PMJJBY

Government of India has announced a scheme "Pradhan Mantri Jeevan Jyoti Bima Yojana" in order to facilitate life insurance cover to all the masses of India even affordable to economically weaker society.
The insurance cover is available under One Year Renewable Term Insurance Plan of Life Insurance Corporation of India [LIC]. This scheme provides the value addition of life insurance for all Savings bank account holders, who can now avail of life insurance cover through their account subject to payment of Annual premium ₹ 436.00 per account holder.

Insurance cover is eligible to all savings bank account holders in the age group of 18 - 50 years. After enrolment, coverage will be available up to 55 years of age (nearer birthday) for existing members subject to annual renewal up to that date.
Lesser premium of ₹ 436.00 per annum w.e.f.01.06.2022.
Risk coverage for ₹ 2 .00 Lakhs in case of death for any reason.

A person has to opt for the scheme every year or else he/she 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.
No medical tests required. A simple declaration of good health will suffice.
Insurance cover commences immediately (accidental cover) on debit of premium to the account. 30days lien clause is applicable for death other than accidental.Claim will not be admissible during the lien period for natural death.
Simple payment mechanism: the premium can be debited from the customers account and standing instructions can be given for renewal.
Income Tax benefit is available under section 80c of IT Act.
Nomination is compulsory.
Simple claim settlement process.
The insurance cover is provided under the Group Insurance Scheme of LIC.
Since the Bank is the Master Policy Holder, the subscribers may not be provided with separate policy. An acknowledgement may be given as a acknowledgement slip cum Certificate of Insurance.

Premium of ₹ 436.00 will be deducted for fresh applications enrolled during the month of June, July & August.
Premium will be deducted on prorata basis as below for enrollments during the subsequent quarters.

Enrollment during the months	Total Premium(in ₹)
September, October & November	342
December, January & February	228
March, April & May	114

Pradhan Mantri Jeevan Jyoti Bima Yojana