The scheme is a one-year cover, renewable from year to year, offering life insurance cover for death due to any reason. The scheme is offered and administered through LIC.
Scope of Coverage
All individual bank account holders aged 18 to 50 years in participating banks are entitled to join. In the case of multiple savings bank accounts held by an individual in one or different banks, the person is eligible to join the scheme through one savings bank account only. Aadhaar will be the primary KYC for the bank account.
Enrolment Period and Modality
The cover spans a one-year period from 1st June to 31st May. Options to join or pay by auto-debit from the designated savings account must be submitted on prescribed forms by 31st May every year.
Delayed enrollment with payment of full annual premium for prospective cover may be possible upon submission of a self-certificate of good health. Individuals who exit the scheme at any point may re-join in future years by submitting a declaration of good health.
Benefits: Rs. 2 Lakhs is payable on the member’s death due to any reason.
Pro-Rata Premium Structure (W.E.F 01/06/2022)
Premium on fresh PMJJBY policies will be charged on a pro-rata basis depending on the month of enrollment:
| Enrollment Months |
Premium Amount |
| June to August |
Rs. 436.00 |
| September to November |
Rs. 342.00 |
| December to February |
Rs. 228.00 |
| March to May |
Rs. 114.00 |
* Renewal charges will be Rs. 436/- on or before 31st May every year. Eligibility norms remain as before.