The Union Finance Minister has proposed to launch 3 Social Security Schemes in Budget 2015-16. The three Schemes are;
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- Pradhan Mantri Suraksha Bima Yojana (PMSBY) and
- Atal Pension Yojana
The Union Finance Minister, Shri Arun Jaitely presenting the Union Budget 2015-16, said that a large proportion of India’s population is without insurance of any kind – health, accidental or life worryingly, as our young population ages, it is also going to be pension-less. Encouraged by the success of the Pradhan Mantri Jan Dhan Yojana, the Finance Minister proposed to work towards creating a universal social security system for all Indians, specially the poor and the under-privileged.
PMJJBU is a Life Insurance coverage plan. This plan covers both natural and accidental death risk. The maximum sum assured offered under this Govt Scheme is Rs 2 Lakhs. The premium will be Rs. 330 per year, or less than one rupee per day, for the age group 18-50. The scheme will be offered by Life Insurance Corporation (LIC of India). Government is also encouraging the other life insurance companies to offer this scheme. But, Private Life Insurance companies have to tie up with banks like State Bank of India (SBI) etc., to offer this scheme.
In this post, let us go through the details / highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY Scheme).
Features of Govt’s Pradhan Mantri Jeevan Jyoti Bima Yojana :
- Who is eligible to take PMJJBY? This life insurance plan is available to people (all citizens) in the age group of 18 to 50 years and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
- When will this Scheme start / open? Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme is now open for subscription for the insurance period (1st June 2015 to 31st May 2016). The last date to apply to this scheme for this insurance period is 31st May 2015 (Govt has extended this deadline till 31st August 2015).
- What is the Premium amount? You have to pay Rs.330 per year. It will be auto-debited in one installment.
- What is the Premium Payment Mode? The payment of premium will be directly auto-debited by the bank from the subscribers (policyholder’s) account.
- What is the total Risk Coverage offered? Rs 2 Lakh will be paid, in case of death for any reason (natural or accidental death).
- Terms of Risk Coverage: A person has to opt for the scheme every year (1st June to 31st May). He 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.
- Is Nomination facility available? Yes, nomination facility available. In-case of unfortunate event of death of the policyholder, the nominee will get the death benefit.
- What are required documents? As per government, a copy of your Aadhar card alone is enough to subscribe to this scheme.
- Who will implement this Scheme? Jeevan Jyoti Bima scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
- Will Government contribute to this scheme? Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money. This will be decided separately during the year.
- An individual is eligible to join this scheme through one savings bank account only.
How to Subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana?
To avail this scheme’s benefit, you need to have a Savings Bank Account. A simple application form for PMJJBY has to be completed and submit it at LIC of India branches or participating Banks branches. Aadhar card details are considered as the primary KYC document. You have to subscribe to this scheme every year in the month of June. You can also prefer to give a long-term option of continuing with the scheme, in which case your account will be auto-debited (towards premium amount) every year by your bank.
You may exit the scheme at any point and may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.
Pradhan Mantri Jeevan Jyoti Bima Yojana – Income Tax Benefits
The premium paid towards this scheme is eligible for tax deduction under section 80C.
My Opinion:
Though the premium amount is same for all the individuals who are in the age group of 18-50 years, I believe that this is very cheap. You can surely consider subscribing to this scheme. The sum assured of Rs 2 Lakh may not be adequate but if you look at from the cost and benefit point of view, it is a good scheme. (Remember, you still need to have a separate Term insurance plan with sufficient risk cover)
You can encourage your house-maid (or) car driver…to subscribe to this scheme. Educate them about this scheme and if possible help them in opening a Bank account (under Jan Dhan Yojana).
For more information, download the below PDF files (Source – jansuraksha.gov.in) ;
- For detailed information, rules & guidelines on Pradhan Mantri Jeevan Jyoti Bima Yojana – Click here
- Frequently Asked Questions (FAQs) on Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Click here
- Application form for Pradhan Mantri Jeevan Jyoti Bima Yojana – Click here
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Claim form – Click here
- Click here to download – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) application or subscription or registration form in Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil or Telugu.
Latest News on PMJJBY : Life Insurance Corporation of India (LIC) and Dena Bank have signed a Memorandum of Understanding (on 6th April, 2015) to implement the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for savings bank account holders of the bank. Dena Bank has 12 million savings bank account holders and they would be eligible to enroll under this policy. LIC is looking to tie-up with other banks as well for implementing this scheme. They have already tied-up with Corporation Bank.
Latest updates : A new Toll free number has been launched, to know more details about this scheme, call 1800 180 1111. Visit Govt’s wesbsite @ www.jansuraksha.gov.in
ICICI Bank customers can enrol for this scheme by sending an SMS. To enroll – SMS PMJJY <nominee name> Y to 5676766
How to claim Insurance Benefits under PMJJBY & PMSBY Govt Insurance Schemes?
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LIC Jeevan Tarun – New Child Plan – Features, Review & Returns Calculation
LIC’s Bonus rates for 2014-2015
I have joined in PMJJBY in 2015 ,That time my bank was HDFC..now I changed my account to SBI..So how can I link my new bank details to policy..I want to continue with the policy..
Dear usha ..You can ask HDFC bank not to debit the premiums and submit fresh ECS mandate to SBI by giving your PMJJBY details.
Can i open this scheme PMJJBY with my SBI account its available now.
Hi,
When we are claiming the amount of 2 lakhs for PMJJBY . Do we get 2 lakhs without any tax deduction. Please let me know
Dear amit ..I believe that TDS is not applicable.
Hi Sir,
I have linked both schemes to Andhra Bank. Now, I am planning to close Andhra Bank Account. Can I re-apply in another Bank immediately or do I need to wait till May or June (As per schedule of schemes).? Any information on this.?
Dear Sanjay ..I believe that you may have to wait till June and then can apply from new bank account.
Thanks for sharing this post.It is very extraordinary post.
Examhelpline
Hi.
This is anu
I want to go for pradana mantri jeeva bhima yojana can i do it now where this scheme is existing now
I want to leave the 330 insu scheme from bank. What is tje procwdure to opt out.
Thanks for details about Jeevan Jyoti yojana.
Where I get my PMSBJ Certificate. My Bank is Bank of India, Bank refuse to issue certificate. Please help me.
Where I get my PMSBJ Certificate. Certificate No. BKID421016310000577300516. My Bank is Bank of India, Bank refuse to issue certificate. Please help me.
Sir agar nomination me mummy ya behan ka nam likha ho to
Kya policy holder ke wife aur doughter ko paisa mil paega.
Dear Sunil..In that case, it is better to nominate wife as the beneficiary.
sir, i joined in this policy on last year through internet. This month Bank debited again Rs.330.
from where i get my policy number,policy certificate and status.
thanks,
Saji Mathew.
How can I get the policy numbers?I want to know the policy status.
what are the last date in pmjjy sceme
this is only risk cover policy i thing. nice information thanks a lot 2 lakh rs is nice for poor people.
this scheme is good but who will get benefits from this scheme .
sir I request to bank pls gives my policy certificate pradhan mantri jeevan jyoti bima yojana but they said to me to search online as per bank instrustion but I could not find it
Sir how to download pmjjby and pmsby insurance certificate
how to grab my all insurence certificate??????
who will get the benifits of scheme if die at 50
Dear Sir i applied for Pradhana Mantri Jeevan Jyoti Bima Yojane (330) & APY. I got both aknowledgement slip but i’m not getting the original LIC bond of both. I consult the bank they told collect through online only. I tried to apply i can’t so pls suggest me how can i get the oringinal bond of both i..e..PMJJBY & APY.
Regards
Jyothi R
sir am i applied on online hw to get my policy band
I taken aducation loan from allahabad bank. Have any interst subsidiaries schemes under pradhanmantri scheme. please inform me.
Aadhar. Card is a mandatory document?
Dear Priya..no it not mandatory.
Hello Sir,
I have taken the Rs.330 Plan till 55 years i have to pay the premium.
If i died at the age after 60 years will my family assigned nominee get 2 lakh insurance.
Dear Uma,
The risk cover is available till 55 years only.
I am 40years old. I wanna enroll for jeevan jyoti yojna…
If i past before 55 then my nominee will get amount but i live for more than 55, then when and what amt. Will be paid and to whom?
Dear Pawan..There is no maturity benefit available in this scheme.
Till What Age I Should Pay Rs =330/ In PMJJBY Eg: When Idie at the Age of 70 Yrs Will My Nominee Will Recive The benfit
Dear Kalidoss..you can pay premiums till 55 years of age.
Please help!
Is PMJJBY cover as life time insurance after attaining age 55? Is there any maturity money return for PMJJBY?
Dear Jitendra,
The risk cover is available till 55 years of age. No maturity benefit is available.
One of our relative has enrolled for PMJJY and PMSBY schemes, and unfortunately he passed away with Kidney failure.
Can the insurance amount be claimed? (Since he died with Kidney failure), If yes how much amount will the nominee gets?
Dear Chandu,
You can claim under PMJJBY (Claim amount is Rs 2 Lakh). Kindly visit my article : PMJJBY & Claim procedure.
Hellow,
I would like to know about for how many years we have to pay this 330 amount ..
Kindly advise me …!!!
Dear Saurabh …Premium can be paid till attaining 55 years of age.
I TAKE OF PMJJBY FROM CANARA BANK BUT NO DELIVERY CERTIFICATE OF THIS. I AM NOT RECORD OF THIS BIMA YOJONA.
Nice scheme for INDIAN citizens, and it should compulsory all people to take the policy of pradhan-mantri-jeevan-jyoti-bima-yojana. and thaks to CENTRAL GOVERMENT OF INDIA
I have subscribed all three schemes but till now I didn’t got any insurance copy.
I have paid first premium of PMJJY through my salary account. Now my salary account shifted to another bank. After some time my previous salary A/c will be closed. So i want to know how can i continue the scheme with my current A/c.
Dear Deepak,
You can submit your APY details & Debit mandate to your new banker.
I have paid the premium through Kotak Mahindra band. Balance has been deducted. However, I did not receive any confirmation email. Even, I do not know the Policy no. How do I know these information. Please assist.
Thanks & Regards,
Habib Molla
Dear Habib,
Kindly contact your banker.
Is it possible to contribute for people who are dependant on us like domestic maids/ drivers etc. who do not have any other social security…Currently the form looks like only those who have bank account can contribute from their account… it may help if employers can also debit premium from their bank account but payout can happen only to beneficiary bank account
Dear MJ,
Agree with your views. But, as of now this option is not available.
i am age of 54 years can i eligible to participate in APY
Dear Kiran,
The age of the subscriber should be between 18 to 40 years only.
Read my artcile – Atal Pension Yojana : Review & Benefits.
Respected Sir My Wife D/B is 01-01-1977 what is the monthly instalment for 5000 pension per month after 60 years
Dear Pramod,
For a person who has completed 38 years of age, to get pension amount of Rs5k, monthly contribution is Rs 1,196 for 22 years.
Dear sir,
I have taken PMJJBY and my premium has been deducted from SBI as I have account there. But now I want to cancel this insurance so that no further premium be deducted from my account. Please let me me know what shall do to deactivate the above.
thanking you
birendraprasad
Dear BIRENDRA,
Kindly contact your bank and submit cancellation request.
Dear sir,
I am a saving customer of ICICI BANK. I have enrolled both my name in PMJJBY and PMSBY
to get my policy certificate what I have to do?
Dear Biswanath,
Kindly contact your banker.
Dear Sir,
How many days it takes for taking documental evidence of PMJJBY from SBI ?
Dear Ajoy,
I am not sure on this and do not have the answer.
Sir, I am currently aged 30. Suppose i keep paying the premium till attaining 55 years of age and god forbid nothing happens to me. Then after attaining the age what will happen to the premium i paid for 25 years. will it be given back?
Dear Pramit,
Kindly note that this is scheme works like a Term plan, no maturity benefits are paid.
if i open this policy on 31 st march 2015 330/- amount dr from my saving a/c but some problem i close my this saving a/c, policy is close after close my saving a/c ya i can trnf my policy to other bank or open new policy in other bank
Dear prashant,
You can provide your new bank a/c details when you renew your policy.
Dear sir
I applied PMJJY scheme by sending massage & on 30th may my account gets debited by rs 330.
When I visited icici bank they told me to wait atleast 15 days & the policy document will get delivered to your home .
Almost 14days gone but I didnt get any proof or any legel documents of PMJJY from my icici saving bank account.
Please help n let me know what should I do now …
Dear Abhay,
Kindly wait for few more days, you will receive your Policy bond.
Dear Sir,
Please give details information for following.
1. What are the condition to claim the policy.
2.how much time require for settlement of claim.
Dear Vikas,
1 – The scheme covers natural & accidental death risk.
2 – As of now, i am not very sure on this (mostly 30 to 60 days).
R there any schemes introduced for senior citizens? Please give me an update on these….mean govt schemes?
Dear Mr Murthy,
Kindly go through these articles – Varishtha Pension Bima Yojana & Atal Pension Yojana.
Besides these, you can check out Post office Senior Citizen Savings Scheme.
are govt. employees eligible for this PMJJBY
Yes, dear Anju 🙂
In SBI BANK they are telling date is over but last date is extanded tell 31 august and they r not giving forms
Dear Santosh,
If you have savings a/c with other banker, contact them..
should i have to renew the policy every year or it is a self renewal policy?
Dear Harshal,
You need to renew the policy every year.
i hv heard that in PM Jeevan Jyoti Bima Yojna me sirf uninsured person hi eligible hai. iska matlab agar apke pass koi bhi insuranc co. ki policy le rakhi hai toh aap eligible nahi hai. Bank apki premiun toh deduct kar lega lekin claim payable nahi hoga. some bank informed that this are meant for poorer peoples only who don’t hv policies. is it true
Dear Kishor,
These schemes are primarily meant for poor people. But any Indian citizen with a savings a/c can apply for these schemes.
I want to know about that is pmjjy have plan to recover mediclaim or hospital expance due to critical condition?
Dear krishnakant,
No such facility is available under PMJJBY. It is like pure term insurance.
Hello Sreekanth, If I registered this policy through ICICI and for some reason, If I close my savings account with ICICI, can I get this changed to a different bank?
Dear Veera,
Before the next policy renewal date, you may submit new bank account details and also the auto-debit mandate. Remember, your bank a/c should be active on the renewal date.
Thanks Sreekanth! Much appreciated.
or ye dono benefit hume kis age tak milenge,or premium kab tak bharna hoga
Dear Sohan,
Yes, the premium amounts will remain the same.
Under PMJJBY – you can pay the premiums till 55 years. Risk cover is available till 55 years.
Under PMSBY – you can pay the premiums till 70 years.
dear sir pls advise me
may ye janna chahta hu,ki hume in dono yojna ka premium her saal same he dena hoga.
Sir my age is 49.up to how many years I have to pay.if I died at the age of 65 for natural cause,how much money will be returned for my nominee
Dear Utpal,
You can pay premium upto 55 years and continue to have the insurance cover. The death benefit would be Rs 2 Lakh, which can be claimed by your nominee.
If we paid this amount yearly then in first five year …..I give to the scheme in first five year 2350 with interest …. at last we paid ( 55-20) yrs=35yrs I paid this amount ……like 2lack …..what is my profit……
Dear Nurul,
There won’t be any maturity benefit in this scheme. It work’s like a term insurance plan.
To understand this , read my article on – Top Term insurance plans.
is this schem is helpfull for those who are suffering diseases for their medical claim? is this schem can pay amount for medical?
Dear Yogesh,
This is not a mediclaim policy.
Sir, i’m 28 yr aged person, i hav diabetes type 1 and hav undergone angioplasty, i hav no other insurance, am i eligible for tis scheme
Dear Arun,
As per the Scheme’s rules, you need to submit “satisfactory statement of good health”. You may have to mention about your recent medical treatment details, then the concerned insurance company will take the final decision accordingly.
Would I expect any sum payable after paying some instalments?
Dear Habeeb,
This is a pure term insurance policy, you do not get any returns from it.
But, that is what is expected from an insurance policy. Do not mix insurance with investment.
Read my article – “Is term insurance a waste of your money?“
As per polices ,Any one who is in the age group of 18 to 50 is eligible.But now i am 48 years old. After 02 years i will be 50 years, Then the polices will stop or continue. Please suggest .
Dear Pramod,
You can pay premiums up to the age of 55 years and get the insurance cover till 55 years.
Entry age range is 18-50 years.
Thanking you for valuable info.
I am 32,till what age the premium has to be paid?
Is the policy can be one time or compulsory on yearly basis?
i like you pradhan mantri jeevan jyoti bima yojana – govt,s life insuranacce scheme
Sir ji is yojna se bapas ammount kb milenga 50 ki age me ki death ke baad.
Dear Ankit,
The insurance amount is payable only on death and there is no maturity amount.
It’s good Scheme for every people. Thanks for its
# Our Hunrebal PM
if peaple will be normal dead ,he claim this policy !
Dear Babul,
Yes, natural / accidental death, both are covered .
My daughter is in college age23 if she is enrolled now for how many years she has to pay the premium
Dear Mr Angomcha,
Upto 55 years, the policy can be renewed. It is a yearly renewable scheme. Even if you stop premium for one year, next year you can re-join the scheme.
I WANT TO KNOW IS A PERSON CAN TAKE BOTH POLICY PRADHANMANTRI JEEVAN JYOTI BIMA & PRADHANMANTRI SURKSHA BIMA YOJNA
AND IF HE DIED DUE TO ACCIDENT IN THE AGE OF FORTY EIGHT THEN HOW MUCH BENEFIT HIS NOMINEE WILL GET 2 LAKS OR 2 LAKS+2 LAKS = 4 LAKHS
Dear Sunil,
Yes, you may apply for both the schemes. Total Rs 4 Lakh will be the insurance cover.
I WANT TO KNOW A PERSON HAVE ALREADY ANOTHER LIC POLCY LIKE JEEVAN ANAND THEN HE CAN TAKE THIS POLICY ALSO ?
Dear Sunil,
Yes, even if you have any existing life insurance polices, you can apply to PMJJBY scheme.
I am interested in pmjby, but is it saving+insurance or only insurance?
Dear Debabrat,
Kindly do not mix insurance with savings/investments. Insurance is to cover risks and not to expect RETURNS.
Suggest you to read my article – ” Is Term Insurance a waste of your money?“
I don’t have aadhar card can i apply fr the same policy
Dear Saswati,
I believe that you can apply. The application form / consent form says “provide Aadhar – if available”. Let’s wait for more clarity.
can student
is eligble for this scheme
Dear Rajesh,
What is your age? Any one who is in the age group of 18 to 50 is eligible.
Ffor next 20 yrs, will the premium Rs.330 per year remain same for policy under PMJBY ??
Dear Mahesh,
I believe the premium is going to be the same.
Can the same person have more than 1 jeevan bima policy
Dear Ashu,
I believe it is not possible.
thanks for share valuable information, It’ll be helpful to update new articals
I am very interested in pmjjby
i like you pradhan mantri jeevan jyoti bima yojana – govt,s life insuranacce scheme
I have got good information from your website – srikanth
Dear Srikanth,
Thank you. Keep visiting!