With PM Jeevan Jyoti Bima Yojana, you get a ₹2 lakh life cover - a simple, affordable way to secure your family’s future in your absence. To ensure it, here’s the premium structure for this policy –

It gets deducted automatically from your Savings Account. This is made possible by the auto-debit instruction you give at the time of enrolment.

LIC and other Life Insurance companies take care of it. They offer it in collaboration with participating banks like us. GIGA account holders of HDFC Bank have their policies administered by HDFC Life.

If you are a Indian citizen , between the ages of 18 and 50 years and having Savings Bank Account, you are eligible. However, if you have multiple Savings Accounts in one or different banks, you can buy the policy through any one only.

Yes, of course. You can opt to rejoin the scheme in future years as well subject to meeting age eligibility criteria.

Participating banks such as HDFC Bank are the master policyholders. LIC/other insurance companies, in consultation with the participating bank, to offer a simple and subscriber-friendly administration and claim settlement process. Master policyholder, in your case, is HDFC Bank.

Here are the instances when the JBY policy gets terminated

1. When you attain the age of 55 years (age near birth day), subject to annual renewal up to that date (However, no policy enrolment is possible beyond the age of 50 years)
2. Closure of the account with the bank or absence of sufficient funds to keep the insurance in force
3. In case you are covered through multiple accounts, and a premium is received by the insurer, such premium is liable to be forfeited, while the insurance cover will be restricted to ₹2 lakhs.

Yes, you can go for this scheme even if you have another active insurance scheme in your name.