Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – How To Apply for PMJJBY

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – How To Apply for PMJJBY

  • 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.

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(ii)  Common Publicity Expenditure will be borne by Government.

Enrolment:

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  • The policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016.
  • Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to your bank account.
  • The premium amount of Rs. 330 is payable for the cover period of 1st June to 31st May.
  • This premium is subject to change as specified by the Government of India from time to time.
  • In case members wish to join the scheme post policy commencement date, he/ she can do so with the payment of full year’s premium and submission of self certificate of good health.
  • The enrolment rules would be as specified by the Government of India from time to time.

Process to activate Social Security Schemes through NetBanking – HDFC BANK

  • Log in to NetBanking > Click on the ‘Insurance’ tab.
  • You will be shown both the schemes to choose from.
  • Select the Account through which you wish to pay your premium.
  • Policy Cover amount, Premium amount and Nominee details (as per the selected account) will be displayed. You can choose to replicate the Savings Account nominee OR add a new nominee.
  • Click on the following declarations/details:
    – Good Health declaration
    – Terms & Conditions / Scheme Details / FAQs
    – “I do not hold any other policy of the same”
  • Click on ‘Continue’. You will then be shown the complete details of the social security scheme you have registered for.
  • If you are okay with the scheme registration details displayed, click on ‘Confirm’
  • Download the Acknowledgement, which carries a unique reference number.
  • Do save the Acknowledgement document for future reference.

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