Pradhan Mantri Jeevan Jyoti Bima Yojana completed 10 years.
Objectives
Features
A one-year cover term life insurance schemeoffering life insurance cover for death due to any cause.
Ministry: Ministry of Finance
Type: central Sector Scheme
Nature: Life insurance scheme ( life cover up to age 55)
Premium rate: Rs. 436 per annum. It will be auto-debited in one instalment.
Conditions:
A bank or post office account, and
Consent to enable auto debit of premium
In case of multiple bank / Post office accounts held by an individual, the person is eligible to join the scheme through one bank/ Post office account only.
Key features
Universal Access: Open to all eligible account holders in the age group of 18 to 50 years, including NRIs (claims paid in INR).
No Medical Examination: Simple, hassle-free process.
Covers All Causes of Death: Including natural, accidental, and even during natural disasters or pandemics.
Covered death after the first 30 days of enrolment, deaths due to accidents will be exempted
Pro-rata Premiums: If you enroll mid-year, you pay only for the remaining months.
Coverage: ₹ 2lakh (term insurance), renewable from year to year.
Implementing agency: Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.
Impact: 23+ crore enrolled; 9 lakh families received claims.
Major beneficiaries: 53% women and 74% from rural areas.
