Indian Government Schemes

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), launched on May 9, 2015, by Prime Minister Narendra Modi, is a flagship life insurance initiative aimed at providing financial security to individuals and their families. With affordable premiums and inclusive eligibility criteria, the scheme has significantly expanded insurance coverage across India.

Key Features of PMJJBY

• Coverage Amount: Provides life insurance coverage of ₹2,00,000 in the event of death due to any cause.
• Premium: An annual premium of ₹436, auto-debited from the subscriber’s bank or post office account.
• Policy Duration: Renewable annually, covering June 1 to May 31.
• Eligibility: Individuals aged 18 to 50 years with a bank or post office savings account. Coverage can continue until the age of 55 if enrolled before 50.

Achievements of PMJJBY

As of October 20, 2024, the scheme has:

• Beneficiaries: Reached over 21 crore individuals nationwide.
• Claims Processed: Received 860,575 claims amounting to ₹17,211.50 crore in payouts, reinforcing its impact on providing financial relief in difficult times.
• Claim Settlement: Efficient claim processing has been a notable feature, helping families in need during emergencies.

How to Enroll in PMJJBY

1. Offline Process:
   • Download the “Consent-Cum-Declaration Form” from the official website.
   • Fill and sign the form, attach required documents, and submit it to the authorized bank or post office representative.
   • Receive the acknowledgment slip and insurance certificate.
2. Online Enrollment:
   • Visit the website or app of your participating bank/post office.
   • Follow the steps for PMJJBY registration.
3. Premium Payment:
   • Premiums are auto-debited annually. Delayed enrollments are allowed with reduced premiums based on the month of enrollment.

Eligibility for NRIs

• NRIs with Indian savings accounts can enroll, provided they comply with the scheme’s terms. Claim settlements are made in Indian currency.

Frequently Asked Questions (FAQs)

1. Can delayed enrollment be allowed under PMJJBY?
   Yes. Reduced premiums apply based on the month of enrollment:
   • June-August: ₹436
   • September-November: ₹342
   • December-February: ₹228
   • March-May: ₹114
2. What happens if I exit the scheme?
   Subscribers can rejoin anytime, adhering to the eligibility criteria and terms.
3. Who administers PMJJBY?
   Participating banks and post offices collaborate with life insurance companies, acting as Master Policy Holders.
4. Is accidental death covered immediately?
   Yes, accidental death is covered from Day 1, but deaths due to other causes are covered after 30 days for new subscribers enrolling post-2016.
5. How do I claim benefits?
   Claim forms are available at jansuraksha.gov.in.

Final Note

The PMJJBY continues to be a pillar of India’s financial inclusion and social security framework. Its low-cost life insurance offerings ensure that individuals from varied socio-economic backgrounds can secure their families against unforeseen tragedies. With ongoing improvements, including streamlined claim settlement processes, the scheme reinforces the government’s commitment to “Sabka Saath, Sabka Vikas.”