On 9th May-15, PM launched PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojna) for citizens of India. It is the policy with least premium in India. Just at a premium of INR 330/-, an insurance of INR 2 lacs is available. Features of this scheme is given below:
- This scheme offers life insurance policy.
- Sum assured under this scheme is INR 2 lacs. It cannot be reduced or increased.
- On the death of the insured person, nominee will receive INR 2 lacs.
- Premium amount is INR 330 per annum. It will be reviewed every year based on claim experience.
- This scheme is exempted from service tax. Therefore, no service tax would be applicable on premium amount.
- This scheme is applicable from 1st June and will be renewable on yearly basis. Enrollment period under this scheme is from 1st Jun to 31st May every year.
- Even if someone joins the scheme in the middle of enrollment period, he/ she needs to pay premium for full year.
- All savings account holder in the age of 18 to 50 years are eligible for this Scheme
- Premium will be auto-debited from savings account.
- Only one savings account can be used to pay premium. Linking of Aadhaar number to the savings account will be mandatory.
- One can exit the scheme at any time. There will not be any refund of premium amount.
- Any person can re-join the scheme again by giving self declaration of good health and paying full year premium.
- This scheme can be joined through bank only.
Termination of policy
- On attaining the age of 55 years.
- Closure of bank account.
- If policy is taken using more than one bank account. Extra policies will be cancelled and premium amount will not be refunded.
- Insufficient balance in savings account to pay premium.
Download following documents for more information: