Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched on 9th May, 2015. It is one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
Features of Pradhan Mantri Jeevan Jyoti Bima Yojana
- Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
- Premium: Rs.330 per annum. It will be auto-debited in one instalment.
- Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
- Risk Coverage: Rs.2 Lakh in case of death for any reason.
- Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
- Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
- Termination of assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
- On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered under PMJJBY with LIC of India / other company through more than one account and premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good
- Participating Banks shall remit the premium to insurance companies in case of regular enrolment on or before 30th of June every year and in other cases in the same month when received.
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