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Life Insurance 735 views January 25, 2021
Pradhan Mantri Jeevan Jyoti Bima Yojana is offered by Life Insurance Corporation (LIC) and all other life insurers to provide a life cover to the people. If your age is between 18-50 years and you have a bank account, you are eligible for this scheme. A sum insured of INR 2 lakh is provided to the insured person under the Pradhan Mantri Jeevan Jyoti Bima Yojana in case of his/her death. This policy ensures that the insured family doesn’t suffer from financial problems when the insured dies during the policy term. To know more about the Pradhan Mantri Jeevan Jyoti Bima Yojana, read this page below.
Table of Contents
To enroll under this government of India life insurance scheme, you need to meet the following –
The scheme comes with a term of 1 year which starts from the 1st of June and ends on 31st May of the following year. You can renew Pradhan Mantri Jeevan Jyoti Bima Yojana before its expiry. On joining Pradhan Mantri Jeevan Jyoti Bima Yojana on or after 1st June, the cover shall commence from the date of request and end on 31st May of the next year.
Effective from 1st September 2018, the government has revised the structure of premium payment on a quarterly basis depending on the date the policyholder has requested to get enrolled in the scheme. The premium payment schedule for Pradhan Mantri Jeevan Jyoti Bima Yojana is as follows –
Month of Joining Pradhan Mantri Jeevan Jyoti Bima Yojana | Annual Premium | Pro-rata Premium |
---|---|---|
June, July and August | INR 330 | N/A |
September, October and November | N/A | INR 258 |
December, January and February | N/A | INR 172 |
March, April and May | N/A | INR 86 |
The premium amount is going to be auto-debited from your bank account. On renewal, the premium will be auto-debited between May 25 and May 31.
Note – Premium will be based on the date of request and not as per the date of debit.
In case you have multiple bank accounts, only one Pradhan Mantri Jeevan Jyoti Bima Yojana can be issued. In such a scenario, you need to choose the bank you want to join into the scheme.
Important Notes