Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY offers an easy and low-cost life insurance cover that helps families stay protected during unexpected situations
Government-backed life insurance scheme
Annual premium of just Rs 436
Coverage of Rs 2 lakhs for eligible subscribers
Simple auto-debit enrolment through your TMB account
Overview
Government of India has announced a scheme "Pradhan Mantri Jeevan Jyoti Bima Yojana" in order to facilitate life insurance cover to all the masses of India even affordable to economically
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Product Highlights
PMJJBY aims to offer a simple and affordable life insurance cover to safeguard families in case of unforeseen events. With yearly renewal and a predictable benefit structure, the scheme is suitable for individuals seeking essential protection at minimal cost
Features and Benefits
Subscribers receive a life cover of Rs 2 lakhs payable to the nominee in the event of the insured person’s death during the policy period. The premium amount of Rs 436 per year is auto-debited, ensuring hassle-free renewal
Eligibility
Insurance cover is eligible to all savings bank account holders in the age group of 18 - 50 years. After enrolment, coverage will be available up to 55 years of age (nearer birthday) for existing
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Terms of Risk Coverage
| . A person has to opt for the scheme every year or else he/she can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank. |
| . No medical tests required. A simple declaration of good health will suffice. |
| . Insurance cover commences immediately (accidental cover) on debit of premium to the account. 30days lien clause is applicable for death other than accidental.Claim will not be admissible during the lien period for natural death. |
| . Simple payment mechanism: the premium can be debited from the customers account and standing instructions can be given for renewal. |
| . Income Tax benefit is available under section 80c of IT Act. |
| . Nomination is compulsory. |
| . Simple claim settlement process. |
| . The insurance cover is provided under the Group Insurance Scheme of LIC. |
| . Since the Bank is the Master Policy Holder, the subscribers may not be provided with separate policy. An acknowledgement may be given as a acknowledgement slip cum Certificate of Insurance. |
Guidelines
| Enrollment during the months | Total Premium(in ₹) |
|---|---|
| September, October & November | 342 |
| December, January & February | 228 |
| |
Documents & Download
Find and download the required terms of risk coverage across all categories in one place
Frequently Asked Questions
Find answers to the most common questions about eligibility, benefits, and
features of the TMB Royal Savings Bank Account
