Alert! Last day for PMJJBY renewal. Here’s all you need to know
New Delhi: Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a renewal term insurance policy that provides a yearly life insurance coverage of Rs 2 lakh in case of the demise of the insured person, at a premium rate of Rs 330 per annum. It is a non-inked, non-participating, one-year renewable group term insurance plan.
This insurance scheme is available for people in the age group of 18-50 provided they have a savings bank account and have given their consent to join and enable auto-debit.
People can subscribe to this scheme by simply linking their Aadhaar card with the participating bank account. As a government-backed insurance policy with the minimum premium rates, this plan is beneficial for those individuals who have a low income.
The insurance cover shall be for one year period stretching from June 1 to May 31 for which option to join or pay by auto-debit from the designated individual bank account on the prescribed forms are required to be given by May 31 of every year. Subscribers who wish to continue beyond the first year are expected to give their consent for auto debit before each successive May 31st for successive years.
Under the scheme, the nominee of the insuree gets Rs 2 lakh in case the latter dies. The policy is renewed every year for a premium of Rs 330. To get the benefit of the scheme, you should have a bank account with this balance on May 31. Today is the last day of renewal.
Worth mentioning here is that the date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be up to 31st May of the subsequent year. The cover can be renewed on the 1st of June every year by debiting the premium from your saving bank account.
In case you want to join the scheme after June 1, you will have to make payment of full year’s/pro-rata premium based on the month of joining and submission of requisite documents/declaration as specified in the scheme.