Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme. The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
The scheme is offered / administered by Bank of Baroda through M/s India First Life Insurance Company.
The salient features of the scheme are given below:
All Savings Bank Account holders in the age 18 to 50 years can join this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
From 1st June to 31st May of subsequent year
Rs.330/- per annum per member for insurance upto Rs 2 Lacs.
The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health.
An account holder can enroll for PMJJBY by any of the following methods
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa.
The details of insurance benefit are given below.
The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios: