Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – One Rupee a Day Life Cover – Salient Features & Application Form

by Shiv Kukreja on May 9, 2015

in Insurance

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in

Before leaving for his three-nation tour to China, Mongolia and South Korea from May 14, Prime Minister Mr. Narendra Modi will launch three of his government’s social security schemes on Saturday – Pradhan Mantri Jeevan Jyoti Bima Yojana (Life Insurance), Pradhan Mantri Suraksha Bima Yojana (Accidental Death & Disability Insurance) and Atal Pension Yojana (Pension Scheme).

These schemes would be an extension to Pradhan Mantri Jan-Dhan Yojana (PMJDY) and would be covered under the government’s Jan Suraksha initiative. These schemes are designed to be pro poor and promise to provide protection against the risks of dying too early (Pradhan Mantri Jeevan Jyoti Bima Yojana) or living too long (Atal Pension Yojana) or unable to work & earn due to partial or full disability (Pradhan Mantri Suraksha Bima Yojana).

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Age of the Insured – Bank account holders aged between 18 and 50 years are eligible to apply for this scheme. So, if you are aged more than 50 years, you are not eligible to enroll yourself for this scheme. But, once enrolled, you can continue with this scheme till you attain the age of 55 years.

Premium Amount – Less than Re. 1 a day or an annual premium of Rs. 330 is what you need to pay to get a life cover of Rs. 2 lacs. No matter what your age is, the premium is fixed at Rs. 330 for a life cover of Rs. 2 lacs. This annual premium of Rs. 330 has been fixed for the first three years from June 1, 2015 to May 31, 2018, after which it will again be reviewed based on the insurers’ annual claims experience.

Period of Insurance – June 1st, 2015 to May 31st, 2016 is the period for which this scheme will cover all kind of risks to your life in the first year of operation. Next year onwards as well, the risk cover period will remain June 1 to May 31.

LIC as the Administrator – The scheme would be offered / administered by the Life Insurance Corporation (LIC) and other life insurance companies like SBI, ICICI etc. through their tie ups with the interested banks like SBI, ICICI, Canara Bank etc. Participating banks are free to engage any such life insurance company for implementing this scheme for their subscribers.

Auto Debit Facility – Annual premium of Rs. 330 will get deducted from your savings bank account through auto debit facility. You will have to give your consent for auto debit of premium from any one of your bank accounts at the time of enrolling for this scheme.

Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.

Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 330 and submit a self-certificate of good health in the prescribed proforma.

Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two are the National Toll-Free Numbers for this scheme. You can check the state-wise toll-free numbers from this link – State-Wise Toll Free Numbers

Service Tax Exempt – Finance Minister Mr. Arun Jaitley has proposed to exempt this scheme from service tax. So, you will not be charged any service tax on the premium payable.

Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.

Application Form – Here you have the link to the application form for you to enroll yourself for this scheme – Application Form for PMJJBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Policy Coverage – The scheme offers to provide you or your family a cover of up to Rs. 2 lacs in case of any mishappening, resulting into death or disability of the insured. In case of death or full disability, you or your family will get Rs. 2 lacs and in case of partial disability, you will get Rs. 1 lac. Full disability means loss of both eyes or both legs or both hands, whereas partial disability means loss of one eye or one leg or one hand.

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Age of the Insured – Savings bank account holders aged between 18 years and 70 years are eligible to apply for this scheme. People aged more than 70 years will not be able to get the benefits of this scheme.

Premium Amount – It costs you just Rs. 12 in annual premium for having an accidental death or disability cover of Rs. 2 lacs under this scheme. It works out to be just Re. 1 a month, which is extraordinarily low. Again, your age has nothing to do with the premium payable for your insurance cover under this scheme as the premium is fixed at Rs. 12 for a cover of Rs. 2 lacs.

Period of Insurance – You will remain insured for a period of one year from June 1, 2015 to May 31, 2016. Next year onwards as well, the risk cover period will remain to be June 1 to May 31.

Administrators for PMSBY – The scheme would be offered / administered by many of the general insurance companies, both in the public sector as well as in the private sector. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers. National Insurance Company Limited, Oriental Insurance Company Limited and ICICI Lombard are some of the companies which would be offering this scheme.

Auto Debit Facility – You will be required to provide your consent for auto debit of Rs. 12 as the annual premium from any one of your bank accounts at the time of enrolling for this scheme. This premium of Rs. 12 will get deducted from your savings bank account through auto debit facility every year between May 25 and June 1.

Last Date for Enrolment – May 31, 2015 is the last date for getting enrolled for this scheme, but the government has given an extension of three months up to August 31, 2015 for us to get enrolled and give auto-debit consent for this scheme. This enrolment period may be extended by the government for another period of three months, up to November 30, 2015.

Those joining this scheme subsequent to May 31, 2015 will have to pay the full year’s premium of Rs. 12 and agree to specified terms of this scheme.

Toll-Free Numbers – 1800 110 001 / 1800 180 1111 – These two are the National Toll-Free Numbers for this scheme. You can check the state-wise toll-free numbers from this link – State-Wise Toll Free Numbers

Service Tax Exempt – Yes, Finance Minister Mr. Arun Jaitley has proposed to exempt this scheme from service tax. So, you will not be charged any service tax on the premium payable.

Know Your Customer (KYC) – Aadhaar Card issued by the UIDAI will be the primary requirement for your KYC under this scheme.

Application Form – Here you have the link to the application form for you to enroll yourself for this scheme – Application Form for PMSBY

Should you subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance scheme and we all know that a term plan is the cheapest form of covering ourselves against the risks of untimely death. I think the government is doing a wonderful job in taking the initiative to attract low income group people to get themselves covered against the risks of untimely death.

I think the premium is reasonably justified for people in their middle years, probably between the age of 40-50 years. For younger people, you might still find cheaper life cover policies with some of the private insurers, like Max, Aviva, Aegon Religare etc.

I’ll keep on updating this post as and when I have some interesting data to insert into. If any of you has anything to share about this scheme, please feel free to do that, I’ll update that as well here in the post.

I covered Atal Pension Yojana in March this year and I have covered Pradhan Mantri Jeevan Jyoti Bima Yojana in this post. I will cover Pradhan Mantri Suraksha Bima Yojana also as soon as possible.

Application Form for PMJJBY

{ 53 comments… read them below or add one }

JAGTAP SANTOSH January 1, 2016 at 1:00 PM

Hi sir,
my father opened PMSBY 24 july 2015.my father death due to sucide he had done 28 nov. can i claim for policy?

Reply

Santosh B V January 13, 2016 at 2:17 PM

Ya its applicable for death due to any reason. If u have that acknowledgement u can apply for claims.

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Prem June 19, 2016 at 10:57 AM

Yes.insurance applicable in any death

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Santosh B V January 13, 2016 at 2:13 PM

I have lost my mother on Nov 3rd and applied for pmjjby scheme claims on last month but I’m not getting any information regarding claim status. So in which web Id I should get information abt status

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akhilesh kumar February 10, 2016 at 10:08 PM

Maine complen 05_12_2015 ko claim kiya tha par abhi take Pisa nahi mila hai help kare 9334375990

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pankaj karnwal February 27, 2016 at 1:42 PM

nice information thanks for sharing with us

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K sreenu March 2, 2016 at 11:01 AM

Sir I’m sreenu not applyed pmjdy is there any chance to apply now pls tell me 9908093143

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vishnu March 4, 2016 at 3:51 PM

i have an account in pmjdy and also have pmsby of rs 12 , what is amount of claim, can we found amount of rs 3 lac (1 lac of pmjdy + 2 lac pmsby)

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mahendra kumar gupta March 9, 2016 at 12:07 PM

certificate/any details of insurance not received from bank/company

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pankaj karnwal April 1, 2016 at 11:03 PM

wow article thanks a lot for sharing with us.

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pankaj karnwal April 1, 2016 at 11:29 PM

nice article thanks for sharing with us.

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premkumar April 22, 2016 at 3:52 PM

Sir,my acknowledge ment slip is loss,what I can do?

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Sahebrao April 22, 2016 at 8:06 PM

It is good to note that there is a entry gate, but there is not a mention of exit gate. Once insured, bank will continue deduction of premium, but, if one want to exit this scheme, there is nothing mentioned about procedure to exit. What does it mean ? Once enrolled, need to be punished for rest of life if not interested in the middle ?

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Hardeep Singh April 22, 2016 at 8:31 PM

Can anyone exit from these scheme after joining as he / she is alive.

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MUKESH THAKRAR May 9, 2016 at 1:53 PM

i want to exit from this Pradhan Mantri Suraksha Bima Yojana (PMSBY) what should i do? pl guaide me.

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HARI BALINENI May 9, 2016 at 3:43 PM

DEAR SIR,
This is Hari Balineni,i have pmjjby with karur vysya bank tirupathi branch with account no-1412166000015102.But iam not getting any insurance bond from your side .please rectify the problem as early as possible.mobile no-9703106862.

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DIGANTA KUMAR BORGOHAIN May 13, 2016 at 2:02 PM

1. Need Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) insurance policy Number and policy details as the premium Rs 330 auto debit from canara bank, Sivasagar

2.Need Pradhan Mantri Suraksha Bima Yojana (PMSBY) insurance policy Number and policy details as the premium Rs 12 auto debit from canara bank, Sivasagar.

kindly send both the policy Number & details to E-mail Id given above.

Reply

Muhammed Sadique Perumbavoor May 21, 2016 at 11:16 PM

Hello sir would you please exit me from this
Insurance scheme

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Raj May 23, 2016 at 12:28 PM

I already have this Pradhan Mantri Bima Yojana Policy from max insurance for 2 Lakhs. Can i buy normal online term policy from max? Is it ok, if i have 2 life insurance policies from same Insurance Company? Else i want to cancel the Pradahan mantri Bima Yojana Policy.

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Sulaiman May 23, 2016 at 3:21 PM

I am getting SMS from Bank/insurance co. that annual premium for PMJJBY/PMSBY of /Rs.330/12 will auto debited to your a/c.
I was enrolled in this scheme on May 2015. Under this scheme no certificate or Policy No. was received. I contacted my bank (SBI) asked about the issue, but they are not given the certificate from any source, they told my that your pass book is sufficient instead of any certificate.

My query is that after any incident/casualty the family may not aware of the insurance of their family member, then how can the surviving members claim the insurance in the absence of any evidence/certificate/policy no.

It is my appeal that raise the issue with appropriate authority to issue at least e-mail acknowledgement/online policy no. to insured persons so that they can keep it as proof of their insurance.

SULAIMAN

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busha srinivas May 25, 2016 at 8:12 PM

more people want join it

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GOURHARI DAS May 26, 2016 at 6:06 PM

I have an account of “PMSBY ” and “PMJJBY”.
Can i close the account?

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Raghavendra Prasad M S May 30, 2016 at 7:34 PM

Respected sir,

i have applied for both above insurance through my bank account via online
banking and now i want to change it or continue with other bank account of
my own,is it possible to do that and if it is possible then what is the procedure.

please help me

thanks&regards
Raghavendra Prasad M S
+91-8951051014

Reply

Abdulkhadar June 2, 2016 at 6:51 PM

For these two different schemes amount will auto debited from my two different bank accounts. Please tell me how to exit from this schemes.

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RS June 5, 2016 at 8:00 PM

I am no more interested in dubious policy. I have opened policy throu my ICICI bank account with auto debit. I have NOT EVEN RECEINVED any policy certificate from ICICI bank.

Mr. Narendra Modi and Ms. Chanda Kochar is looting general public together.

How can I unsubscribe. How do I ask them stop debiting this? Please help.

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NAEEM AHMED SIDDIQUI June 7, 2016 at 12:55 PM

Maire do account se debit ho gaye he paise kya iska claim double milega ya 1 bank se cancelled karana padega or Jo paisa kata he wo wapas mil jayega

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sunitha June 26, 2016 at 3:06 PM

hai sir i have pmjjby , i did’t get any information i want my policy details how i got my deatails

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Paresh A Kandade July 6, 2016 at 6:50 PM

I have been applied for both of yoyr pradhan mantri bima policie bu until toaday I have not recieved the policy Number nor any policy certificate from your side and also not from the bank.
In case if any thing happen to us how we should claim

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Prasanta Maity July 28, 2016 at 5:58 PM

respected
sir,
I have pmjjby , i did’t get any information i want my policy details how i got my details

REPLY

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Prasanta Maity July 28, 2016 at 6:11 PM

respected
sir,
I have pmjjby , i did’t get any information i want my policy details .But next year PMJJBY renewal no is SBIJB00132201614709474963,Updated passbook.Please sent the my Policy number & details our this mail, as early as possible.

With regards

Prasanta Maity
REPLY

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Senthilkumar g July 29, 2016 at 2:24 PM

Sir , im G senthil kumar from chennai (tamilnadu) , I have applied for PMJJBYandPMSBY , from the starting of the policy still yet I’ve not received any documents regarding the policy, how could I get the policy documents, help me sir,

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Senthilkumar g July 29, 2016 at 2:26 PM

Sir , im G senthil kumar from chennai , I have applied for PMJJBYandPMSBY , from the starting of the policy still yet I’ve not received any documents regarding the policy, how could I get the policy documents, help me sir,

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Senthilkumar g July 29, 2016 at 2:27 PM

Sir , I have applied for PMJJBYandPMSBY , from the starting of the policy still yet I’ve not received any documents regarding the policy, how could I get the policy documents, help me sir,

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k.kohila July 29, 2016 at 4:36 PM

I need a Policy mumber

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Govind Singh August 2, 2016 at 10:33 PM

Sir before 15 days ago my father-in-law was dead due to sleep in our local minor. We are not opened any policy, so how will claim any govt help. Pl reply and what is the procedure.
my mob no is 7056845528

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DHAN SINGH PUNDIR August 12, 2016 at 8:54 AM

Dear sir
please let me know how can I get certificat for PMSBY.
Thanks

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suraj singh August 12, 2016 at 1:37 PM

hii sir gi may bhi

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ramkrishna sarkar August 18, 2016 at 11:57 PM

rupis rs12 per mants 3year pimiyam nomine joy sarkar a/c3926493298

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Jyoti Debnath September 9, 2016 at 5:15 PM

Hi,
I am unable to track Pradhan Mantri Jeevan Jyoti Bima Yojana and Pradhan Mantri Suraksha Bima Yojana .
What is the procedure?
How can I get these details?
I have done these via my savings bank account through online banking.
But I have not received either any confirmation mail or premium paid certificate.
How Can I receive all these details?
If I want to shift these accounts from one bank to another bank, what is the procedure, what should I do then?
If I want to close these policies, what should I do?
If any body can inform me the exact way for obtaining the details, I would be very much thankful.
Best regards-
Jyoti Debnath
Mail – jyoti_agcl@yahoo.com; jyotid@lntecc.com; debnath.jyoti@gmail.com
MOb – 8697443425

Reply

r srinivasarao September 11, 2016 at 6:11 PM

sir,

this is the 2nd year i renued the policy of pmjjby . but i could not recd
any documents or any thing for this.. the people of your customer care &
near branch people also not given correct information.. so many of customers are face this problem…. pl. give the solution

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Sudhir kumar February 7, 2017 at 9:04 PM

Halp me sr

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Yukesh September 17, 2016 at 8:20 AM

How i can check the application status in online after submission of claims form, any link is available for checking the status it was applied through the CANARA BANK , BRANCH: kALPAKKAM.

Pls let me know how it will be checked.

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Manojkumar varma January 16, 2017 at 10:22 AM

I need lic

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kalia prusty January 29, 2017 at 3:36 PM

Hi sir, my death of birth 30 June 1992, how to apply pmswy..

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Anaya Gaikwad January 29, 2017 at 6:23 PM

I am interested in having a policy of pmjjby can anyone help me out with it.

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Guarav Kumar February 1, 2017 at 4:49 PM

Please suggest the way so that I would enable to apply in this scheme.
How ?
Where to go ?

Regards

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Sujatha February 7, 2017 at 4:35 PM

Sir
Can I open an account now in 2017.

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Mahadevreddy March 3, 2017 at 5:43 PM

My sister deaths on 6th dec 2016.her insurenace in pmjjby still we not applied for claim due to bank communication problem.
Still it is possible for applying.

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Monojit das March 28, 2017 at 6:03 PM

Hi Myself Monojit das.Which procedure i close my pradhan mantrijeban bema yogna….any weblink open for this ??….330 insurance policy.

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Anjaneyulu April 23, 2017 at 2:57 PM

Sir my brother committed sucide…
Sucidal death eligible for pmjjy?

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Anjaneyulu April 23, 2017 at 3:01 PM

Please reply to my mail or Mobile anjiyadav0707@gmail.com
9666807980

Reply

Subhamay Saha May 5, 2017 at 7:58 PM

Can i deactivated my pmjjby ?

Reply

sonu July 2, 2017 at 12:11 PM

Azad nagar pnp

Reply

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