16th July, 2018

Frequently asked questions about PM Jeevan Jyoti Bima Yojana

PM Jeevan Jyoti Bima Yojana Frequently Asked Questions



1) What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

PM Jeevan Jyoti Bima Yojana (PMJJBY) is a low cost life insurance policy designed to create a universal security system especially for the poor and underprivileged. The scheme will provide a one year insurance cover for death due to any reason, which is renewable on a year basis.

2) What are benefits under the PMJJBY scheme?

Rs 2 Lakhs is payable to nominees on a subscriber’s death due to any reason. PMJJBY is a pure insurance cover for the risk of death only. 

3) What is the premium payable for PMJJBY and how should the premium be paid?

The premium payable is Rs 330 per annum per subscriber. The premium amount will be auto-debited by the bank from the subscriber’s savings account, as per the consent given by the subscriber at the time of enrolment.

4) Who will offer and administer the scheme?

The scheme will be offered/administered through LIC and other Life Insurance companies willing to offer the product on similar terms, in collaboration with participating banks. Participating banks are free to engage any such life insurance company for implementing the scheme for their subscribers.

5) Who is eligible to subscribe for the scheme?

All savings bank account holders of participating banks who are between the ages of 18 to 50 years will be entitled to join the scheme. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.

6) What are reasons for termination of the assurance on life of the member under PMJJBY scheme?

The assurance on the life of the member shall terminate/be restricted on any of the following events:
•    On attaining the age of 55 years, subject to annual renewal up to that date (entry will not be possible beyond the age of 50 years;
•    Closure of account with the Bank or insufficient balance in the savings account at the time insurance renewal;
•    In case a member is covered through more than one account and premium is received by LIC/Insurance Company unintentionally, insurance cover will be restricted to Rs. 2 Lakhs only and the premium paid for duplicate insurance(s) shall be liable to be forfeited.

7) What are the changes in terms of insurance coverage applicable to new PMJJBY subscribers in the year 2016-17?

For PMJJBY subscribers enrolling for the first time on or after June 1, 2016, insurance benefit shall not be available for death (due to any cause other  than accident) occurring during the first 45 days from the date of enrolment. Death due to accidental causes will be covered from day one of insurance coverage.

8) How can one apply for the PMJJBY scheme?

Interested individuals can contact the relationship manager/banker of their respective banks to apply for PMJJBY scheme. Alternatively, they can download the Consent-Cum-Declaration form from their bank website and fill the form with relevant personal details. Interested persons can also give his/her consent to the scheme via sms based or email based subscription.

9) What is the claim procedure for PMJJBY scheme?

The nominee should collect the Claim Form and the Discharge Receipt from the subscriber’s bank or from the scheme website. The nominee will then need to submit duly completed Claim Form, Discharge Receipt, Death Certificate along with photocopy of the cancelled cheque of the nominee’s bank account (if available). The Claim Form, Discharge Receipt and the detailed claim procedures can be accessed here: http://www.idfcbank.com/content/dam/idfc/image/other-pdfs/ClaimForm%20and%20Procedures%20PMJJBY.PDF 

10) Why does PMJJBY have no maturity benefit or surrender value, which is available in other Life Insurance Policies? Why is benefit under PMJJBY payable only to nominee of insured on the death of the insured?

The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. It is a pure term insurance policy with no investment component which is why the premium pricing is very low in comparison to other life insurance companies. PMJJBY has been designed to provide life insurance cover to the weaker sections of the society. With this aim, the premium is kept low eliminating the investment component. 

PM Jeevan Jyoti Bima Yojana Frequently Asked Questions



1) What is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

PM Jeevan Jyoti Bima Yojana (PMJJBY) is a low cost life insurance policy designed to create a universal security system especially for the poor and underprivileged. The scheme will provide a one year insurance cover for death due to any reason, which is renewable on a year basis.

2) What are benefits under the PMJJBY scheme?

Rs 2 Lakhs is payable to nominees on a subscriber’s death due to any reason. PMJJBY is a pure insurance cover for the risk of death only. 

3) What is the premium payable for PMJJBY and how should the premium be paid?

The premium payable is Rs 330 per annum per subscriber. The premium amount will be auto-debited by the bank from the subscriber’s savings account, as per the consent given by the subscriber at the time of enrolment.

4) Who will offer and administer the scheme?

The scheme will be offered/administered through LIC and other Life Insurance companies willing to offer the product on similar terms, in collaboration with participating banks. Participating banks are free to engage any such life insurance company for implementing the scheme for their subscribers.

5) Who is eligible to subscribe for the scheme?

All savings bank account holders of participating banks who are between the ages of 18 to 50 years will be entitled to join the scheme. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only.

6) What are reasons for termination of the assurance on life of the member under PMJJBY scheme?

The assurance on the life of the member shall terminate/be restricted on any of the following events:
•    On attaining the age of 55 years, subject to annual renewal up to that date (entry will not be possible beyond the age of 50 years;
•    Closure of account with the Bank or insufficient balance in the savings account at the time insurance renewal;
•    In case a member is covered through more than one account and premium is received by LIC/Insurance Company unintentionally, insurance cover will be restricted to Rs. 2 Lakhs only and the premium paid for duplicate insurance(s) shall be liable to be forfeited.

7) What are the changes in terms of insurance coverage applicable to new PMJJBY subscribers in the year 2016-17?

For PMJJBY subscribers enrolling for the first time on or after June 1, 2016, insurance benefit shall not be available for death (due to any cause other  than accident) occurring during the first 45 days from the date of enrolment. Death due to accidental causes will be covered from day one of insurance coverage.

8) How can one apply for the PMJJBY scheme?

Interested individuals can contact the relationship manager/banker of their respective banks to apply for PMJJBY scheme. Alternatively, they can download the Consent-Cum-Declaration form from their bank website and fill the form with relevant personal details. Interested persons can also give his/her consent to the scheme via sms based or email based subscription.

9) What is the claim procedure for PMJJBY scheme?

The nominee should collect the Claim Form and the Discharge Receipt from the subscriber’s bank or from the scheme website. The nominee will then need to submit duly completed Claim Form, Discharge Receipt, Death Certificate along with photocopy of the cancelled cheque of the nominee’s bank account (if available). The Claim Form, Discharge Receipt and the detailed claim procedures can be accessed here: http://www.idfcbank.com/content/dam/idfc/image/other-pdfs/ClaimForm%20and%20Procedures%20PMJJBY.PDF 

10) Why does PMJJBY have no maturity benefit or surrender value, which is available in other Life Insurance Policies? Why is benefit under PMJJBY payable only to nominee of insured on the death of the insured?

The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. It is a pure term insurance policy with no investment component which is why the premium pricing is very low in comparison to other life insurance companies. PMJJBY has been designed to provide life insurance cover to the weaker sections of the society. With this aim, the premium is kept low eliminating the investment component.