This scheme provides one-year term life insurance cover of ₹2 lakh to all the subscribers in the age group of 18 to 50 years. The policy covers death caused due to any reason whatsoever.
Premium payable in this insurance is ₹436 per annum per subscriber, which is auto debited from the subscriber’s bank and post office account.
What is the eligibility?
To be eligible to apply for this life insurance, applicants must be aged between 18 to 50 years. The applicant must hold an individual bank / post office account.
If the individual holds multiple bank accounts in one or different banks, the person would be eligible to join the scheme through one saving bank account only.
How to apply?
One can also avail cover under PMJJBY online using their bank’s netbanking facility.
Offline
Step 1: To apply offline, one can download and take print of the “consent-cum-declaration-form” given in this link:
Step 2: Then, one can sign the fully-filled application form, attach the self-attested copies of the required documents, and submit the case to the authorised official of the bank and post office.
The official will then return the “Acknowledgement slip cum certificate of insurance”.
Validity of cover
Coverage under PMJJBY is valid for one year from 1st June to 31st May on payment of annual premium.
How is the premium paid?
It is deducted from the account holder’s bank/post office account through an auto debit facility.
Can NRIs join?
Yes, any NRI who has an eligible bank account with a branch in India is eligible to buy PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme. However, the claim benefit is paid to the beneficiary in Indian currency only.
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