The Pradhan Mantri Jeevan Jyoti Bima Yojana 2022 has been launched for persons working in the unorganised sector as part of Prime Minister Narendra Modi’s aim to introduce the nation’s unbanked population to the mainstream banking institutions.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a recently introduced programme, gives a 2 lakh rupee renewable insurance coverage cover for just 330 rupees in payment. Any Indian resident between the ages of 18 and 50 may participate in the programme as long as they have a savings account to which the programme can be linked.
The scheme is provided by Life Insurance Corporation and all other life insurers that are prepared to provide the product on comparable conditions with the required approvals and partner with banks for this purpose.
Pradhan Mantri Jeevan Jyoti Bima Yojana
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-sponsored insurance programme with the goal of encouraging more Indians to get life insurance. The programme was introduced with PM Suraksha Bima Yojana and Atal Pension Yojana.
It has received a resoundingly positive reception, with about 12.77 crore individuals receiving coverage (from 9 May 2015 to 1 June 2022). People between 18 and 50 who have bank accounts and permission to enrol or allow auto-debit are eligible to participate in the PMJJBY. The primary KYC for the bank account would be Aadhar.
| Launched By | Paradhan Mantri Narendra Modi |
| Name of Scheme | Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2022 |
| Objective | To increase the adoption of life insurance |
| Benefits | A Rs. 2 lakh life insurance claim |
| Eligibility Criteria | The ages of 18 and 50 who have bank accounts |
| Beneficiaries | The bank account holders |
| Official Website | financialservices.gov.in |
The 2-lakh-rupee life insurance policy is renewable and is valid for a 12-month period starting on 1 June and ending on 31 May. With the introduction of the programme, the government wanted to establish a social security system specifically for the underprivileged and impoverished segment of society.
Objective of PMJJBY
At your convenience, an insurance plan called PMJJBY must be renewed annually using a cover for the upcoming year. The plan includes coverage for death due to any cause. Life Insurance Corporation is the primary administrator of the plan, and there aren’t many other insurance companies that can provide a comparable product under the plan.
The Indian population’s acceptance of life insurance is something the national government wants to boost. With the introduction of the programme, the government wanted to establish a social security system specifically for the underprivileged and impoverished segment of society.
Benefits of PMJJBY
There are several advantages to using this PMJJBY, some of which are given below:
- In the event of the policyholder’s unexpected death or accidental death, this programme pays the insurance policy’s nominees with a life insurance claim of Rs. 2 Lakh.
- One of the most affordable and least expensive life insurance policies available. be seized upon by anyone.
- This coverage costs the policyholder only Rs. 330 year or even less than Rs. 1 every day. Although there are no benefits for policy maturation or surrender.
- Section 80C of the Income-tax Act of India allows for a tax deduction for the policyholder’s premium payments.
Features of Pradhan Mantri Jeevan Jyoti Bima Yojana
- 2 Lakh rupees in life insurance coverage every year for just 436 rupees in premium.
- Simple to maintain, depart, and re-enter.
- open to all Indian nationals between the ages of 18 and 50.
- LIC of India and other private insurance firms are providing PMJJBY, with the participating bank continuing to maintain the Master policy.
- It includes deaths from any reason, including homicide and suicide.
- No need to physically deposit the premium each year with the auto debit feature for the amount.
Eligibility Criteria
- Anyone living in India who is between the ages of 18 and 50 is eligible to join the programme.
- The candidate ought to have a current savings account.
- For the bank to automatically deduct the amount of the premium, the subscriber must grant written approval.
- Every year, on or before May 31, the subscriber must keep the appropriate balance in their bank account at the time of auto debit.
- The candidates must self-certify their excellent health at the time of applying for insurance coverage.
- At the time of applying for the plan, the subscriber must declare on their own behalf that no serious or severe disease exists.
List of Bank having Pradhan Mantri Jeevan Jyoti Beema Yojana
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Union Bank of India
- Axis Bank Ltd.
- Bandhan Bank Ltd.
- CSB Bank Ltd.
- City Union Bank Ltd.
- Central Bank of India
- Indian Bank
- Indian Overseas Bank
- Punjab & Sind Bank
- Punjab National Bank
- State Bank of India
- UCO Bank
- DCB Bank Ltd.
- Dhanlaxmi Bank Ltd.
- Federal Bank Ltd.
- HDFC Bank Ltd
- ICICI Bank Ltd.
- Induslnd Bank Ltd
- IDFC First Bank Ltd.
- Jammu & Kashmir Bank Ltd.
- Karnataka Bank Ltd.
- Karur Vysya Bank Ltd.
- Kotak Mahindra Bank Ltd
- Lakshmi Vilas Bank Ltd.
- Nainital Bank Ltd.
- RBL Bank Ltd.
- South Indian Bank Ltd.
- Tamilnad Mercantile Bank Ltd.
- YES Bank Ltd.
- IDBI Bank Ltd.
- Chaitanya Godavari Grameena Bank
- Saptagiri Grameena Bank
- Andhra Pradesh Grameena Vikas Bank
- Telangana Grameena Bank
- Arunachal Pradesh Rural Bank
- Uttar Bihar Gramin Bank
- Au Small Finance Bank Limited
- Capital Small Finance Bank Limited
- Equitas Small Finance Bank Limited
- Suryoday Small Finance Bank Limited
- Ujjivan Small Finance Bank Limited
- Utkarsh Small Finance Bank Limited
- ESAF Small Finance Bank Limited
- Chhattisgarh Rajya Gramin Bank
- Saurashtra Gramin Bank
- Sarva Haryana Gramin Bank
- Himachal Pradesh Gramin Bank
- Fincare Small Finance Bank Limited
- Jana Small Finance Bank Limited
- North East Small Finance Bank Limited
- Shivalik Small Finance Bank Limited
- India Post Payments Bank Limited
- Fino Payments Bank Limited
- Andhra Pragathi Grameena Bank
- Ellaquai Dehati Bank
- J&K Grameen Bank
- Karnataka Vikas Grameena Bank
- Madhyanchal Gramin Bank
- Vidharbha Konkan Gramin Bank
- Maharashtra Gramin Bank
- Manipur Rural Bank
- Meghalaya Rural Bank
- Mizoram Rural Bank
- Nagaland Rural Bank
- Utkal Grameen bank
- Odisha Gramya Bank
- Puduvai Bharathiar Grama Bank
- Baroda Rajasthan Kshetriya Gramin Bank
- Rajasthan Marudhara Gramin Bank
- Tripura Gramin Bank
- Uttarakhand Gramin Bank
- Bangiya Gramin Vikas Bank
- Paschim Banga Gramin Bank
- Uttarbanga Kshetriya Gramin Bank
- Kerala Gramin Bank
- Assam Gramin Vikash Bank
- Baroda Gujarat Gramin Bank
- Dakshin Bihar Gramin Bank
- Punjab Gramin Bank
- Jharkhand Rajya Gramin Bank
- Karnataka Gramin Bank
- Madhya Pradesh Gramin Bank
- Tamil Nadu Grama Bank
- Aryavart Bank
- Prathama UP Gramin Bank
- Baroda UP Bank*
- Australia and New Zealand Banking Group Ltd.
- Westpac Banking Corporation
- Bank of Bahrain & Kuwait BSC
- AB Bank Ltd.
- Sonali Bank Ltd.
- Bank of Nova Scotia
- BNP Paribas
- Credit Agricole Corporate & Investment Bank
- Societe Generale
- Deutsche Bank
- HSBC Ltd
- Mizuho Bank Ltd.
- Sumitomo Mitsui Banking Corporation
- MUFG Bank, Ltd.
- Doha Bank
- Qatar National Bank
- JSC VTB Bank
- Sberbank
- United Overseas Bank Ltd
- Mashreq Bank PSC
- First Abu Dhabi Bank PJSC
- Emirates Bank NBD
- Barclays Bank Plc.
- Standard Chartered Bank
- NatWest Markets Plc
- American Express Banking Corporation
- Bank of America
- Citibank N.A.
- J.P. Morgan Chase Bank N.A.
- SBM Bank (India) Limited*
- DBS Bank India Limited*
- FirstRand Bank Ltd
- Shinhan Bank
- Woori Bank
- KEB Hana Bank
- Industrial Bank of Korea
- Kookmin Bank
- Bank of Ceylon
- Credit Suisse A.G
- CTBC Bank Co., Ltd.
- Krung Thai Bank Public Co. Ltd.
Documents Required
The following documents must be present for the policyholder to use this PMJJBY insurance policy:
- Bank Account details
- Bank Account Passbook
- Aadhar Card
- Passport size photograph
- Address proof
Procedure to apply Offline under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2022
The applicant must adhere to the steps listed below in order to submit an application for this Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY:
- The applicant must visit the closest bank where he or she has a bank account (the bank must be registered under RBI).
- The applicant must speak with the appropriate party in the bank about the PMJJBY insurance.
- Then the applicant is given paperwork to complete in order to provide their agreement to the policy being taken out and linked to their bank account.
- Include all required identity documentation.
- The applicant must then pay a 330 rupee premium for an entire year.
- Obtain the certificate for the Policy as well as the bank’s receipt.
Application Procedure for applying Online under Pradhan Mantri Jeevan Jyoti Bima Yojana
- The applicant first visit the official website of the bank in which you have your account and search for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2022
- Now, you have to click on the Apply Now link.
- A new page will open, where you enter your details such as Name, Email Id, Mobile number, State, City, etc.
- After that upload the required documents.
- Pay the insurance premium.
- And Download the certificate of the insurance.
How To Download PMJJBY Certificate Online
The policyholder can either download the certificate from the Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY from the bank’s official website or pick it up from local bank locations:
- The applicant first visit the official website of the bank in which you have your account and search for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2022
- A homepage will appear where you have to Click on Enroll Now option.
- Use legitimate login information, such as a user ID and mobile number.
- To get the certificate, select the download PMJJBY insurance option.
Pradhan Mantri Jeevan Jyoti Bima Yojana Cancellation Procedure
- Visit your local bank where you have an account to cancel or withdraw your Pradhan Mantri Jeevan Jyoti Bima Yojana.
- For the Pradhan Mantri Jeevan Jyoti Bima Yojana to be withdrawn, you must also present your identification evidence.
Pradhan Mantri Jeevan Jyoti Bima Yojana Rules and Regulations
You can benefit from using PMJJBY in any Indian bank that has received RBI approval. However, each bank has its own terms and restrictions.
It is crucial to thoroughly understand the terms and conditions of the Pradhan Mantri Jeevan Jyoti Bima Yojana before applying to any bank. All of this information is available on the bank’s official website or via bank employees.