The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason. The scheme would be offered / administered through LIC. 

Scope of coverage: All individual bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account. 

Enrolment Period and Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year. Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a self-certificate of good health. 

Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed proforma. 

In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health. 

Benefits: Rs.2 lakhs is payable on member’s death due to any reason. 

Premium: Rs.330/- per annum per member. The premium will be deducted from the account holder’s individual bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. 

WEF 01/09/2018, Premium on fresh PMJJBY will be charged on pro-rata basis as under:- 

For all fresh PMJJBY done during the months of:- 

– June to August: – Rs. 436.00 

– Sep to Nov: – Rs. 342.00 

– Dec to Feb: – Rs. 228.00 

– Mar To May: – Rs. 114.00 

Renewal charges will be Rs. 436/- as before. Eligibility norms will be as before. 

Eligibility Conditions: 

1. a) The individual bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. 

1. b) Individuals who join after the initial enrollment period extending up to 31st May 2016 will be required to give a self-certification of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.