There are eligibility norms to be met if you desire to enrol in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). When the government launches any schemes, it also sets eligibility criteria, which is followed by every citizen of the country. PMJJBY is a life insurance scheme launched by the government for a specific age group people. So, any person aged between 18-50 (life cover up to 55) years of age can subscribe to this policy. The most important thing you should keep in mind is to have a saving bank account because it is a compulsory term in this scheme. People who are not having their saving bank accounts can't enrol in the PMJJBY.
If the individual has multiple saving bank accounts, a condition is also applied wherein it still can subscribe to PMJJBY scheme only through its one bank account. To take the advantage of this scheme, your Aadhaar Card has to be linked to the participating bank account. It is a one-year policy having coverage period from 1st June to 31st May. The renewal period for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is from 25th May to 31st May, the premium amount of Rs. 330 is auto-debited from the account of the policyholder. There is no maturity benefit in this scheme as it is pure term insurance. If someone desires to discontinue this scheme, then it just needs to submit a cancellation and the premium account deduction will be stopped.
