The Pradhan Mantri Jeewan Jyoti Bima Yojana (PMJJBY) is one of the several ambitious social security programmes initiated by Narendra Modi. It is basically a term life insurance policy that can be renewed either on a yearly basis or for a longer period of time.
Life Covered: Rs.2 Lakhs i.e. after the death of the policy holder, this amount can be claimed by the nominee. Life is covered irrespective of the reason of death.
Annual Premium: Rs.330 only excluding the service tax. And this amount would be debited from bank account of the policy holder provided the person opts for long term option. In case long term option is not chosen then subscriber will have to opt every year.
Nomination: Nominee can be declared at the time of buying the policy. And he/she can claim the benefits after unfortunate event of the death of the policy holder.
More than one savings bank account? If individual has more than one savings bank account then enrolment can be done only through one account
Re-joining: If someone exits from the policy then he/she can still join in the future.For this the person needs to declare that he/she is in a good health condition as per the format given by the banks
What if someone has more than 1 life insurance policy: If someone is already having life insurance policy anywhere, then such person can still enroll for PMJJBY and avail benefits.
1. Minimum age limit 18 years and maximum 50 years. And the cover would be available up to 55 years.
2. Should have bank account. Check out list of banks offering this insurance. If you do not have any bank account then you can open zero balance savings accounts under Pradhan Mantri Jan Dhan Yojana (PMJDY).