Insurence : Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Online Application, Benefits and Eligibility Insurence

Insurence : Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Online Application, Benefits and Eligibility Insurence

In India, life insurance is often considered expensive and unaffordable for low-income and middle-class families. To make insurance accessible to all, the Government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in 2015. This scheme provides financial protection to families in case of the policyholder’s death at a very affordable premium of just ₹436 per year. With easy online application through banks, millions of Indians are now able to secure their loved ones under this scheme.

What is PMJJBY?

PMJJBY is a life insurance scheme backed by the Government of India and implemented through LIC and other life insurance companies in collaboration with banks. It offers a life cover of ₹2 lakh to the nominee in case of the insured’s death, irrespective of the cause (natural or accidental).

The scheme works on a 1-year renewable policy basis, which means that every year the cover needs to be renewed by auto-debiting the premium from the savings account of the subscriber.

Key Features of the Scheme

Eligibility Criteria

To enroll under PMJJBY, an individual must:

  1. Be between 18 and 50 years of age.

  2. Have a savings bank account.

  3. Link the Aadhaar card with the bank account.

  4. Give consent for auto-debit of premium.

Benefits of PMJJBY

The scheme is particularly useful for families who depend on a single earning member. The benefits include:

  • Financial Security: Provides ₹2 lakh to the nominee in case of the subscriber’s death.

  • Low Premium: At just ₹436 per year, it is among the most affordable life insurance plans in India.

  • Easy Enrollment: Can be applied online through net banking or mobile banking.

  • Tax Benefits: Premium paid is eligible for deductions under Section 80C, and the death benefit is tax-free under Section 10(10D) of the Income Tax Act.

apply imgeHow to Apply Online for PMJJBY?

Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana is very simple. The government has enabled both online and offline enrollment options.

 Online Method (via Net Banking or Mobile Banking)

  1. Login to your Net Banking or Mobile Banking App.

  2. Go to the Insurance / Social Security Schemes section.

  3. Select Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

  4. Enter the nominee details and submit the consent form.

  5. The premium of ₹436 will be auto-debited from your account, and the scheme will be activated.

 Offline Method (via Bank Branch)

  1. Visit your home bank branch.

  2. Ask for the PMJJBY enrollment form.

  3. Fill in details such as nominee, Aadhaar number, and bank account details.

  4. Submit the form along with a self-attested copy of Aadhaar.

  5. The premium will be debited and the policy will start.

Documents Required

  • Aadhaar card (linked to the bank account)

  • Savings bank account details / passbook

  • Nominee details

  • Consent form (online or offline)

Important Things to Know

  • The policy year runs from 1st June to 31st May.

  • Renewal happens automatically every year through auto-debit.

  • If there is insufficient balance in the account, the policy may lapse.

  • Insurance cover ends when the subscriber reaches 55 years or closes the bank account.

Conclusion

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a thoughtful initiative by the government to ensure that every Indian, especially from low-income families, has access to life insurance coverage. At just ₹436 per year, this scheme provides peace of mind and financial protection of ₹2 lakh to the family of the insured. With easy online application through net banking or mobile banking, anyone can enroll in a matter of minutes.

If you haven’t yet registered for PMJJBY, it’s the right time to secure your family’s future with this affordable government-backed insurance plan.

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