Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – Frequently Asked Questions (FAQs)

by Shiv Kukreja on May 26, 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

I had covered Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) a few weeks ago, but there were still a few things which were not clear at that time. In order to cover all missing links and provide some updated information, I thought of covering the FAQs provided on the government’s Jan Suraksha website.

So, here you have the FAQs covering PMJJBY:

Q1. What is the nature of the scheme, Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

The scheme is a Term Insurance Scheme with a life cover of Rs. 2 lakhs for one year. It is renewable every year, offering life insurance cover for death due to any reason.

Q2. What are the benefits under the scheme and how much is the premium?

Rs. 2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs. 330 per annum per subscriber.

Q3. How the premium is to be paid?

The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

Q4. Who is eligible to subscribe? Can I enrol myself with two or more different banks?

All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Q5. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?

Yes, this cover of Rs. 2 lakhs will be in addition to your existing life insurance cover(s). So, in case of any mishappening, you will get the insurance claims under all your policies, including PMJJBY.

Q6. If the subscriber survives the policy period, what would be the Surrender Value or the Maturity Benefits?

As it is a term insurance plan, there will be no surrender value or maturity value payable under this policy. This policy is similar to a car insurance policy, in which nothing gets paid to you if your car doesn’t meet any accident or you do not make any such claim.

Q7. Who will offer / administer the scheme?

The scheme would be offered / administered through LIC and other Life Insurance companies in collaboration with participating banks. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.

Q8. What is the enrolment period and modality?

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health. Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

Q9. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?

Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.

Q10. Can individuals who leave the scheme rejoin?

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.

Q11. Who would be the Master policy holder for the scheme?

Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / chosen insurance company in consultation with the participating bank.

Q12. When can the assurance on life of the member terminate?

The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:

(i) On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).

(ii) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.

(iii) In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

Q13. What will be the role of the insurance company and the Bank?

(i) The scheme will be administered by LIC or any other Life Insurance company which is willing to offer such a product in partnership with a bank / banks.

(ii) It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.

(iii) Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma, as required, shall be obtained and retained by the participating bank. In case of claim, LIC / insurance company may seek submission of the same. LIC / Insurance Company also reserve the right to call for these documents at any point of time.

Q14. How would the premium be appropriated?

1. Insurance Premium to LIC /other insurance company: Rs.289/- per annum per member;

2. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/- per annum per member;

3. Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Participating Banks & Insurance Companies servicing PMJJBY & PMSBY

If you find any relevant info missing in these FAQs or have any of your queries regarding this scheme, please share it here.

{ 57 comments… read them below or add one }

sunil June 14, 2015 at 8:20 AM

sir i mistakily paid 2 more time in pmjjy by net banking now what i can do

Reply

Shiv Kukreja August 31, 2015 at 4:47 PM

Hi Sunil,
It is not possible to get back the extra premium paid, but you should cancel the auto debit instruction so that it doesn’t get debited going forward.

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Tanmai October 13, 2017 at 12:10 PM

How to stop auto debit in net banking? I have same issue with SBI??

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vinesh kumar July 10, 2015 at 12:13 PM

PMSBY POLICY I have not rcvd my policy no Iam vinesh kumar so pls tell us status my no 9891341253

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Shiv Kukreja August 31, 2015 at 4:52 PM

Hi Vinesh,
You need to contact your bank to check your policy status.

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priya August 29, 2015 at 10:18 PM

Sir, are NRI’S allowed to invest in the PMJJBY & PMSBY schemes?

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Shiv Kukreja August 31, 2015 at 4:52 PM

No Priya, NRIs are not allowed to take these policies.

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Geetha February 20, 2018 at 6:39 PM

Yes, NRI is eligible for this scheme. NRI is not eligible only for APY Scheme.

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ram September 9, 2015 at 8:35 AM

Will they issue any bonds , after joining in these plans?

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Ved Prakash Agnihotri October 10, 2015 at 9:45 AM

in said schemes – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and other scheme i got insured with PNB but till date no certificate of insurance is received and bank is now aware whether any document will be issued to customer. so please let me know how to receive insurance policies or certificates?

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SUNIL January 22, 2016 at 4:33 PM

SIR I WANT TO KNOW THAT HOW MUCH MONEY I GET WHEN I REACH ON 55 YEARS.
HOW MUCH MY MATURITY

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sowmya February 6, 2016 at 11:42 AM

Sir,
I have not enrolled in these. But in my iob account they have debited for pmjjby and pmsby. Is it not necessary to enroll?

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umeshgowda May 23, 2016 at 10:12 AM

how to deregister form sbi bank pmjjby ?

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Kapil Tiwari May 30, 2016 at 11:59 AM

Hello Sir,

Could you please guide me to find out the Policy number of PMJJBY and PMSBY? or how to get the policy certificate, as i have already enrolled since last year and 2 days before both policy got renewed by auto-debit facility in SBI Account. I didn’t receive any policy certificate or proof which state that i’m insured.

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Yashvanth June 2, 2016 at 12:04 PM

Hi Sir,
I was not able to keep my account with sufficient amount , so want to pay the amount to PMJJBY existed account .
So what shall i do..

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Shiv Kukreja May 24, 2017 at 12:09 PM

Hi Yashvanth,
You need to contact the bank for the same.

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sushilkumar makharia October 7, 2016 at 8:28 PM

I am an Indian citizen enrolled under PMSBY.
If I meet with an accidental death or normal death while I am abroad ,then am I covered for this event under PMSBY and also PMJJY.

Reply

Shiv Kukreja May 24, 2017 at 12:08 PM

Hi Mr. Makharia,
Yes, your life is covered even when you are abroad.

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Sandesh January 26, 2017 at 11:41 AM

If death didnt leads till the age of 55 , will the money is paid back to us?? Which i
Pay them 330 evey year??

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Shiv Kukreja May 24, 2017 at 12:01 PM

Hi Sandesh,
No money will be paid if you survive till the age of 55.

Reply

Amit May 8, 2017 at 10:50 PM

How to close this scheme

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Shiv Kukreja May 24, 2017 at 12:00 PM

Hi Amit,
You need to approach your bank and give them a letter to surrender your policy.

Reply

KIRAN GHUGE May 13, 2017 at 11:39 AM

Sir, I have close to Pradhan Mantri Jeevan Jyiti Beema Yojana Scheme. So please guide me to how it closing process.

Kiran.
7709307774.
9765550805.

Reply

Shiv Kukreja May 24, 2017 at 11:57 AM

Hi Kiran,
You need to approach your bank, give them a letter to close your policy and get the ECS mandate stopped.

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Rabindranath ghosh May 24, 2017 at 11:47 AM

I want to know pmjjby account number.

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Rabindranath ghosh May 24, 2017 at 11:47 AM

I want to know pmjjby account number. Pls tell me.

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Rabindranath ghosh May 24, 2017 at 11:48 AM

I want to my policy number.

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Shiv Kukreja May 24, 2017 at 11:53 AM

Hi Mr. Ghosh,
You need to contact your bank to get your policy no.

Reply

Sumer Soni May 29, 2017 at 10:45 AM

Dear Sir,

Please tell me can i close Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme online with net banking, i opened it before two year with online banking. Please tell me the way to close it online..

Reply

Sumer Soni May 29, 2017 at 10:46 AM

Dear Sir,

Please tell me can i close Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme online with net banking, i opened it before two year with online banking. Please tell me the way to close it online….

Reply

SUJOY NAYEK June 1, 2017 at 9:35 PM

i want exit from one pmjjby as two banks are cutting the policy amount for one one person . kindly help me how can i exit from the policy.

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ashok thakaji sonawane July 1, 2017 at 2:43 PM

till my police certificate not receive so pls send me my police certificate my mob.no 8237007112,9657077948

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Rushikesh rathi July 21, 2017 at 2:05 PM

I have applied for claim but no response from the bank ,they are telling they have no idea about the policy.
Also they are unable to find policy no. where should i find it?

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Amarnath July 27, 2017 at 11:29 AM

Sir,

I would like to exit from all three Pradhan Manthri schemes APY, PMJJBY, PMSBY. Please let me know guidelines to close those accounts.

Thanks,
Amarnath

Reply

Pranav Ghosh August 4, 2017 at 2:34 PM

Sir,
I approached the bank for closure of this scheme but they are saying that, the scheme is fixed and cannot be closed. What should I do now?

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Susanta Kumar das September 29, 2017 at 2:39 PM

How receive policy bond pmjjby.

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Mohammed yunus Pathan November 20, 2017 at 11:50 AM

How can I get print of my policy. It is started with the first year of scheme and premium regularly deposited by my bank account.

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Mohammed yunus Pathan November 20, 2017 at 11:52 AM

How can I get print of my policy. It is started with the first year of scheme and premium regularly deposited by my bank account. My policy number is 76001000135

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Thippy February 1, 2018 at 7:49 PM

Sir my father is dead please inform the claim details my no 9854756410

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Pritipatel February 17, 2018 at 1:54 PM

How process stop claim

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Mohit Maheshwari March 23, 2018 at 10:52 AM

I WANT TO CLOSE MY THIS ACCOUNT BUT HOW ?

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DAISY GEORGE May 16, 2018 at 5:41 PM

Sir, not yet received any PMJJBY policy details, amount deducting yearly,
how can i find my policy no./details.

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Sindhusha May 22, 2018 at 4:40 PM

What we happen between 50 to 55..?Whether we have to make the premium amount.?Or not?

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Girishkumar L Khant May 23, 2018 at 1:41 PM

Sir, not yet received any PMJJBY policy details, amount deducting yearly,
how can i find my policy no./details.

Reply , May Mobil No 9913952812

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Girishkumar L Khant May 23, 2018 at 1:50 PM

Sir, not yet received any PMJJBY policy details, amount deducting yearly,
how can i find my policy no./details.

Reply

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Nitin Sharma May 24, 2018 at 5:06 PM

Hi,

My mom has passed away and she was paying installments for PMJJBY. But since she has multiple accounts I am unaware from which bank account she was paying installment. Is there any way I can find out the policy number or any details so that I can claim for the same.

Regards, Nitin

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CHAITANYA June 5, 2018 at 10:41 PM

YOU CAN CHECK IN YOUR MOM BANK PASS BOOK STATEMENTS OF LAST YEAR MAY MONTH STATEMENT, IN WHICH BANK 330 IS DEBITED.

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JANARDHANA K May 28, 2018 at 5:46 PM

Sir,
I have not enrolled in these. But in my Saving account they have debited for pmjjby and pmsby. Is it not necessary to enroll?

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Joshi June 2, 2018 at 8:17 PM

Sir, What will happen to the person under this scheme live for other country’s resident.
Example :
If the person lives to Amarica. Will it affect the scheme for his/her insurance policy.

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Srinivasarao K June 15, 2018 at 9:44 AM

I have two policies one is sbi, another one is salary account andhra bank how to close my sbi pmjjby policy

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Dileep July 28, 2018 at 2:40 PM

Is there any minimum period for intimation of death to the bank or insurance company for our claim

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SAJJAN PILLAI August 2, 2018 at 11:41 AM

Sir,
Are Armed Force (Army, Navy & Air Fore) and Para Military (CRPF, CISF, BSP) personnel, eligible to join the scheme?

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Rohit August 6, 2018 at 6:52 AM

Hi .can someone tell me in which account will I get my insurance money .In Deceased person account or other

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LALU August 8, 2018 at 3:18 PM

Dear Sir,

i think few money deducted in my account against PMJJBY last one year plz suggest me how to get my recepit

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Yashvanth August 13, 2018 at 12:51 PM

Hi, I have forgot my Pradhan Mantri Jeevan jyoti Bima Yojana account number, is there anyway to know my account number..?

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Deepak verma August 28, 2018 at 1:46 PM

Sir hamne pmjjby ke liye claim kiye the uska koi status pata nahi chala hai aur 6o din se uper ho gaya pnb bank me

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kinisha shah September 7, 2018 at 1:55 PM

Helllo under this policy Succide death cover?

Reply

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