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Pradhan Mantri Jeevan Jyoti Bima Yojana


The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme with a cover of ₹2,00,000 for saving bank account holders in the age group of 18 to 50 years. The Scheme was formally launched by Government of India on 9th March 2015. It is a one-year cover, renewable from year to year.

Capital Small Finance Bank Limited has partnered with Life Insurance Corporation of India under Group Policy No: 310900100639 to provide Pradhan Mantri Jeevan Jyoti Bima Yojana for a Policy period 1st July 2023 to 31st May 2024

Master Policy Holder

Capital Small Finance Bank is the master policy holder.


All Individual saving bank account holders of bank in the age group of 18 years Last Birthday (LBD) to 50 years Nearer Birthday (NBD) are entitled to join the scheme. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only. Aadhaar is the primary KYC for the bank account.

Age criteria for new entrant 18 Years Last Birthday (LBD) to 50 Years Nearer Birthday (NBD)

For renewal (Continuation of coverage) Upto 55 Years NBD subject to annual renewal upto that date.

Types of Scheme One Year Renewal Term Insurance Plan

Policy Year 1st June to 31st May, renewable in June every year

Life Cover ₹2,00,000 on the event of death due to any reason. (30 days lien clause is applicable on new entrant and on re-joining the scheme except in the case of accidental event).

Risk Start Date From date of auto debit, provided premium amount and valid subscriber data is submitted to insurance company in the same month of premium deduction.

Maturity, Loan & Surrender Value Maturity, Loan and Surrender Value is not available under this plan.

Premium Rate

New Enrollment
Enrollment Period Amount of premium
1st June to 31st August ₹ 436
1st Sep to 30th Nov ₹ 342
1st Dec to 28th Feb (29 Feb if leap year) ₹ 228
1st March to 31st May ₹ 114
Renewal of coverage
Coverage Type Coverage Period Amount of Premium
Renewal June to May ₹ 436

Enrollment Modality

  • The cover shall be for one-year period stretching from 1st June to 31st May for which option to join/ pay by auto-debit from the deignated individual bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as laid down in above para for which risk will start from the date of auto-debit of the premium.
  • For subscribers enrolling for the first time on or after 1st June 2021, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days 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 1st June 2021.
  • 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 30 days lien period described above.

Termination of assurance

The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:

  • On attaining age 55 years (age near birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
  • Closure of account with the bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered under PMJJBY with existing / other insurance company through more than one account and premium is received by existing/ other insurance company inadvertently, insurance cover will be restricted to ₹ 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of appropriate premium, subject, however, to the cover being treated as fresh and the 30 days lien clause being applicable.

How to apply for PMJJBY ?

Visit your nearest branch: To begin the process, bring your KYC documents and passport-sized photographs to your nearest branch. You can fill out the application form at the branch to get started.

Customer Care: Call us at 1800 120 1600, one of our representatives will get in touch with you.

Email: Mail us as at lead@capitalbank.co.in with your Name, Contact Number, Address & Message. One of our representatives will get in touch with you.


Apply Now

The cover is subject to exclusions of the policy.