Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) which was in the news for quite some time has now been formally announced. Life Insurance Corporation of India (LIC) has partnered with Jammu Central Cooperative Bank (JCC) and will offer this policy to account holders of JCC.
The scheme will be a one-year cover, renewable from year to year, offering life insurance cover for death due to any reason. The scheme would be offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will offer a life coverage of Rs 2 lakh at a nominal premium of Rs.330 per annum per member. In case of natural death or accidental death, the beneficiary will be paid Rs. 2 lakh.
All savings bank account holders in the participating banks in the age of 18 to 50 years will be eligible for the scheme. The cover of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) shall be for a period of one year ranging from 1st June to 31st May. Only those savings bank account holders of the participating banks who give their consent to join / enable auto-debit will be enrolled into the scheme.
Summary of Scheme
Scheme Name
Pradhan Mantri Jeevan Jyoti Bima Yojana
Life Cover Amount
Rs.2,00,000
Annual Premium
Rs. 330
Payment Mode
Auto debit from bank
Policy Duration
1 year (renewable from year-to-year)
Minimum Entry Age
18 years
Maximum Entry Age
50 years
Start Date
1st June 2015
