Life Insurance 238 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.

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Eligibility for Pradhan Mantri Jeevan Jyoti Bima Yojana

To enroll under this government of India life insurance scheme, you need to meet the following –

  1. The minimum age at entry should be 18 years (completed)
  2. Maximum age at entry is allowed as 50 years as per the nearer birthday
  3. Must have a savings bank account
  4. Consent required to join the scheme
  5. Auto-debit activation required for premium payment

Pradhan Mantri Jeevan Jyoti Bima Yojana Period

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.

Premium Payment Schedule of Pradhan Mantri Jeevan Jyoti Bima Yojana

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 YojanaAnnual PremiumPro-rata Premium
June, July and AugustINR 330N/A
September, October and NovemberN/AINR 258
December, January and FebruaryN/AINR 172
March, April and MayN/AINR 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.

How to Enroll in Pradhan Mantri Jeevan Jyoti Bima Yojana?

  1. Visit your bank branch
  2. Request for Pradhan Mantri Jeevan Jyoti Bima Yojana
  3. Fill the application form
  4. And submit the form along with the required ID proof

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

  1. Policy requests won’t get accepted if the mobile number is not updated in the bank account. And the bank shall provide no separate intimation.
  2. Only the response that is received through the registered mobile number will be considerable for auto-debit consent
  3. Any information if found to be untrue, the scheme shall be canceled and all premium paid shall stand forfeited
  4. Renewal premium of INR 330 + GST will be auto-debited from your bank account between 25 and 31 May of every year. And if you desire to cancel the auto-renewal, you need to submit such a request before the renewal year.
  5. Joint account holders will be enrolled under Pradhan Mantri Jeevan Jyoti Bima Yojana if they submit a separate request for enrolment at the bank branch.
  6. Automatic termination of the policy when the account holder attains the age of 55 years
  7. Termination of policy will happen on the closure of a bank account or insufficiency of balance for premium debit.
  8. In case of multiple coverages under the scheme, the cover will be restricted to INR 2 lakh and other life insurance cover will be terminated and the premium shall be forfeited.

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