Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme- PMJJBY

1. About Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme - PMJJBY

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On May 09, 2015, the Government of India launched Pradhan Mantri Jeevan JyotiBima Yojana (PMJJBY) - a government-backed life insurance scheme in India. It was originally proposed in the 2015 budget speech by the Union Finance Minister, as only 20% of India’s population was endorsed under any kind of insurance until then. Consequently, the PMJJBY was launched to increase penetration of life insurance among citizens.
More details as below..

2. Objectives of PMJJBY:

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The objective of this scheme is to provide affordable life insurance cover to the eligible people, especially the poor and underprivileged, for death due to any reason.

3.Elgibility for PMJJBY

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1.Individuals in the age group of 18-50 years having a savings bank or a post office account are entitled to enroll under the scheme.
2. Age Limit : Upto 50 years . People who join the scheme before completing 50 years of age can continue to have the risk of life covered up to age of 55 years upon payment of premium.
3. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable

4. Enrolment :

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Enrolments under the scheme can be done by visiting the branch/ BC point or website of the bank of the account holder or at the post office in case of post office savings bank account. The premium under the scheme is auto debited every year from the subscriber’s bank account based on a one-time mandate from the account holder.

5. Benefits: :

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Life insurance cover of Rs. 2 Lakh in case of death due to any reason against a premium of just Rs. 330 per annum.
Achievements (as on April 27, 2022):
• The cumulative enrolments under the scheme have been more than 12.76 crore.
• An amount of Rs. 11,522 crore has been paid for 5.76 lakh claims.
• Out of the 12.76 crore cumulative enrolments, over 38% are PM Jan Dhan Yojana account holders, 49% are women account holders and 70% are people from rural areas.
With the government’s continuous efforts to enhance the social security awareness and strengthen the financially weaker section of the society, the PMJJBY scheme is expected to gain higher momentum in the future and meet its goal of achieving the country’s total financial inclusion.