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All about Pradhan Mantri Jeevan Jyoti Bima Yojana - Business2Business

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance plan, renewable from year to year, providing coverage for death.

Coverage under PMJJBY is for death only, so the benefit will accrue only for the nominee. PMJJBY is a pure term insurance policy, covering only fatalities without any investment component.

Enrolment period

The coverage period is June 1 of each year to May 31 of the following year. For the coverage period from June 1, 2021, to May 31, 2022, subscribers must register and consent to the automatic deduction before May 31, 2021. Those who join later will be able to do so by paying a full annual premium for potential coverage.

PMJJBY is available to people in the age group 18-50 (life coverage up to 55) who have a savings account who consent to join and enable automatic debit.

In case a person has multiple accounts at a bank or a different bank, they will be eligible to join the scheme with a single savings account.

Under the Pradhan Mantri Jeevan Jyoti Bima Yojana, the prior life coverage of Rs. 2 lakhs is available with a premium of Rs 330 per year per member and is renewable every year. In the case of the joint account, all the aforementioned account holders can join the plan as long as their eligibility criteria are met and the premium is paid at the rate of Rs 330 per person per year.

According to the ICICI Bank website, as of September 1, 2018, the Ministry of Finance has reviewed the annuity payment structure on a quarterly basis based on the account holder's application date in the scheme. The modified structure is as follows:

June, July, and August:  Annual premium of Rs 330 will be paid

September, October, and November: Rs 258 premium to pay

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December, January, and February: premium of Rs 172 to be paid

March, April, and May: Rs 86 premium to pay

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The new premium structure can be explained as follows: Suppose the account holder has applied for the PMJJY plan on August 31, 2018. In this case, the annual premium of Rs 330 will be applied throughout the year. Although the account debit will be completed in September.

On the other hand, if the account holder applies for the PMJJY scheme on September 1, 2018, a prorated premium of Rs 258 will apply based on the revised structure.

Make sure your mobile phone number is current in bank records. The policy will not be issued if the mobile phone number in the savings account is updated.

Payment method

The bank will automatically deduct the premium from the account holder's savings account at the bank. For the renewal of the policy, it will be automatically debited between May 25 and 31, unless the client sends a cancellation request to the bank.

Claims waiting period

The  Pradhan Mantri Jeevan Jyoti Bima Yojana low-risk coverage does not apply until after the first 45 days of registration. In other words, insurance companies do not have to resolve claims within 45 days from the date of registration. However, fatalities from accidents will be exempt from the concession clause and will continue to be paid.


PMJJBY is managed through LIC and other private life insurance companies in India. You can also contact your bank regarding the registration process that banks have associated with insurance companies.

For those who want to join the scheme now they can. One can join or renew the scheme at any time during the year by paying the premium in full and not the proportional amount. However, the renewal date will remain June 1 for all subscribers.

Better to join now and get coverage for the full 12 months. If you ever left the program, you can still rejoin by paying the annual premium.

The registration process was kept simple and easy. To register, you can download the form and send it to your bank. Some banks have also started an SMS-based registration process. This can also be done through net banking. To join/pay by automatic debit from the individual bank account selected on the selected forms, it is required to present before May 31 of each year.

Click here for the application form


The death claim is resolved by the office of the corresponding insurance company. The process to follow will be as follows:

Steps to be taken by the Nominee

  1. Candidate to connect with the bank where the member had a "Savings Account" through which he was covered by Pradhan Mantri Jeevan Jyoti Bima Yojana, together with the member's death certificate.
  1. Candidate to collect claim form and exemption receipt from a bank or another specified source, such as branches of insurance companies, hospitals, insurance agents, etc., even from designated websites.
  1. The candidate must submit a properly completed Claim Form, Discharge Receipt and Death Certificate along with a copy of the canceled check from the candidate's bank account (if applicable) or bank account details to the bank where the candidate member had a "bank account through which he was covered by PMJJBY."
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Steps to be taken by the Bank

  1. Upon receiving notification of death, the bank will check if the coverage of said member is valid on the date of his death, that is, if said premium is on the annual renewal date, that is, June 1, before the member's death was deducted. and transferred to the respective insurance company.
  1. Have the bank verify the claim form and the candidate's details from the available records and complete the corresponding columns of the claim form.
  2. The bank must present the following documents to the designated office of the insurance company in question:
  • A copy of the Nominee's canceled check (if any).
  • Discharge receipt
  • Death certificate
  • Claim form duly completed
  • The maximum period for the bank to send the duly completed claim form to the insurance company is thirty days from the date of submission of the claim.

Steps to be taken at the designated office of the Insurance Company

  1. Check that the claim form is complete in all respects and that all relevant documents are attached. If not, contact the appropriate bank.
  1. If the claim is admissible, the designated office of the insurer must verify that the member's coverage is valid and that no settlement of the member's death claim has been made through any other account. If any claim is resolved, the nominee will be notified accordingly with a copy marked to the Bank.
  1. In case the coverage is valid and no claim from a said member is resolved, the payment is released to the nominee's bank account and a letter is sent to the candidate with a marked copy to the bank.
  1. The maximum time for the insurance company to approve the claim and disburse the funds is thirty days after receiving the claim from the bank.

In the event that the claimant submits the claim form directly to any office of the insurance company, the office of the insurance company will forward it to the bank in the question of the deceased account holder immediately to obtain the necessary verification, etc. Of the interested. Bank. The relevant bank branch will send the claim form to the designated office of the insurance company to process the claim.

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