The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme launched on 9th May 2015 by PM Narendra Modi in Kolkata. This is a life insurance scheme that was first introduced by Arun Jaitley, the Finance Minister of India on his 2015 Budget Sheet. Pradhan Mantri Jeevan Jyoti Bima Yojana is implemented by the Life Insurance Corporation of India.
PM Jeevan Jyoti Bima Yojana was established to provide life insurance security to the poor and low-income section of the society. This scheme can be availed by people aged between 18 years to 50 years. They must have a bank account to be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana. Anyone who joins the scheme before completing of 50 years, will have the risk of life cover up to the age of 55 years subject to payment of premium. It is also mandatory for the beneficiary to link their adhaar card to their bank accounts while availing this scheme.
The savings bank account holders of Adinath Bank aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join and enable auto-debit will be enrolled into The Oriental Insurance Company Ltd. Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, 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.
Rs.436/- per annum plus service tax and education cess, if any. The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health. The premium would be reviewed based on annual claims experience.
The savings bank account holders of Adinath Bank aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join and enable auto-debit will be enrolled into Life Insurance Corporation of India, Satara Division Pradhan Mantri Jeevan Jyoti Yojana. Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, 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.