Sum Assured amount is paid in case of unfortunate death of the member during the period of cover. Please note that the total Life Cover of the member under Pradhan Mantri Jeevan Jyoti Bima Yojna cannot be more than 2 lacs even if the applicant has been insured under this scheme from multiple banks / life insurance companies
Surrender /Maturity Benefit:
There is no surrender/maturity benefit in this scheme.
The plan will be offered to eligible individual bank account holders of Canara Bank. In case of multiple bank accounts held by you in one or different banks, you would be eligible to join the scheme through one bank account only. You can enrol for this Scheme by filling up the Member enrolment form through Canara Bank.
The premium amount will be auto debited from your savings account linked with the scheme. Aadhar will be the primary KYC.
In case of the death of the member, the nominee should raise claim for the same with designated Canara Bank branch or with Canara HSBC Oriental Bank of Commerce Life insurance company.
Kindly note the following: -
- The cover shall be for the one year period starting 1st June to 31st May for which option to join / pay by auto-debit from the designated individual bank account on the prescribed forms will be required to be given by 31st May of every year.
- It is possible to enrol with a delay in case full annual premium is paid by the member for his/her prospective cover. For subscribers enrolling for the first time on or after 1st June, insurance cover shall not be available for death (other than due to accident) occurring during the first 45 days (Lien Period) from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
- Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and rejoin on any date on or after 01st June. In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing subject to the 45 days lien period described above.
- The above mentioned rules and premium amount are subject to change from time to time as per the changes made by the Government of India in the PMJJBY Scheme Rules.
Minimum (as on last birthday)
Maximum (nearest birthday)
Max. age on maturity (nearest birthday)
- Policy Term
One Year Renewable
- Premium Amount
Up to Rs. 330/- per annum
2,00,000/- (2 lakhs only)