In a move to give government oversaw reserve funds cover to the typical man, Prime Minister Narendra Modi moved three designs – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY) on May 9, 2015. Among them, the PMJJBY is in constrain since June 1, 2015. It is a helpful insurance plot that gives adequate and sensible government managed savings to all subjects for a premium of Rs 330 for each annum for each supporter. Offering an endless one year life front of Rs 2 lakh to all speculation finances budgetary equalization holders in the age social affair of 18-50 years, this arrangement goes for comprehensive access to essential life inclusion incorporation in a beneficial path associated with auto-charge of premium from records. PMJJBY is a dynamic development towards upgrading assurance care and security penetration in the country.


Through PMJJBY, the Union government goes for bringing all zones of society under the assurance cover as straightforwardly, 80-90 for each penny people in the country don’t have any insurance cover. Under this arrangement, a yearly premium of Rs 330 for every endorser must be paid by a saving money related parity holder in the age social occasion of 18-50 years to profit this endless one year life inclusion front of Rs 2 lakh, payable in case of death of the arrangement part due to any reason. In case the individual holds various saving monetary adjusts in one or different banks, he can join the PMJJBY through one save supports record figuratively speaking.


Under it, a total of Rs. 2 lakh is payable to the hopeful of the arrangement part in the event of the death of the defended on account of any reason. There no conditions associated with the death advantage aside from that methodology is in power and all due premiums, advantage charge, et cetera have been forked over the required assets. Regardless, it should be seen that neither improvement advantage nor surrender advantage is payable under this procedure, as it is a Term Life Insurance Scheme.


Through SMS: Eligible customers get a SMS asking for that they respond as ‘PMJJBY <space> Y’. Exactly when the customer replies as ‘PMJJBY <space> Y’, he/she is chosen for the arrangement, and gets a certification message for receipt of the response.

The arrangement relies upon keeping cash system for its smooth working. The applicant’s name/relationship and date of birth are only drawn from the concerned purposes of premium submitted in the financial balance.

The application for enrolment in PMJJBY isn’t taken care of if the anointed one purposes of premium are not available in focus keeping cash records.

The yearly premium for the methodology is paid through the auto charge mode from the venture account and if there ought to be an event of non-portion of the top notch flops as a result of any reason, the arrangement part loses the assurance cover.

Through Net Banking: A customer can login to Net Banking and tap on the ‘Assurance’ tab. He ought to pick the PMJJBY plot and furthermore select the Account through which the methodology premium must be paid. He has the choice to hold the present Savings Account competitor or incorporate another picked one. He also needs to sign an OK self-prosperity attestation. After this, the structure indicates complete purposes of enthusiasm of the PMJJBY and subsequent to clicking ‘Insist’, he gets the Acknowledgment with a unique reference number, which can be downloaded, and set something aside for future reference.


PMJJBY is endless from year to year. The arrangement part needs to pay a premium of Rs 330 for each annum that suggests shy of what one rupee for consistently and Rs 27.5 consistently. It is deducted from the record holder’s speculation finances money related parity through ‘auto charge’ office in one segment. Thusly, it is basic to keep up the required adjustment in the individual record and restore the technique consistently.

The yearly segment is paid at the most recent 31st May of each yearly incorporation period under the arrangement. Past this date, rebuilding is possible on portion of full yearly premium and convenience of a self-proclamation of good prosperity. For their advantage, people may give one-time direction for auto-charge every year as long as the arrangement is in drive.

Capability CONDITIONS:

The arrangement is accessible to all nationals of India in the age-social event of 18 to 50 years, holding speculation supports money related equalization t in any of the taking a premium records with balance satisfactory for portion of the premium of Rs 330. The applicants must have Aadhar card as the basic KYC for the record. It is fundamental for the contender to give the divinely selected individual’s name and bits of knowledge about the relationship. Beside displaying a fittingly filled application outline, the hopeful must give a self-affirmation of good prosperity.

Passing Claim:

The divinely selected individual of the lapsed arrangement part will be met all requirements for ensure proportion of Rs 2 lakh in association with the destruction advantage under the arrangement.

Expert course of action holder for the arrangement

This negligible exertion life inclusion scheme is offered/managed through Life Insurance Corporation (LIC) and other additional security associations, as a group with taking a premium banks who are the pro technique holders. LIC/picked protection office will execute a fundamental and endorser all around arranged association and certification settlement in meeting with the taking a premium bank. Frankly, the watchfulness to associate any additional security association for completing this arrangement for their supporters lies with the partaking banks. They will bear the obligation to recover the yearly premium in one part, as per the option, from the record holders at the most recent the due date through ‘auto-charge’ process. They will transmit the premium to protection organizations reliably when gotten.

End of affirmation:

The presence cover will end or be reduced in any of the going with conditions:

Right when the record holder accomplishes the age of 55 years.

If he close his record with the bank or has lacking equality keep the insurance in drive.

If he is anchored through more than one record, the cover will be bound to Rs 2 lakh and premium will be surrendered.


With a presence front of Rs. 2 lakh at a low yearly premium of just Rs 330 for each annum, PMJJBY is a wonderful development towards consolidation of the gigantic masses of India under the administration incapacity cover. It stands to gigantically benefit all nationals of the country. It is help for the flourishing an immense number of the poor who have for the most part no life cover.

Table 1: PMJJBY in a Nutshell

Eligibility:Age of the hopeful should be between 18 to 50 years.

Premium: 330 for every annum for each part.

Portion Mode:To be charged (deducted) from the budgetary parity of the individual in single bit

Risk Coverage:Risk consideration of Rs 2 lakh in case of death of the ensured part for any reason; the whole is payable just to the anointed one.

Table 2: Break-up of the premium under PMJJBY:

Assurance Premium to LIC/protection office: Rs.289/ – per annum per part

Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs.30/ – per annum per part

Reimbursement of Administrative expenses to taking a premium Bank: Rs.11/ – per annum per part

Indicate – Rs 330

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