Pradhan Mantri Jeevan Jyoti Bima Yojana: Benefits, documents required, eligibility criteria and application process; all you need to know

Pradhan Mantri Jeevan Jyoti Bima Yojana addresses the critical need for affordable life insurance amongst these individuals and families, who often lack access to traditional insurance products due to high premiums or complex eligibility requirements.

Pradhan Mantri Jeevan Jyoti Bima Yojana was launched in 2015. (Source: Freepik)

Launched in 2015 by the Government of India, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a landmark initiative in life insurance accessibility. This scheme targets a vast segment of the Indian population, particularly those working in the unorganised sector, which is estimated to be over 450 million strong, according to a 2018 World Bank report. PMJJBY addresses the critical need for affordable life insurance amongst these individuals and families, who often lack access to traditional insurance products due to high premiums or complex eligibility requirements.

Pradhan Mantri Jeevan Jyoti Bima Yojana: Benefits

PMJJBY offers a term life insurance policy that provides a death benefit of ₹2 lakh to the nominee(s) in case of the policyholder’s demise during the policy term. This financial cushion can be invaluable for the bereaved family, helping them cope with immediate financial needs and navigate a difficult period. The scheme particularly benefits low-income families, where losing a breadwinner can have devastating consequences. The low premium amount makes it an accessible option for many, promoting financial security and peace of mind.

Pradhan Mantri Jeevan Jyoti Bima Yojana: Eligibility

Enrolling in PMJJBY involves meeting a few key requirements. First, applicants must be between 18 and 50 years old at the time of signup. Additionally, they need a functional savings bank account that allows automatic debits for the premium payments. This ensures the policy stays active and avoids any gaps in coverage due to missed payments.

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The scheme is particularly designed for people working in the informal sector, like farmers, street vendors, and small shopkeepers. However, some salaried individuals with linked bank accounts might also qualify. It’s important to check with your specific bank to confirm their eligibility criteria. Finally, enrolling in PMJJBY requires linking your Aadhaar card to your savings account. This helps verify your identity and simplifies the application process.

Also Read | Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana: Required documents

Signing up for PMJJBY is very simple, and it requires minimal paperwork. You’ll need details from your savings bank account, including the account number and branch information. Verifying your identity is also crucial, so you’ll need a copy of your Aadhaar card or your Aadhaar number. Some banks might have a slightly stricter requirement for age verification. You might be asked to submit documents like your birth certificate or voter ID card in these cases. To ensure a smooth application process, double-check with your bank to see if they require additional age verification documents.

Pradhan Mantri Jeevan Jyoti Bima Yojana: Process of application

To apply for PMJJBY, one can opt for an offline or online process.

Bank Branch: Visit the nearest bank branch where you have your savings account.
Bank’s Website: Some banks might allow online enrollment through their official website.

Form submission

Bank Branch: Visit the nearest bank branch where you have your savings account.
Bank’s Website: Some banks might allow online enrollment through their official website.

Verification process

The bank will verify your details and will process your application accordingly.
You might receive an SMS or email confirmation once your enrollment and the policy are active.
The premium amount will be automatically deducted from your savings account linked to PMJJBY.