Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is the life insurance introduced by the Government of India. Life insurance policy provides financial help to the dependents and family members of the insured person after death. The insured person pays a premium to get the benefits of the life insurance policy. Life insurance companies offer life insurance policies to its customers. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an affordable life insurance plan for Indian individuals with a savings account. Policy holders get a sum assured of up to Rs.2 lakh for a premium of Rs.330 per year.
The maximum policy cover of the Pradhan Mantri life insurance is Rs.2 lakh. The sum assured of the policy is paid to the nominee after the death of the policyholder.
The premium amount for PM life insurance policy is Rs.330 per year for one year i.e. from 1st June to 31st May.
In 2018, Ministry of Finance has revised the premium payment structure. The PMJJBY premium will depend on the quarter that individuals have requested for the policy.
Here is the revised structure:
|Policy requested in the month||Annual premium|
|June, July and August||Rs.330|
|September, October and November||Rs.258|
|December, January and February||Rs.172|
|March, April and May||Rs 86|
Policyholders are covered for one year from June 1 to May 31 of next year. Even if you are enrolling for the policy after June, your cover will remain active till 31st May. After that, it will be auto-renewed on 1st June.
The PMJJBY premium is debited from the savings bank account of the policyholder. In case of policy renewal, the premium amount is auto debited between May 25 and May 31.
You can apply for PMJJBY insurance through your bank. Customers can enrol for this policy through online banking, phone banking and by visiting the nearest bank branch.
Log in to Kotak Net Banking
Select ‘Banking’ in the Top Menu
In QuickLinks , select ‘Enroll in PMJJY and PMSBY’
Select the PMJJY in Policy Name
Select the savings account to be debited
Click on ‘Submit’
If you have an HDFC Bank savings account, here’s how you can enrol for the PM Jeevan Jyoti Bima Yojana.
Through HDFC Net Banking
PM Jeevan Jyoti Bima Yojana is a life insurance policy introduced by the government of India. Individuals can get a maximum life cover of Rs.2 lakh by paying a nominal premium of Rs.330 per year.
Pradhan Mantri Jeevan Jyoti Bima Yojana is the full form of PMJJBY.
You can apply for the policy through your bank account through internet banking, sending an SMS or by visiting the nearest bank branch.
The age limit for PMJJBY is 50 years. People above 50 years cannot enrol in the policy.
The premium for Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.330 per year from 1st June to 31st May.
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