NEW DELHI : The government-backed Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that was launched around six years back. The insured’s nominee gets ₹2 lakh payout upon death from any cause.
If you know someone who has lost a family member, especially the breadwinner, due to covid-19, ask the family to check if the deceased had enrolled for the scheme. For a family that lost the breadwinner, such schemes can help provide some financial stability in the interim.
The scheme is available to individuals aged between 18 and 50 years and hold a savings bank account. The life cover is up to 55 years. Such depositors should have consented to join the scheme and permitted the bank to auto-debit the premium from the bank account.
The policy must be renewed every year, and the cover is from June to May. The cover commences from the date of account holder’s request and ends on 31 May of next year. The annual premium is ₹330 if you sign up between June and August.
According to ICICI Bank’s website, the premium reduced to ₹258 if the person signs up between September and November, ₹172 between December and February, and ₹86 between March and May. Once signed up, the following year’s premium will be ₹330, and the bank will debit it between 25 May and 31 May.
The cover will be terminated under three conditions—the person attains the age of 55, the account is closed with the bank if there’s insufficient balance for debiting the premium, and if the person has the insurance from different banks, the cover will be restricted to ₹2 lakh. The cover from other banks will be terminated, and the premium will be forfeited.
If you have a joint account, both parties can sign up for it by submitting a separate enrolment request.
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