The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhaar is the primary KYC for the bank account. The life covers of Rs. 2 lakhs are for the one-year period stretching from 1st June to 31st May and is renewable. Risk coverage under this scheme is for Rs. 2 lakhs in case of death of the insured, due to any reason. The premium is Rs. 436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme.
Eligible bank account holders may join the scheme at a later stage on payment of Pro-rata premium for ENROLMENT under PMJJBY with the minimum premium of Rs.114/- for one quarter required to be paid even if a person enrols under the scheme one or two months before the end of the policy year (i.e., if he enrols in march, April, or May).
The Pro-ratapremium for ENROLMENT is as follows: -
|
S.No |
Quarter |
PMJJBY premium |
|
1 |
1st Quarter (June, July and August) |
Rs. 436/- |
|
2 |
2nd Quarter (September, October and November) |
Rs. 342/- |
|
3 |
3rd Quarter (December, January and February) |
Rs. 228/- |
|
4 |
4th Quarter (March, April and May) |
Rs. 114/- |
