PM Jeevan Jyoti Bima Yojana :Premium Is Eligible for Tax Deduction Under Sec. 80C...

Pradhan Mantri Jeevan Jyoti Bima Yojana :premium Is Eligible for Tax Deduction Under Sec. 80C...

Providing life insurance for a year, it will be renewable every year. It will be offered through Life Insurance Corporation of India (LIC of India) and other life insurers willing to offer the product on similar terms.

The risk cover is Rs. 2 lakh upon death due to any reason. Subscribers who wish to continue beyond the first year will have to give consent for auto-debit before May 31 every year.

It will be available to those in the age group of 18 to 50 years with a bank account. People who join the scheme before completing 50 years can, however, continue to have the life cover up to the age of 55 years, subject to payment of premium.

The premium is Rs. 330 per annum, auto-debited in one instalment from the bank account. The bank account will have to be linked to the Aadhaar number. This cover can be in addition to any other insurance scheme the subscriber has taken.

Moreover, like all insurance products, the premium paid is eligible for tax deduction under Section 80C of the Income Tax act, 1961.

In case of multiple savings 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. Aadhaar would be the primary KYC for the bank account.



For the cover period June 1, 2015 to May 31, 2016, subscribers will be required to enrol & give their auto-debit consent by May 31, 2015. Late enrolment for a prospective cover will be possible up to August 31, 2015.


An individual can exit the scheme at any point and rejoin by paying the annual premium & submitting a self-declaration of good health. While applying for the scheme, one can provide nomination. In the event of unfortunate death of the life insured, the sum assured would be paid to the nominee of the plan.
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