REVISED RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA
YOJANA (w.e.f. 1.6.2022)
1. Details of the scheme: PMJJBY is an insurance scheme offering life
insurance cover for death due to any reason. It is a one-year cover, renewable from
year to year. The scheme is offered / administered through LIC and other Life
Insurance companies willing to offer the product on similar terms with necessary
approvals and tie ups with Banks / Post office for this purpose. Participating
banks/ Post office are free to engage any such life insurance company for
implementing the scheme for their subscribers.
2. Scope of coverage: All individual account holders of participating banks/
Post office in the age group of 18 to 50 years are entitled to join. In case of
multiple bank / Post office accounts held by an individual in one or different
banks/ Post office, the person is eligible to join the scheme through one bank/
Post office account only. Aadhaar is the primary KYC for the bank / Post office
account.
3. Enrolment period: The cover shall be for one-year period stretching from
1st June to 31st May for which option to join / pay by auto-debit from the
designated individual bank / Post office account on the prescribed forms will be
required to be given by 31st May of every year. Delayed enrolment for prospective
cover is possible with payment of pro-rata premium as described below;
a) For enrolment in June, July and August – Full Annual Premium of
Rs.436/- is payable.
b) For enrolment in September, October, and November – pro rata premium
of Rs. 342/- is payable
c) For enrolment in December, January and February – pro rata premium of
Rs. 228/- is payable.
d) For enrolment in March, April and May – pro rata premium of Rs. 114/-
is payable.
Lien period of 30 days shall be applicable from the date of enrolment.
4. Enrolment Modality: The cover shall be for one-year period stretching
from 1st June to 31st May for which option to join / pay by auto-debit from the
designated individual bank / Post office account on the prescribed forms will be
required to be given by 31st May of every year. Delayed enrolment for prospective
cover is possible with payment of pro-rata premium as laid down in above para for
which risk will start from the date of auto-debit of the premium.
For subscribers enrolling for the first time on or after 1
st
June 2021, insurance
cover shall not be available for death (other than due to accident) occurring during
the first 30 days from the date of enrolment into the scheme (lien period) and in
case of death (other than due to accident) during lien period, no claim would be
admissible.
Individuals who exit the scheme at any point may re-join the scheme in future
years. The exclusion of insurance benefits during the lien period shall also apply to
subscribers who exit the scheme during or after the first year, and rejoin on any
date on or after 01
st
June 2021.