Government through the Budget Speech announced three ambitious Social Security Schemes
pertaining to the Insurance and Pension Sectors, namely Pradhan MantriJeevanJyotiBimaYojana
(PMJJBY), Pradhan Mantri Suraksha BimaYojana (PMSBY)and an the Atal Pension Yojana
(APY) to move towards creating a universal social security system, targeted especially
for the poor and the under-privileged. Hon'ble Prime Minister launched PMJJBY and
PMSBY schemes nationally in Kolkata on 9th May, 2015.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one year life insurance
scheme, renewable from year to year, offering coverage for death due to any reason
and is available to people in the age group of 18 to 50 years (life cover upto age
55) having a savings bank account who give their consent to join and enable auto-debit.
The risk cover on the lives of the enrolled persons has commenced from 1st June
2015.
Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year period
stretching from 1st June to 31st May at a premium of Rs.330/- per annum per member
and is renewable every year. It is offered / administered through LIC and other
Indian private Life Insurance companies. For enrolment banks have tied up with insurance
companies. Participating Bank is the Master policy holder.
The assurance on the life of the member shall terminate on any of the following
events and no benefit will become payable there under:
- On attaining age 55 years (age near birth day) subject to annual renewal up to that
date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance
in force.
- A person can join PMJJBY with one Insurance company with one bank account only.
Individuals who exit the scheme at any point may re-join the scheme in future years
by paying the annual premium and submitting a self-declaration of good health.
Initial enrolment period in the scheme was from 1st May to 31st May ‘2015, which
has now been extended up to 31st Aug, 2015, by this date eligible persons can join
the scheme without giving self-certification of good health, even though eligible
persons can join the scheme on any date by paying the premium for full year. In
case of claim the nominees/heirs of the insured person have to contact respective
bank branch where the insured person was having bank account. A death certificate
and simple claim form is required to submit and the claim amount will be transferred
to nominees account.
