Pradhan Mantri Jeevan Jyoti Bima Yojana – Details for Application & Steps

Prime Minister Narendra Modi recently launched three initiatives for securing the life of poor people. At a function in Kolkata he announced about these plans offers  insurance benefits for the 12.5 crore people who have taken advantage of the Pradhan Mantri Jan Dhan Yojana. Pradhan Mantri Jeevan Jyoti Bima Yojana is one of the best among them. 

This is as a part of progressing from jan dhan or financial inclusion to jan suraksha – social protection. All these are focusing on workers in the unorganised sector to offer increased coverage. All these are operated via one bank account and all you need is a single bank account. Read in detail about Pradhan Mantri Jeevan Jyoti Bima Yojana Schemes.Benefits of these 3 schemes goes to workers in unorganized sector like beedi workers, fishermen, weavers etc. 

Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

The third launched scheme is Pradhan Mantri Jeevan Jyoti Bima Yojana. In which beneficiaries below age of 50 get a life insurance cover of Rs 2 lakh. Here the annual premium is only Rs 330.Through the Life Insurance Corporation of India, the scheme will be carried out. There may be other insurers willing to tie up with banks for this programme.

Pradhan Mantri Jeevan Jyoti Bima Yojana Life insurance is best for age group of 18- 50 years. The sum assured is Rs 2 Lakh and you have to pay only premium of Rs 330 per year. This insurance offers one Year cover, which is renewable. All bank account holders can enroll this scheme and there is also Auto debit facility payment process.

This Scheme is offered by LIC and other insurance companies, which offer Cover period of 1 June to 31 st may. There is Assurance up to 55 years of age or closure of bank account and additional cover also included. On premium breakup, Premium to insurance company of Rs 289 per Year. You need to pay Transaction fee for agent is Rs 30 per year and Transaction fee to bank is Rs 11 per year. 

Key Features of  Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Life insurance term plan
  • Best for age group of 18- 50 years
  • Sum assured is Rs 2 Lakh
  • Premium of Rs 330 per year
  • one Year cover, renewable
  • All bank account holders can enroll
  • Auto debit facility payment process
  • Scheme offered by LIC and other insurance companies
  • Cover period of 1 June to 31 st may
  • Assurance up to 55 years of age or closure of bank account
  • Additional cover included
  • Benefits of Rs 2 Lakh on death to the nominee
  • On premium breakup, Premium to insurance company of Rs 289 per Year
  • Transaction fee for agent is Rs 30 per year
  • Transaction fee to bank is Rs 11 per year

How to Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana

Contact Your nearest Bank for more information. 

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One thought on “Pradhan Mantri Jeevan Jyoti Bima Yojana – Details for Application & Steps

  1. Neha Khatri
    May 30, 2015 at 11:02 am

    Pls. let me know when is the last date for Pradhan Mantri Bima Yojana policy.

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