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Termination of the cover under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term insurance plan launched by the government. If the person dies after investing in the PMJJBY, then the family avails Rs. 2 lakhs as a claim amount after his/her death. However, when the policyholder is alive, he/she needs to submit the premium of Rs. 330 per annum before the deadline. Following are the conditions where the benefits of the scheme will get terminated:

  1. The maximum age of taking advantage of this scheme is 55 years. Hence, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) will get terminated when the insured person will attain the age of 55 years.
  2. If the insured person/policyholder breaks the rules of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) by insuring through its different saving bank accounts at the place of one saving bank account, the scheme will get terminated.
  3. The auto-debit process is followed in the PMJJBY. So, if a person does not have sufficient balance in his bank account to pay the premium amount of Rs. 330 or his/her bank account gets closed, the policy in such a case will get terminated.
  4. Default on payment of premium after a grace period of 30 years can lead to the termination of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

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