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:

1. This scheme offers life insurance policy.
2. Sum assured under this scheme is INR 2 lacs. It cannot be reduced or increased.
3. On the death of the insured person, nominee will receive INR 2 lacs.
4. Premium amount is INR 330 per annum. It will be reviewed every year based on claim experience.
5. This scheme is exempted from service tax. Therefore, no service tax would be applicable on premium amount.
6. 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.
7. Even if someone joins the scheme in the middle of enrollment period, he/ she needs to pay premium for full year.
8. All savings account holder in the age of 18 to 50 years are eligible for this Scheme
9. Premium will be auto-debited from savings account.
10. Only one savings account can be used to pay premium. Linking of Aadhaar number to the savings account will be mandatory.
11. One can exit the scheme at any time. There will not be any refund of premium amount.
12. Any person can re-join the scheme again by giving self declaration of good health and paying full year premium.
13. This scheme can be joined through bank only.

Termination of policy

1. On attaining the age of 55 years.
2. Closure of bank account.
3. If policy is taken using more than one bank account. Extra policies will be cancelled and premium amount will not be refunded.
4. Insufficient balance in savings account to pay premium. 

Download following documents for more information:

1. Rules of PMJJBY
2. FAQs of PMJJBY
3. Consent cum declaration form of PMJJBY
4. Claim Form for PMJJBY

Twitter