The PMJJBY is available to people in the age group of 18 to 50 years having a BGVB bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the BGVB bank account.
The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable every year.
Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
The premium is Rs. 330 per annum which is to be auto-debited in one installment 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.
The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with our bank for this purpose.
One can easily avail this scheme by contacting the nearest branch where he or she has a BGVB Bank Account.