Revised rules for Pradhan Mantri Jeevan Jyoti Bima Yojana (with effect from 16.10.2021)
1. Details of the scheme
PMJJBY is an insurance scheme that gives life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered and administered through LIC and other life insurance companies willing to offer the product on similar terms, with the necessary approvals and tie-ups with banks and post offices. Participating banks and post offices are free to engage any such life insurance company for their subscribers.
2. Scope of coverage
All individual account holders of participating banks and post offices in the age group of 18 to 50 years may join. A person who holds several accounts in one or more banks or post offices may join the scheme through one account only. Aadhaar is the primary KYC document for the account.
3. Enrolment period
The cover is for one year, from 1 June to 31 May. The option to join and pay by auto-debit from the designated bank or post office account must be given on the prescribed form by 31 May every year. Late enrolment for cover from a later date is possible on payment of a pro-rata premium, as below:
- Enrolment in June, July or August: full annual premium of ₹330.
- Enrolment in September, October or November: pro-rata premium of ₹258.
- Enrolment in December, January or February: pro-rata premium of ₹172.
- Enrolment in March, April or May: pro-rata premium of ₹86.
A lien period of 30 days applies from the date of enrolment.
4. How to enrol
The cover is for one year, from 1 June to 31 May. The option to join and pay by auto-debit must be given on the prescribed form by 31 May every year. Late enrolment is possible on payment of the pro-rata premium given in point 3 above.
For subscribers who enrol for the first time on or after 1 June 2021, insurance cover is not available for death (other than accidental death) during the first 30 days from the date of enrolment (the lien period). No claim is admissible for such a death during the lien period.
A person who leaves the scheme at any point may join again in a later year. The lien period also applies to subscribers who leave the scheme during or after the first year and join again on or after 1 June 2021.
In later years, people who newly become eligible, eligible people who did not join earlier, and people who stopped their subscription may join while the scheme continues, subject to the 30-day lien period.
5. Benefits
₹2 lakh is paid on the death of the member due to any cause.
6. Premium
₹330 per year per member. The premium is deducted from the account holder's bank or post office account by auto-debit in one instalment, as per the option given at the time of enrolment. Late enrolment after 31 May is possible on payment of the pro-rata premium given in point 3 above. The premium is reviewed on the basis of annual claims experience.
7. Eligibility conditions
Individual account holders of participating banks and post offices aged between 18 years (completed) and 50 years (age nearer birthday), who give their consent to join and enable auto-debit as described above, are enrolled in the scheme.