Indian Overseas Bank

FAQs on PMJJBY

Q. - What type of policy is Pradhan Mantri Jeewan Jyoti Beema Yojana (PMJJBY)?

Ans. - The PMJJBY scheme is a one-year cover term life insurance renewable from year to year-offering life insurance cover for death due to any reason.

Q. - What are the benefits of availing PMJJBY?

Ans - The scheme offers term life insurance of Rs. 2 Lac on subscriber's death due to any reason. For subscribers enrolling for the first-time, risk starts from the date of auto-debit of premium. However, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

Q. - What is the premium payable for PMJJBY.

Ans. - Annual premium is Rs. 436/- per subscriber and policy period is 1^st June to 31^st May every year. However, for those getting enrolled under PMJJBY for the first time during the middle of the policy period, payment of pro-rata premium is allowed as under:

a) For enrolment in June, July and August - Full annual premium of Rs.436/- is payable.

b) For enrolment in September, October, and November - pro rata premium of Rs. 342/- is payable

c) For enrolment in December, January and February - pro rata premium of Rs. 228/- is payable.

d) For enrolment in March, April and May - pro rata premium of Rs. 114/- is payable.

However, full year's premium @ Rs 436/- is payable at the time of renewal under the scheme.

Q. - What is the age criteria for availing PMJJBY?

Ans. - Any individual having account in any bank / Post office between the age of 18 - 50 Years are entitled to join this scheme. Renewal of policies (only for those who subscribed before age of 50 years) can be done up to age of 55 years (near birthday). In case of multiple accounts held by an individual in one or different banks / Post offices, the person is eligible to join the scheme through one bank / Post office account only.

Q. - What if I Join the scheme from two different banks and pay premium from both the accounts.

Ans. - In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.

Q. - I have already purchased other life insurance policies. Can I avail PMJJBY now?

Ans - Yes, this cover will be in addition to other life insurance schemes availed by subscriber.

Q. - I have a joint account with my wife. Can we both join PMJJBY from same account?

Ans. - In case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the appropriate premium as stated above.

Q. - Can eligible individuals who fail to join the scheme in the initial year or those who joined but later on exited, can join the scheme now?

Ans. - Yes. However, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

Q. - Are NRIs eligible for coverage under PMJJBY?

Ans. - Yes, any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme. However in case of claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency.

Q.- Does the PMJJBY cover death resulting from natural calamities such as earthquake, flood and other convulsions of nature?

Ans. Yes, all these events are covered as PMJJBY covers death due to any reason

Q. - What about coverage from suicide / murder?

Ans. Yes, all these events are covered as PMJJBY covers death due to any reason including suicide / murder.

Q. - When can the assurance on life of the member terminate?

Ans - The assurance on the life of the member shall terminate on happening of any of the following events:

1) On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).

2) Closure of account with the Bank/Post Office or insufficiency of balance to keep the insurance in force.

3) In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.