Pradhan Mantri Jeevan Jyoti Bima Yojana

Security That Is Within Reach for All

SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana: Accessible Coverage for All 

Know about SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

UIN: 111G102V01 | Product Code: 76

Security to Cover any Eventuality

No Medical Examination Needed

Nominal Premiums Across All Ages

Know Your Life Insurance Plan

Features

Financial Security: In case of unforeseen circumstances, SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana helps your family maintain financial stability. This support provides them with confidence, enabling stability and clarity in planning ahead.
 
Simplified Proposal: Your convenience remains a priority throughout the enrolment process. The SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana proposal form is simple and easy to complete, requiring minimal documentation. This simple and clear process enables you to enrol quickly, providing reassurance that your family's financial security is being established with simplicity and ease.
 
Affordable Coverage: A ₹2 lakh coverage plan designed to provide accessible support for families across all economic backgrounds. SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana's affordable premium of ₹436 per year ensures that this coverage is available to everyone, regardless of their financial circumstances. This accessibility demonstrates the government's commitment to ensuring every family can access essential financial security.

Advantages

Security: SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana ensures your family can navigate life's unexpected moments with confidence. They have the support they need when circumstances require, enabling stability and informed planning.
 
Simplicity: SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana makes enrolment simple with a clear process. The health declarations in the consent form streamline everything, eliminating the need for complex paperwork or medical examinations. This efficiency ensures your family's coverage is established quickly, giving you the confidence that they are supported.
 
Affordability: An annual premium of ₹436 provides ₹2 lakh in coverage for your family. This gives you the ability to secure essential financial support for your loved ones while keeping your commitments affordable and manageable.
 
Tax Savings: Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.

Plan Benefits

Maturity/Surrender Benefit:
There is no maturity or surrender benefit under this plan.
 
Enrolment:

Participating Banks/ Post office can be the Master policy holders.

The date of commencement of insurance cover is the later of 1st June or the date of enrolment of the insured member for joining the scheme and the insurance cover will be up to 31st May of every subsequent year.

The premium will be deducted from the account holder's bank / Post office account through 'auto debit' facility in one instalment, as per the option given, at the time of enrolment under the scheme.

Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium from the designated individual bank / post office account. The premium is subject to change as specified by the Government of India from time to time.

In case a member wishes to join the scheme post 1st of June, he/ she can do so with the payment of full year’s/pro-rata premium based on month of joining and submission of requisite documents/declaration, if any, as specified by scheme rules. The enrolment rules would be as specified by the Government of India from time to time.

The cover shall be for one-year period stretching from 1st June to 31st May of subsequent year for which option to join / pay by auto-debit from the designated individual bank / post office account on the prescribed forms will be required to be given by 31st May of every year. Full year’s premium would be payable at the time of renewal under the scheme and pro-rata payment would not be allowed.

In case of multiple bank / Post office accounts held by a member in one or different banks / Post office, the person is eligible to join the scheme through one bank / post office account only. Aadhaar is the primary KYC for the bank / post office account.
 
Exclusions:

For new members enrolling into the scheme the insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrollment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year and rejoin on any date on or after 01st June 2021. 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 the 30 days lien period described above.
 
Tax Benefits*:

Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details

These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Downloads

For more details on risk factors, terms and conditions of SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana, read the following documents carefully

• Product Brochure/Prospectus

• Policy Document

• Alteration request form

• Claim process

• PMJJBY Claim form for Enrollment prior to 01.06.2021

• PMJJBY Claim form for Enrollment on or after 01.06.2021

• Claims email

• Policy servicing email




 

Who Can Buy?

Age at Entry Minimum Maximum
18 years (Age last birthday) 50 years (Age nearest birthday)
Maximum Maturity Age 55 years (Age nearest birthday) on Annual renewal date
Policy Term One year renewal term
Sum Assured ₹ 200,000 (Two lakhs only)
Premium Amount The annual premium is master policyholder of 436 per member (including fixed annual premium of 395/-, administrative cost payable to 11/- and commission payable to the distributor (for new enrolments only) of 30/-).

In the first year of enrolment the premium applicable will be as per the table below:
Month of enrolment Premium payable for Premium amount payable
June, July & August Entire policy year i.e. 4 quarters Premium payable by member: 436/-p.a. per member plus applicable taxes, if any (This includes fixed annual premium of 395/-, administrative cost payable to master policyholder of 11/- and commission payable to the distributor (for new enrolments only) of 30/-)
September, October & November 3 quarters Premium payable by member: 342/-for 3 quar ters per member plus applicable taxes, if any (This includes fixed annual premium of 309/-, dministrative cost payable to master policyholder 10.5/- and commission payable to the distribu-tor (for new enrolments only) of 22.5/-)
December, January & February 2 quarters Premium payable by member: 228/-for 2 quarters per member plus applicable taxes, if any (This includes fixed annual premium of 206/-. administrative cost payable to master policyholder of 7/- and commission payable to the distributor (for new enrolments only) of 15/-)
March, April & May 1 quarters Premium payable by member: 114/- for 1 quarter per member plus applicable taxes, if any (This includes fixed annual premium of 103/-, administrative cost payable to master policyholder of 3.5/- and commission payable to the distributor (for new enrolments only) of 7.5/-)
The amount of 'Commission payable to the distributor 'as specified above saved in case of voluntary new enrolment by an accountholder through electronic means shall be passed on as a benefit to the subscriber by correspondingly reducing the amount of the Insurance Premium payable specified in item "Premium payable by the member".
Lien Period 30 days from the date of enrolment or re-joining into the scheme (entry date/date of commencement of insurance cover)

Applicable Tax and/ or any other statutory levy/ duty/ surcharge will be applicable on your premiums, as notified by the Central and/or State Government from time to time as per the provisions of the prevalent tax laws.

Frequently Asked Questions

Eligible account holders of participating banks or post offices can purchase SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana, for just ₹436 a year. To be eligible, you must be between 18 and 50 years of age and have a valid bank/ post office account, as enrolment is done through them. The policy is renewable every year until you reach the age of 55, as long as premiums are paid on time. This accessible option ensures those you care for remain within your circle of support.

SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is available to individuals who are between 18-50 years old.

For ₹436 per year, you can secure life coverage of ₹2 lakhs, to be disbursed to your nominee in case of unforeseen circumstances. SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana makes life insurance accessible across all economic backgrounds, ensuring every family can establish essential financial security.

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For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

 

*Tax Benefits:

Tax benefits are as per Income Tax Laws & are subject to change from time to time. Please consult your Tax advisor for details.

 

You are eligible for Income Tax benefits/exemptions as per the applicable income tax laws in India, which are subject to change from time to time. For further details, click here. Please consult your tax advisor for details.
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