Government's flagship PMJJBY scheme marks 7th anniversary; 1-yr term life cover offers Rs 2 Lakh insurance at annual premium of Rs 330

The latest Tweet by PIB India states, 'PMJJBY provides One-year term life coverof Rs 2 Lakh, renewable annually, for a premium of Rs 330 per annum,to citizens in the age group of 18-50 years. '

Today marks the 7th anniversary of three social security (Jan Suraksha) schemes, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY).

Under the Pradhan Mantri Jeevan Jyoti Bima Yojana (#PMJJBY), affordable life insurance cover is provided to people of 18-50 years age group, especially the poor and underprivileged, for death due to any reason. (1/3) pic.twitter.com/X2rzDZmvmE

— NSitharamanOffice (@nsitharamanoffc) May 9, 2022

The Centre's flagship life insurance scheme — Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), and accidental insurance scheme, Pradhan Mantri Suraksha Bima Yojana (PMSBY) — have seen enrollments rise to 128 million and 284 million, respectively, in seven years of inception.

The PMJJBY Life Insurance Company provides life insurance coverage of Rs 2 lakh at a rate of Rs 330 per month to all account holders aged between 18 and 50 years and has paid out Rs 11,522 crore to 576,121 families. Nearly 50 per cent of claims were paid out for Covid-19 deaths, the Ministry of Finance said in a statement.

The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join/enable auto-debit. Aadhar would be the primary KYC for the bank account. 

The life cover of Rs 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs 2 Lakh in case of the death of the insured due to any reason. 

The premium is Rs 330 per annum, which is to be auto-debited in one instalment from the subscriber's bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose.

Eligibility Conditions:

a) The savings bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join/enable auto-debit, as per the above modality, will be enrolled into the scheme.

b) Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a self-certification of good health and that he/she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.