Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY):

For implementation of PMJJBY scheme, Bank has entered into MOU with LIC of India on 20.04.2015.

The PMJJBY scheme was announced by Govt. in the budget 2015-16. The scheme is offering life insurance cover of Rs. 2.00 lakh for death due to any reason & the premium should be Rs. 436/- per annum per member.

The premium will be deducted from the account holders Saving bank account through ‘auto debit’ facility & due on 31st May every year.

Age Eligibility :- 18 to 50 Years

Policy Period :- 01st June to 31st May

Lien period of 30 days shall be applicable from date of enrollment.

Frequently Asked Questions

1. What is PMJJBY offered by Bank of Maharashtra?

PMJJBY is a government-backed term life insurance scheme available through Bank of Maharashtra that provides financial protection to the nominee in case of the policyholder’s death. It is a one-year renewable policy covering death due to any reason.

2. What is the coverage amount under PMJJBY?

The scheme offers a life insurance cover of ₹2 lakh, payable to the nominee in case of the insured person’s death due to any cause.

3. What is the premium for PMJJBY?

The annual premium is ₹436 per year, which is automatically debited from the subscriber’s savings bank account.

4. Who is eligible to enroll in PMJJBY?

Any individual aged 18 to 50 years with a savings account in Bank of Maharashtra can enroll in the scheme by providing consent for auto-debit.

5. How long does the PMJJBY cover remain valid?

The policy provides coverage for one year (June 1 to May 31) and is renewable annually.

6. Is a medical test required to join PMJJBY?

No, no medical examination is required. A simple self-declaration of good health is sufficient at the time of enrollment.

7. How is the premium paid under this scheme?

The premium is paid via auto-debit from the savings account, typically between May 25 and May 31 every year.

8. Can a person enroll in PMJJBY through multiple bank accounts?

No, an individual can enroll only once under PMJJBY. Multiple enrollments are not allowed, and benefits will be restricted to one policy only.

9. What is the claim process for PMJJBY?

In case of the insured’s death, the nominee must:

  • Inform the bank
  • Submit the claim form and death certificate
  • Provide the required documents
    The claim amount is then processed and paid by the insurance company.

10. When does the PMJJBY coverage terminate?

Coverage ends if:

  • The insured reaches 55 years of age
  • The bank account is closed
  • There is insufficient balance for the premium deduction
  • Multiple enrollments are detected

11. Is there any waiting period under PMJJBY?

Yes, there is a 30days lien period from the date of enrollment. During this time, claims (except accidental death) are not admissible.

12. Are NRIs eligible for PMJJBY?

Yes, NRIs with an eligible savings bank account in India can also enroll in the scheme.