The new scheme has been launched by the Prime Minister Mr. Narendra Modi that is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY Scheme). This is a life insurance policy that is for the development of the poor and low-income segment individuals. This term, insurance policy is available for individuals having age between 18- 50 years.
The pan is for one year and has the most affordable premium rate of Rs. 330 per annum. And having the life coverage of Rs. 2,00,000/-. The policy can renew the policy every year. We have provided the Eligibility, Benefits, Premium, and other details of the scheme on this page. The steps to fill the PMJJBY Scheme Online Application form have also provided below.
PMJJBY Scheme Details
|Age Limit||Minimum -18 years and Maximum 50 years|
|Maximum maturity age||55 years|
|Policy Term||One year (can be renewed every year)|
|Sum Assured||Rupees two lakhs|
|Premium amount||Rs330(inclusive of Rs41 towards administrative charges)|
PMJJBY Scheme- Features
- You will get the life coverage from this policy for one year.
- The insured individuals require to renew their policy every year.
- The insured individuals get the maximum assured of Rs2 lakh.
- Through this scheme, insurance will be done through bank accounts.
- Individuals having and age between 18- 50 years can apply for this scheme.
- The insured person should have enough balance in the bank to preserve the insurance in force.
- If the insured wants to discontinue the scheme, then he/she can do the same any time and can also re-join the same in the future.
- The plan is having low premium of Rs. 330 per year.
- The claim settlement process is very easy and friendly.
- PMJJBY Scheme Online Application is available
- The scheme doesn’t cover accidental death.
- If the assured person dies with 45 days then the nominee will not get any amount.
PMJJBY Scheme- Eligibility
- Age Limit- 18 to 50 years and have his/her own bank account.
- If the individuals having an account in more than one account, then he/she can subscribe for the scheme only from one account.
- The person who wants to invest in Pradhan Mantri Jeevan Jyoti Bima Yojana must have Aadhar card linked with a bank account.
- Individuals have to submit a self-attested medical certificate to fill the PMJJBY Scheme Online Application form.
Cases Where Death Benefits Of The Scheme Are Terminated
- If the PMJJBY scheme holder is more than 55 years.
- If the individuals do not have enough money to continue the scheme.
- The individual is insured via different bank accounts.
PMJJBY Scheme- Benefits
- Death Benefit- The insured person has death coverage of Rs 2,00,000, and the entire amount will be provided to the beneficiary.
- Tax Benefit- The premium paid towards PMJJBY Scheme is eligible for the tax deduction under section 80C of Income Tax Act. Of the insured person does not submit form 15 G/15 H than any life insurance proceeds above Rs. 1,00,000 will be taxable by 2%.
- Risk Coverage- PMJJBY scheme has the risk coverage of one year, whereas, individuals can renew the plan yearly, or he/she can choose the auto-debit option linked to your saving bank account.
PMJJBY Scheme Online Application
- You can apply for the PMJJBY Scheme from the net banking of your bank here; we are giving you the example of SBI net banking.
- First of all, login to the net banking.
- Enter your user name and password and press the “login” button.
- Now press the “Social security Scheme” link from the left side of the page.
- After that, you have to select Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) option.
- Now enter the account number.
- After that, you have to select the CIF number.
- PMJJBY Scheme Application form will appear on your screen, fill the application form carefully.
- After filling the complete details, press the submit button.
- That all for the registration process you have registered successfully.
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.