What is PMJJBY: Check full-form, eligibility, status and tax benefits

Every human being values financial security. This is more pronounced in people who are the breadwinners of the said family. To make life insurance coverage affordable for all of its citizens, the Government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY. This blog is focused on PMJJBY full form, eligibility, benefits, premium details, renewal process, claim settlement procedures, tax benefits, and online status checking.

What is PMJJBY?

The PMJJBY, or Pradhan Mantri Jeevan Jyoti Bima Yojana, is an insurance scheme solely in the nature of term insurance, launched by the Government of India in 2015 to provide life insurance cover at an affordable cost. In case of the death of the insured person, a lump sum is paid to the nominee of the insured person.

PMJJBY Scheme Details

Eligibility in PMJJBY

• Age Limit : The applicant should be between 18 to 50 years at the time of enrollment.

• Bank Account : A valid savings bank account is mandatory for enrollment.

• Consent for Auto-Debit : The premium amount is auto-debited from the savings account annually. The account holder must provide consent for this deduction.

• Health Declaration : The applicant should not have any pre-existing terminal illnesses at the time of enrollment.

PMJJBY Premium

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers life insurance coverage at an affordable annual premium of ₹436 per subscriber. However, if you enroll mid-year, you can pay a pro-rata premium based on the month of joining:

• June – August: Full annual premium of ₹436

• September – November: Reduced premium of ₹342

• December – February: Lower premium of ₹228

• March – May: Minimum premium of ₹114

Important Note: Regardless of your enrollment month, at the time of renewal, you will need to pay the full premium of ₹436 for continued coverage.

This flexible premium structure ensures that new subscribers can join anytime without paying extra for months they haven’t been covered. Secure your future today with PMJJBY!

PMJJBY Benefits

• Affordable Premium : The scheme offers ₹2 lakh life cover at just ₹436 per year, becoming one of the most affordable ones out there.

• Financial Security for Family : In case of death of the insured, the nominee receives ₹2,00,000 which provides a financial safety net for one's family.

• No Medical Examination Required : Other than PMJJBY, most of the insurance policies would demand medical check-up before enrolment.

• Government-Backed Insurance : This scheme has the support of the Government of India, thus imparting reliability and transparency.

• Easy Enrollment & Renewal : The PMJJBY renewal process is hassle-free due to annual auto-debit premium facilities from the policyholder's bank account.

• Coverage Across India : The scheme is available to each eligible citizen of India, irrespective of the income group or nature of employment.

Application Process

Approach a Bank or Insurance Provider:

• Visit your bank where you have a savings account (as the scheme is linked to bank accounts).

• Alternatively, visit the insurance provider offering PMJJBY (such as LIC, SBI Life, ICICI Prudential, etc.).

• Collect the PMJJBY application form from the bank or download it from the bank’s website.

• The form is available in multiple regional languages.

• Fill in the required details (name, bank account details, nominee information, etc.).

• Sign and submit it to the bank.

• The premium will be automatically debited from your bank account.

• Ensure your account has sufficient balance before May 31st (the annual renewal date).

• After verification, your policy will be activated, and you will receive a confirmation message from the bank or insurance provider.

PMJJBY Renewal

• The policy is valid for one year, annually from 1 June to 31 May, and it must be renewed each year thereafter.

• The renewal will be done automatically unless the insured person's bank account has insufficient funds.

• If the amount is less than required, the policy may lapse, and re-enrollment will be called for.

• The PMJJBY claim can be claimed either by anybody or any name put forward by the deceased.

The PMJJBY claim eligibility and procedure

Documents Required for PMJJBY Claim:

• Death Certificate of the Insured Person

• Duly Filled Claim Form (Available at the Bank/Insurance Provider)

• Nominee’s Identity Proof (Aadhar Card, PAN Card, etc.)

• Bank Account Details of the Nominee

• Original Policy Document (if available)

PMJJBY Claim Process:

• Inform the Bank : The nominee should report the insured’s death to the bank where the policy was taken.

• Submit the Required Documents : The nominee must submit the PMJJBY claim form along with supporting documents.

• Processing & Payout : The insurance provider will verify the claim and process the payment within 30-60 days.

PMJJBY Status Check Online

To check the status of PMJJBY enrollment, renewal, or claim, follow these steps:

• Log in to the Bank’s Official Website where the policy was registered.

• Go to the PMJJBY Section under insurance services.

• Enter the Registered Account Details or Policy Number.

• Click on PMJJBY Status Check Online to view the details.

• Alternatively, policyholders can visit their bank branch and inquire about their PMJJBY status.

Tax Benefits of PMJJBY

• One of the key PMJJBY benefits is the tax advantage it offers under the Income Tax Act, 1961.

• The PMJJBY premium paid is eligible for tax deduction under Section 80C.

• The death benefit received by the nominee is tax-free under Section 10(10D).

How to Enroll in PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana scheme details for enrollment are as follows:

• Through Banks: Most major banks provide PMJJBY enrollment services.

• Through Insurance Companies: LIC and other insurance providers offer this scheme.

• Online Enrollment: Some banks provide an online facility for easy registration.

• Steps for PMJJBY Enrollment: Visit Your Bank or Insurance Provider’s Website.

• Fill out the PMJJBY application form.

• Provide KYC details and consent for auto-debit.

• The premium will be auto-debited, and policy confirmation will be sent via SMS or Email.

Conclusion

This low-cost life insurance scheme aimed at providing financial security to the citizens of India has a nominal premium of ₹436 per year and provides a coverage of ₹2 lakh in case of death of the insured, thereby remaining very attractive for those seeking affordable life insurance without the rigors of medical tests. The timely renewal and checking status online ensure that policyholders continue to benefitted from this government-supported life insurance mechanism. In case you have not enrolled in it yet, hurry up and visit the nearby bank or united insurance provider to secure the future of your family.