Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)Quick Enquiry
Government through the Budget Speech announced three ambitious Social Security Schemes pertaining to the Insurance and Pension Sectors, namely Pradhan MantriJeevanJyotiBimaYojana (PMJJBY), Pradhan Mantri Suraksha BimaYojana (PMSBY)and an the Atal Pension Yojana (APY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. Hon’ble Prime Minister launched PMJJBY and PMSBY schemes nationally in Kolkata on 9th May, 2015.
The Pradhan MantriJeevanJyotiBimaYojana (PMJJBY) is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years( life cover upto age 55) having a savings bank account who give their consent to join and enable auto-debit. The risk cover on the lives of the enrolled persons has commenced from 1st June 2015.
Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st May at a premium of Rs.330/- per annum per member and is renewable every year. It is offered / administered through LIC and other Indian private Life Insurance companies. For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder.