PMJJBY Scheme – Eligibility, Benefits and All Details

Thinking about life insurance? Why not seek something that the government also planned for you? One major perk of life insurance today is the Pradhan Mantri Jeevan Jyoti Bima Yojana, or the PMJJBY scheme introduced by the government. This scheme is a one-year cover and requires renewability every year. This insurance scheme covers death for reason that is untold or otherwise.

This article will give you every detail related to the PMJJBY scheme that you need to discover and understand if it is best for you. So keep reading to explore every aspect because the right to information is your fundamental right.

Everything about PMJJBY Scheme

Benefits of Pmjjby Scheme

Before you know what this scheme is, you must understand how it works. The PMJJBY scheme is offered, or one can say that the LIC or various Insurance companies organize it. They offer the same plan and product with specific terms and conditions, which is crucial for approval and bank tie-ups for this cause. 

Also, the banks that participate here have the liberty to include any similar life insurance company. They are free to provide their customers with the perks of the PMJJBY scheme.

The Scope of Coverage

The coverage and scope of this scheme are accessible to all the savings bank account holders aged 18 to 50 years in the banks that follow the scheme. However, if a person has multiple savings accounts, they would still avail the perks with one account. 

Another significant fact about this scheme is that Aadhar is the most critical element, along with the KYC for the bank account.

The Eligibility Conditions of PMJJBY

As mentioned above, coverage and eligibility schemes are available for savings bank holders. The age limit of the person should only range between 18 to 50 years and neither less nor more than that. Also, the eligible ones should give their due consent for joining or enabling the audio debit according to the modality stated above. 

Furthermore, the person seeking life insurance needs to give a self-credential of stable health. The person should also not suffer from any critical illnesses mentioned in the applicable Clearance cum Statement form preceding the enrolment date or later. Once these criteria are fulfilled, one can easily be eligible for this scheme.

Benefits of PMJJBY Scheme

The PMJJBY Scheme delivers two lakhs coverage to the inheritor of the policyholder in cases if the insured dies suddenly or due to some injury. However, the PMJJBY is not an insurance plan for a full term; thus, it brings no surrender or maturity benefits. 

The Enrollment Modality

The enrollment modality of the Pmbjjy mostly prolongs from June 1st till May 31st. The cover withstands this one year only. Further, the chances or options to join or pay the auto-debit from the savings of the holder’s account need to be paid within May 31st. However, there are provisions where a person can enrol into the scheme even if he delays the time period. However, one only needs to pay the full-year premium with the prospective cover, coupled with submitting a certificate of good health. 

Moreover, the people who exit from the scheme also have provisions for rejoining the PMJJBY Scheme in the preceding years. All one needs to do is rejoin with submitting a good health certificate. Besides this, people who entered the scheme or are eligible and did not join or leave the scheme in between may participate in the same procedure.

The PMJJBY Scheme Premium 

The government scheme premium starts at Rs.330/- per person every year. Moreover, this premium amount gets deducted directly from the insured person’s account through the auto-debit. This is done in one instalment altogether, according to the option provided by the scheme. Also, you must make the payments according to the options given and the time period before May 31st. 

Furthermore, the prospects of late or delayed enrolments also remain the same as a modality’s late submission. Here, you just need to pay the scheme’s full annual subscription and submit a good health certification. 

While talking about the renewal of the premium, it is basically relayed upon the experience of yearly-based claims. Besides this, some prospects cover the unseen dark outcomes of adverse nature. Therefore, there is assurance that the preceding three years of the premium have no revision.

The Termination of Assurance

This PMJJBY scheme has certain declarations that would lead to the termination of the assurance. So do check the details mentioned below, which state the terms that, if not followed, would lead to the same. Also, the insured person would get no benefit from the policy afterwards. 

  • When the insured reaches 55 years or near his birthday, then he needs to renew his annual subscription. 
  • Closing a bank account with the Bank or a credit deficit needs to maintain the insurance in power.
  • In a situation, if an insured person under the PMJJBY through the LIC company or the companies, then the insurance cover and the premium would be received by the concerned insurance company itself. Also, the insurance coverage amount confines to 2 lakhs, and it is also available to fortify. 
  • In cases where the insurance ceases on any technical grounds, like lack of balance at the due date or for administrative reasons, one can join it back. The simple procedure is to reinstate the receipt and pay the full-year premium with a satisfactory good health statement. 
  • Lastly, the participating banks send it to the insurance companies in cases of general admissions at the stipulated time every year. While in other cases, it’s on the same month when the insurance amount is accessible to the users. 


The government schemes come with their own perks and benefits. Similarly, the PMJJBY scheme comes with its perks and features. We tried to club as much information as we currently could. Although, if there are any uncleared answers left in your mind, then we have solutions for that also. Just visit the Government website and get all your answers resolved.

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