What is PMJJBY? Pradhan Mantri Jeevan Jyoti Bima Yojana

Life is unpredictable, and securing your family’s financial future is a priority for many individuals. However, finding affordable life insurance options can be challenging, especially for those in lower-income groups. The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme designed to address this need. With an annual premium of Rs. 330, PMJJBY offers a risk cover of Rs. 2 lakh, ensuring financial support for your loved ones in the unfortunate event of your demise.

At Bajaj Finserv, we simplify the enrollment process for PMJJBY, making it easier for you to access this cost-effective insurance solution.

PMJJBY scheme details and benefits

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance scheme launched by the Government of India. Its primary aim is to provide financial security to policyholders’ families in case of death. Here are the key features and benefits of PMJJBY:

Key Features:

1. Risk Cover: PMJJBY provides a life insurance cover of Rs. 2 lakh to the nominee in case of the policyholder’s death.
2. Affordable Premium: The annual premium is Rs. 330, making it accessible to individuals across income groups.
3. Eligibility: Indian citizens aged 18 to 50 with an active bank account can enroll in the scheme. Coverage can be renewed annually up to the age of 55.
4. Auto-Debit: The premium is auto-debited from your linked bank account, ensuring hassle-free renewals.
5. Simple Enrollment: The scheme is easy to join, with minimal documentation required.

Benefits:

• Financial Security: PMJJBY provides financial protection to your family, helping them cope with unforeseen circumstances.
• Cost-Effective: With a nominal premium of Rs. 330 per year, PMJJBY is one of the most affordable life insurance schemes available.
• No Maturity Benefits: The scheme is purely a risk cover and does not include any savings or maturity benefits, ensuring transparency.
• Accidental Death Coverage: Accidental deaths are covered even during the initial waiting period, offering immediate risk protection.

By enrolling in PMJJBY through Bajaj Finserv, you can ensure seamless access to this government-backed insurance scheme, providing peace of mind for you and your loved ones.

Understanding the premium structure of PMJJBY is crucial for policyholders. Here is a detailed breakdown:

Annual Premium:

• The fixed annual premium for PMJJBY is Rs. 330. This premium is auto-debited from your bank account, ensuring easy renewals.

Pro-Rata Premium Adjustments:

• If you enroll in PMJJBY mid-year, the premium is calculated on a pro-rata basis. This means you will pay a reduced premium based on the remaining months of the policy period.

Example:

If the policy period begins on June 1 and you enroll in September, you will pay a premium adjusted for the remaining nine months instead of the full Rs. 330. This ensures fairness and affordability for late enrollments.

Renewal Process:

• PMJJBY coverage is renewed annually, and the premium is auto-debited from your linked bank account. Ensure sufficient funds in your account before the renewal date to avoid lapses in coverage.

The transparent premium structure ensures that PMJJBY remains accessible to all eligible individuals. Bajaj Finserv’s platform simplifies premium calculations and enrollment, making it easier for you to join this scheme.

Enrolling in PMJJBY is straightforward, and Bajaj Finserv provides a seamless platform to help you get started. Follow these steps to enroll:

1. Visit Bajaj Finserv’s official website or portal.
2. Log in using your credentials: Use your registered mobile number or email ID to access the portal.
3. Navigate to the insurance section: Select the PMJJBY scheme under the “Service” or “Insurance” section.
4. Verify your eligibility: Ensure you meet the age and account requirements for enrollment.
5. Complete the enrollment process: Provide the necessary details, agree to the terms, and authorise the auto-debit of the premium from your linked bank account.

Pro-Tip:

Check your eligibility instantly via Bajaj Finserv’s portal to avoid delays and ensure a smooth enrollment process.

By enrolling through Bajaj Finserv, you can benefit from a user-friendly interface and efficient customer service, making it easier to secure your family’s future under PMJJBY.

Conclusion

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a cost-effective life insurance scheme designed to provide financial security to your family. With an annual premium of Rs. 330 and a risk cover of Rs. 2 lakh, PMJJBY is accessible to individuals across income groups.

Bajaj Finserv simplifies the enrollment and claims process, ensuring a hassle-free experience for policyholders. Protect your loved ones and secure their future today by enrolling in PMJJBY through Bajaj Finserv.