PMJJBY: 5.91 crore people enrolled; pay Rs 330 per year to get Rs 2 lakh cover

New Delhi: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a non-linked and non-participating insurance plan offered by the government. Any individual in the age group of 18 to 50 years, with life cover up to the age of 55, having a savings bank account who give their consent to join and enable auto-debit.

On Monday, Union Finance Minister Nirmala Sitharaman in Lok Sabha said, As many as 5.91 crore people have been enrolled under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and 15.47 crore people enlisted under the Pradhan Mantri Suraksha Bima Yojana (PMSBY) since the launch of the two social security schemes in 2015, as per the PTI report.

According to the government website jansuraksha.gov.in- under the PMJJBY scheme, life cover of Rs 2 lakh is available for a one year period stretching from June 1 to May 31 at a premium of Rs 330 per annum per member and is renewable every year. It is offered and administered through LIC and other Indian private Life Insurance companies. For enrolment, banks have tied up with insurance companies. Participating Bank is the Master Policyholder.

Rs 2 lakh is payable on a subscriber’s death and the premium paid gets deducted from the bank account of the account holder through the auto-debit facility in one installment, as per the consent to be given on enrolment. Apart from this, the members can also give a one-time mandate for auto-debit every year till the scheme is in force.

The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable thereunder:

1) 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).
2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) A person can join PMJJBY with one Insurance company with one bank account only.