Revised Rules for Pradhan Mantri Jeevan Jyoti Bima Yojana (W.E.F. 16.10.2021)

1. Details of the scheme:

PMJJBY is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered/administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks/Post office for this purpose. Participating banks/Post office are free to engage any such life insurance company for implementing the scheme for their subscribers.

2. Scone of coverage:

All individual account holders of participating banks/Post office in the age group of 18 to 50 years are entitled to join. In case of multiple bank/Post office accounts held by an individual in one or different banks/Post office, the person is eligible to join the scheme through one bank/Post office account only. Aadhaar is the primary KYC for the bank/Post office account.

3. Enrolment period:

The cover shall be for one-year period stretching from 1st June to 31st May for which option to join/pay by auto-debit from the designated individual bank/Post office account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as described below;

• For enrolment in June, July and August – Full Annual Premium of Rs. 330/- is payable.
• For enrolment in September, October and November – pro rata premium of Rs.258/- is payable.
• For enrolment in December, January and February – pro rata premium of Rs.172/- is payable.
• For enrolment in March, April and May – pro rata premium of Rs.86/- is payable.

Lies period of 30 days shall be applicable from the date of enrolment.

4. Enrolment Modality:

The cover shall be for one-year period stretching from 1st June to 31st May for which option to join/pay by auto-debit from the designated individual bank/Post office account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as laid down in above para.

For subscribers enrolling for the first time on or after 1st June 2021, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and rejoin on any date on or after 01^st June 2021.

In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing subject to the 30 days lien period described above.

5. Benefits:

INR 2 Lakh is payable on member’s death due to any cause.

6. Premium:

INR 330 per annum per member. The premium will be deducted from the account holder’s bank/Post office account through ‘auto debit’ facility in one installment, as per the option given, at the time of enrolment under the scheme. Delayed enrolment for prospective cover after 31st May will be possible with payment of pro-rata premium as laid down in para 3 above. The premium would be reviewed based on annual claims experience.

7. Eligibility Conditions:

Individual bank/Post office account holders of the participating banks/ Post office aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join/enable auto-debit, as per the above modality, will be enrolled into the scheme.