Pradhan Mantri Jeevan Jyoti Bima Yojana-PMJJBY Scheme/Plan, Terms, Benefits & Condition Details

Finally the propse good days come out in India for common Indians. Actually ,on 9th May 2015, Indian Prime Minister Shri Narendra Modi officially launched 3 dream social projects namely Pradhan Mantri Jeevan jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) at Najrul Manch, Kolkata (West Bengal). Life Insurance worth Rs. 2 lacks at just Rs.330 per annum (Plan Name-PMJJBY) scheme details with general FAQs given below.

Recommended Posts :
1. Atal Pension Yojana -APY
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) scheme will be a one one year cover, renewable from year to year, Insurance scheme offering Life Insurance cover for death due to any reasons. All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple savings account held by an individual in one or differnt banks ,the person would be eligible to join the scheme through one savings bank account only. Aadhar will be the primary KYC (Know Your Customer) for the bank account.

PMJJBY Insurance Scheme General FAQs (Frequently Asked Questions):
1. What would be the benefits of PMJJBY Scheme:
Rs. 2 lacks is payable on a subscriber’s death due to any reasons. The Insurance Premium payable is Rs.330 per annum per subscriber.

2. How will the PMJJBY Premium be paid :
The premium will be deducted from the account holder’s saving bank account through ‘Auto-Debit’ facility in one installment , as per the option to be given on enrollment/registration.

3. Who will offer /Administer the scheme?
The scheme would be offered /administered by LIC and other Life Insurance Companies willing to offer the product with necessary approvals on similar terms, in collaboration of participating banks.

4. Who will be eligible to subscribe ?
All savings Bank account holders in the age 18 years to 50 years in participating banks will be entitled to join.

5. What is the enrollment period and modality ?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable upto 31st August 2015 for initial year. Subscribers who wish to continue beyond the first yearwill be expected to give their consent for auto debit before each successive May 31st for successive year. Delayed renewal subsequent to this date will be possible prospectively on payment of full annual premium and submission of a certificate of good health.

6. When can the assurance on life of the member terminated ?
The assurance on the life of the member shall terminated /be restricted accordingly on any of the following reasons :
a. On attaining age 55 years (age near birthday) ,subject to annual renewal upto that day (entry, however, will not be possible beyond the age of 50 years)
b. Closure of the account with the Bank or insufficiency of balance to keep the insurance in force.
c. In case a member is covered through more than one account and premium is received by LIC /Insurance Company inadvertently. Insurance cover will be restricted to Rs. 2 lacks and the premium shall be liable to be forfeited.

7. Will this cover be in addition to cover under any other Insurance scheme the subscriber may covered under ?
Yes.

8. PMJJBY scheme benifits :
Rs. 2 lacks will be payable on member’s death due to any reasons.

To read more details about Pradhan Mantri Jeevan Jyoti Bima Yojana-PMJJBY scheme/plan, registration procedure/application forms, Insurance claim form, other benefits , conditions in any regional languages (hindi, bengali, urdu, gujarati, marathi, tamil, telugu, kannada, malayalam etc), simply go through below given direct link (official website page)

PMJJBY Insurance Plan Details Here