PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

Date: March 02, 2015

PMJJBY Insurance

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA: NEW SCHEME FOR LIFE INSURANCE 

Budget 2015-16 has brought couple of social scheme including low-premium insurance schemes aims to widen the penetration of insurance in India. Pradhan Mantri Jeevan Jyoti Bima Yojana is one of such low-premium insurance scheme. 

Eligibility: Available to people in the age group of 18 to 50 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.
Premium: Rs.330 per annum. It will be auto-debited in one instalment.
Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscribers account.
Risk Coverage: Rs.2 Lakh in case of death for any reason.
Terms of Risk Coverage: A person has to opt for the scheme every year. 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.
Who will implement this Scheme?: The 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.
Government Contribution:
(i) 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.
(ii) Common Publicity Expenditure will be borne by Government.