Janshree Bima Yojana Scheme: Benefits & Eligibility Criteria

• Janshree Bima Yojana (JBY) offers life insurance coverage to both rural and urban individuals who are below and marginally above the poverty line. The JBY scheme currently offers coverage to 45 occupational groups such as agriculturalists, carpenters and fishermen, among others.
• The beneficiary of the JBY scheme receives ₹30,000 in case of the natural death of the insured and ₹75,000 in case of death or permanent disability due to an accident.
• To be eligible for the Janshree Bima Yojana, you should be aged between 18 and 59.
• The scheme also provides additional support to women and children through financial assistance.

Janshree Bima Yojana (JBY) was launched in 2000 by the Government of India and Life Insurance Corporation (LIC) of India. The scheme offers life insurance coverage to both rural and urban people who are below and marginally above the poverty line. The poverty line isthelevelofincome required tomeettheminimumlivingconditions.The JBY scheme offers coverage to 45 occupational groups which are economically marginalised.

Below are some of the benefits of the JBY scheme:

• The beneficiary will receive ₹30,000 in case of the natural death of the insured.
• In case of death or permanent disability due to an accident, the compensation offered is equal to ₹75,000.
• For a partial disability, the compensation amount provided to the beneficiary will be ₹37,500.

To be eligible to avail of the Janshree Bima Yojana, you need to fulfill the following criteria:

• You should be aged between 18 and 59.
• The minimum size of the membership should be 25.
• You must be a member of any occupation or vocational group approved by the nodal agency, which is a governmental body.
• You should be marginally above or below the poverty line.

Also Read: Why Life Insurance Is A Must For Long-Term Financial Security .

Here are two special schemes that are offered by the government to the applicants of JBY apart from life insurance coverage:

Shiksha Sahyog Yojana

The scheme offers coverage to children whose parents are members of the Janshree Bima Yojana. Students studying in 11th and 12th standard are offered a scholarship of ₹600 every six months. The scholarship is offered to only two children per household.

Women in Self-Help Groups

Under this scheme, term insurance coverage of ₹30,000 per year is offered to women who are a part of self-help groups (SHGs). A woman member is required to pay an annual premium of ₹200 out of which ₹100 is paid by LIC.

The JBY group covers 45 different categories of workers which are mentioned below:Anganwadi workers and helpers

• Agriculturists
• Brick kiln workers
• Beedi workers
• Plantation workers
• Fishermen
• Manufacturers of paper products
• Powerloom workers
• Physically handicapped self-employed persons
• Carpenters
• Papad workers attached to SEWA
• Manufacturers of earthen toys
• Coconut processors
• Printing press workers
• Rural poor
• Urban poor
• Workers in rubber and coal-producing companies
• Workers in companies manufacturing chemical products
• Primary milk producers
• Construction workers
• Firecracker workers
• Safai karamcharis
• Cobblers
• Workers in companies producing salt
• Workers in companies manufacturing food items like sugar
• Rickshaw pullers/auto drivers
• Handloom weavers
• Women residing in hilly areas
• Khadi weavers
• Toddy tappers
• Textile workers
• Tendu leaf collectors
• Forest workers
• Handicraft artisans
• Hamals (tribe)
• Workers involved in sericulture
• Sheep breeders
• Transport drivers’ association members
• Kotwals
• Workers involved in the manufacturing of leather products
• Women tailors
• Leather tannery workers
• Transport karamchari s
• Workers involved in the manufacturing of food products
• Women associated with SHG

The Janshree Bima Yojana aims to provide life insurance protection to economically marginalised individuals in society. Started as a socially oriented insurance scheme, the policy aims to especially benefit women and children by providing financial assistance. You must be aware of the existence of such schemes and can avail of the scheme by applying online or through the self-help group they are a part of. Also Read: Financial Planning for Women