Canara

Financial security is an important part of planning for the future. Many individuals look for simple and affordable ways to ensure that their families have financial support in case of an unexpected situation. One such initiative is PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana), a life insurance scheme that offers basic financial protection at a nominal cost.

Savings account holders of Canara Bank can easily enrol in PMJJBY through different channels provided by the bank. The process is straightforward and designed so that eligible customers can join the scheme without difficulty.

This guide explains what the scheme is, who can apply, its main features and the steps to enrol through Canara Bank.

What is PMJJBY?

Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY, is a life insurance scheme available to all eligible bank account holders. If the insured member passes away during the policy period, the nominee receives financial help.

If the insured member dies due to any reason, the nominee receives the PMJJBY sum assured of ₹2,00,000. The scheme is offered by banks like Canara Bank, which allows its savings account holders to enrol and manage their PMJJBY policy through multiple banking channels.

The policy is valid for one year, from 1st June to 31st May. It can be renewed annually if there is enough money in the savings account to cover the premium auto-debit.

Who Can Enrol in PMJJBY?

The scheme is available to eligible savings account holders who meet certain conditions.

The following criteria must be fulfilled to enrol in PMJJBY through Canara Bank:

• The individual must hold a savings account with Canara Bank.
• The applicant should be aged between 18 and 50 years.
• The account holder must provide consent to join the scheme and allow the premium to be auto-debited from the savings account.

Once enrolled, the cover can continue up to the age of 55 years, as long as the policy is renewed every year and a sufficient balance is maintained for premium deduction.

Key Features of PMJJBY

The PMJJBY scheme is designed to be simple and accessible for account holders. Some of the main features include the following:

Life Insurance Cover

A life insurance policy worth ₹2,00,000 is offered by the scheme. The registered nominee receives the sum assured if the insured member dies within the policy period.

Waiting Period

There is a waiting period of 30 days from the date of joining the scheme. During this period, claims are not admissible unless the death occurs due to an accident.

Policy Period and Renewal

Every year, the coverage period lasts from 1st June to 31st May. If there is a sufficient balance in the savings account, the premium is automatically deducted when the policy is renewed in May.

Premium Structure

The premium for PMJJBY is collected on a pro rata basis depending on the enrolment period, as per DFS guidelines.

Enrolment Period	Total Premium Payable
June to August	₹436
September to November	₹342
December to February	₹228
March to May	₹114

Payment Method

The premium is collected through auto-debit from the subscriber's savings account with Canara Bank. At present, this is the only mode of payment available under the scheme.

How to Enrol in PMJJBY Through Canara Bank

Customers of Canara Bank can enrol in PMJJBY through several convenient methods. Depending on what is most suitable, the process can be completed through a branch, digital banking services, ATM or other approved channels.

Enrolment Through a Canara Bank Branch

One of the simplest ways to enrol is by visiting a Canara Bank branch.

Customers need to submit a duly filled and signed application-cum-consent form at the branch. Once the form is verified and the account has sufficient balance, the enrolment process is completed.

Enrolment Through BC Locations

Another option is enrolment through BC (Business Correspondent) locations using TAB-based banking.

This facility is available only if the customer's mobile number is registered with the savings account. In addition, nominee details must already be linked to the bank account. If nominee details are not available, enrolment cannot be completed by the BC agent.

After successful enrolment, the customer will receive a confirmation through SMS.

Customers must contact the branch to update nominee details.

Correction: BC can enter/modify nominee details at the time of enrolment as per customer request. Customer need not to visit the Branch for nominee update.

Self Enrolment Through Internet Banking or ai1 Mobile Banking

Account holders can also enrol in PMJJBY through Canara Bank's Internet Banking platform or the ai1 mobile banking application.

The steps are simple:

1. Log in to the ai1 mobile app or Internet Banking.
2. Select the Social Security Schemes option.
3. Choose PMJJBY.
4. Enter the required details, such as nominee information and address.
5. Confirm the request.

The enrolment will be successful if the savings account has sufficient balance for the premium debit.

Correction: Jan Suraksha portal will be opened. Customer has to enroll through Jan Suraksha portal.

Enrolment Through ATM

Customers may also enrol through the ATM channel.

Note that enrolments through ATM are accepted only if the date of birth and nomination details available in the bank records are correct.

If the customer wishes to change the nominee, the update must be done through the branch.

Correction: Enrolment through ATM channel is not available.

Enrolment Through the JanSuraksha Portal

Another self-subscription option is the JanSuraksha portal.

The process involves the following steps:

1. Register on the portal by creating login credentials.
2. Log in using the username and password.
3. Select the PMJJBY scheme.
4. Choose Canara Bank and enter your savings account number and date of birth.
5. Enter the OTP received on your registered mobile number.
6. Provide details such as nominee information and address.
7. Confirm the premium debit by entering OTP again.

After successful enrolment, a COI (Certificate of Insurance) is generated and a confirmation SMS is sent to the customer.

If the date of birth entered differs from bank records, the customer must submit valid proof to the base branch for updating their details. If the records are not updated, the application may be rejected.

When Does the PMJJBY Cover End?

The insurance cover under PMJJBY may end under certain conditions.

The assurance will terminate if:

• The account holder reaches the age of 55 years.
• The savings account with Canara Bank is closed.
• There is insufficient balance in the account for the premium auto-debit.
• The individual holds multiple coverages under the scheme. In such cases, the total cover will be limited to ₹2 lakhs, and other insurance covers may be terminated with the premium being forfeited.

Conclusion

The scheme offers a range of enrolment options, and customers can easily enrol through a suitable channel, such as a branch, digital banking, ATM, BC or the JanSuraksha portal.

To maintain the PMJJBY financial protection, account holders should keep sufficient balance for the annual premium debit and renew their coverage yearly.