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Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY Eligibility, Rules

Subject : Rules for Pradhan Mantri Jeevan Jyoti Bima Yojana.

In India which covers around 120 cr of Population, and most of 70% are not covered with any sort of Insurance like Health, Death, Accidential or Life. For This the NDA Government has launched a New Program for insuring the India Citizens not going to the insurance companies. The PM to launch Pradhan Mantri Suraksha Bima Yojana in Kolkata on 9 May . 

After a Great Success of Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY . Encouraged by the success of the Program, that the social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age,” said Finance Minister Arun Jaitley in his budget speech on 1 Mar 2015.

Name: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – SCHEME 2 – For Life Insurance Cover).

Key Points :
  • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
  • Premium:  Rs 330 per annum.  It will be auto-debited in one instalment.
  • Payment Mode:  The payment of premium will be directly auto-debited by the bank from the subscribers account.
  • Risk Coverage: Rs. 2 Lakh in case of death for any reason.
  • Terms of Risk Coverage: A person has to opt for the scheme every year.  He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
  • Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
For Pradhan Mantri Suraksha Bima Yojana Scheme - I : Click Here

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