Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) : Life Insurance for Low-Income Families
Life is unpredictable, and securing your family’s financial future is more important than ever. The Government of India offers the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) an affordable life insurance scheme aimed at providing financial protection to low-income families in case of an unfortunate demise.
In this post, we’ll explain what PMJJBY is, who can enroll, the benefits it offers, and how to apply.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
PMJJBY is a government-backed term life insurance scheme that provides coverage of ₹2 lakh for a yearly premium of just ₹436 (₹12 per month). If the insured person passes away during the policy period, their nominee receives the insurance amount to support the family financially.
Who is Eligible for PMJJBY?
- Indian citizens aged 18 to 50 years can enroll.
- Must have a savings bank account with an eligible bank.
- Enrollment is voluntary and done through participating banks.
- The scheme is ideal for low-income earners, farmers, daily wage laborers, and those in the informal sector.
What Does PMJJBY Cover?
- Life insurance coverage of ₹2 lakh in case of the insured’s death during the policy year.
- The policy is valid for one year and can be renewed annually.
- If the insured survives the year, there is no maturity benefit it’s purely a protection plan.
How to Enroll in PMJJBY?
Step 1: Check Your Bank Participation
Confirm that your bank offers PMJJBY. Most public and private banks participate.
Step 2: Fill Enrollment Form
Visit your bank branch or use net banking/mobile banking portals to apply.
Step 3: Provide Consent and Nominee Details
You need to provide written or online consent and details of the nominee who will receive the benefit.
Step 4: Pay the Premium
The yearly premium of ₹436 will be auto-debited from your savings account.
Important Things to Know
- The scheme automatically renews every year unless you opt out.
- Make sure your bank account has sufficient balance on the renewal date.
- If the premium is not paid, the policy will lapse.
- The nominee must submit a claim along with required documents in case of the insured’s death.
How to Claim PMJJBY Benefits?
In case of death of the insured:
- The nominee should submit a claim form to the bank.
- Required documents usually include the death certificate, nominee’s ID, and bank details.
- Claims are settled quickly to provide timely support.
Where to Get Help?
- Visit your bank branch or call their customer service.
- Check official website links for more info.
- Use the government’s insurance portals for updates and FAQs.
Conclusion
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a simple, affordable way to secure your family’s future against the unexpected. For just ₹12 a month, you can have peace of mind knowing your loved ones will receive financial support if anything happens to you.
If you or your family haven’t enrolled yet, talk to your bank today. CrunchyFin is here to help you understand and access all government schemes for a better financial life.
