
  • Participatory bank will be the master policyholder of the scheme
  • Know more with the Pradhan Mantri Jeevan Jyoti Bima Yojana pdf

Pradhan Mantri Jeevan Jyoti Bima Yojana Online Apply:

  1. Individuals can apply online for the registration of the scheme
  2. Download Pradhan Mantri Jeevan Jyoti Bima Yojana Form
  3. Fill all the details in the form such as Name, Savings Bank Account Number, email Id, Address, and other details
  4. Submit this form to the nearest bank which is linked to the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme

How To Claim Pradhan Mantri Jeevan Jyoti Bima Yojana:

The process of Pradhan Mantri Jeevan Jyoti Bima Yojana claim form:

  • To claim Pradhan Mantri Jeevan Jyoti Bima Yojana SBI or from any other bank
  • The nominee of the policy will have to approach the bank of the policyholder, which is linked to the PMJJBY scheme.
  • The nominee must have the death certificate of the policyholder.
  • Next, the nominee needs to collect the claim form and the discharge receipt. You can download this form at Jansuraksha portal of the Finance Ministry website
  • The nominee must then submit the claim form, discharge receipt, death certificate and the xerox copy of a cancelled cheque of the nominee’s bank account if available
  • If not he must provide bank details of the savings bank account of the policyholder that is linked to the PMJJBY scheme

Here, we covered the piece of information about the PM Jeevan Jyoti Bima Yojana. For Pradhan Mantri Jeevan Jyoti Bima Yojana’s Log-in and status check visit the links.

You can also get added information about this scheme using PM Jeevan Jyoti Bima Yojana Helpline Number- 1800-209-8700 or mail at group.ops@indiafirstlife.com.