Discover everything about the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a low-cost life insurance scheme by the Government of India. Know its benefits, features, eligibility, and how it can secure your family’s future with just ₹436 annually.
Introduction: Insurance for Every Indian
In a country where millions remain vulnerable to financial instability due to the unexpected loss of a breadwinner, life insurance isn’t a luxury—it’s a necessity. To address this challenge, the Government of India launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in 2015.
This scheme offers a life insurance cover of ₹2 lakh at an annual premium of just ₹436, making it one of the most affordable and accessible insurance plans in the world. With this scheme, the government aims to bring the unbanked and uninsured population under the umbrella of financial security.
Let’s dive deep into what PMJJBY is, how it works, and why every eligible citizen should opt for it.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?
Launched by Prime Minister Narendra Modi on May 9, 2015, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a pure term insurance scheme designed for individuals aged between 18 and 50 years who have a bank account.
It offers a life cover of ₹2,00,000 payable to the nominee in case of the insured’s death, regardless of the cause—be it natural or accidental.
The scheme is renewable annually, and the premium is directly auto-debited from the subscriber’s bank account.
Key Features of PMJJBY
| Feature | Details |
|---|---|
| Scheme Name | Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) |
| Launch Date | 9 May 2015 |
| Life Cover Amount | ₹2,00,000 |
| Annual Premium | ₹436 |
| Age Limit | 18 to 50 years |
| Maturity Age | 55 years |
| Eligibility | Savings bank account holder who gives consent to auto-debit |
| Policy Term | 1 year (renewable annually) |
| Coverage Type | Death only (no maturity or survival benefits) |
| Administered By | LIC and other public/private life insurers in partnership with banks |
Objectives of the Pradhan Mantri Jeevan Jyoti Bima Yojana
- To provide affordable life insurance cover to all citizens.
- To increase financial inclusion and risk protection for the economically weaker sections.
- To promote a culture of savings and insurance in rural and urban households.
- To ensure peace of mind to families of the deceased policyholders.
Eligibility Criteria
To avail of the benefits of PMJJBY, an individual must:
- Be aged between 18 and 50 years.
- Hold a savings bank account (either single or joint).
- Provide consent for auto-debit of the annual premium.
- Be medically fit at the time of joining (self-declaration suffices).
- Not be insured under multiple PMJJBY policies (only one policy per person).
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)
1. Affordable Premium
At just ₹436 per annum (less than ₹1.2 per day), it is one of the most economical life insurance policies globally.
2. Adequate Risk Coverage
Though ₹2 lakh may seem modest, it provides crucial financial support to the deceased’s family, especially among low-income households.
3. Ease of Enrollment
The scheme is linked to bank accounts, making the enrollment process seamless. No medical tests are required—just a self-certification.
4. Simple Claim Settlement
Claims are settled by the insurer within 7 days of receiving the necessary documents.
5. Tax Benefits
Premiums paid under PMJJBY are eligible for tax deduction under Section 80C of the Income Tax Act.
Premium Payment Details
Initially, the premium was ₹330 per annum. However, due to increased claim experience and to ensure long-term sustainability, the premium was revised to ₹436 from June 2022.
The premium is auto-debited from the subscriber’s bank account in one installment, usually between May 25 and May 31 every year, for the cover to begin from June 1.
How to Enroll in PMJJBY
- Visit Your Bank Branch: Approach the bank where you hold a savings account.
- Submit Consent Form: Fill out the application and consent for auto-debit.
- Provide Nominee Details: Mention the nominee for claim benefit.
- Auto-Debit of Premium: Ensure your account has a minimum balance of ₹436 for successful debit.
Alternatively, many banks offer SMS or net banking options for easy enrollment.
Claim Process: Easy & Transparent
In case of the policyholder’s death, the nominee must:
- Inform the bank or insurance company about the death.
- Submit the claim form, death certificate, and bank details of the nominee.
- Insurance company verifies the claim and settles the amount within 7 working days.
- The benefit of ₹2 lakh is directly credited to the nominee’s bank account.
Exclusions Under the Scheme
PMJJBY is a pure term insurance plan with no exclusions for natural or accidental death. However:
- Suicide within 45 days of enrollment may not be covered.
- Claims arising from multiple enrollments under PMJJBY may be rejected.
PMJJBY Example: Real-Life Scenario
Case Study: Ravi Kumar from Uttar Pradesh
Ravi Kumar, a 34-year-old daily wage worker from a small village in UP, enrolled in PMJJBY through his local bank branch. He paid ₹436 in June 2023. Unfortunately, in April 2024, he passed away due to a sudden heart attack.
Because Ravi had filled out the nominee section during enrollment, his wife Sangeeta submitted the claim along with the death certificate and bank details to the insurer. Within 10 days, she received ₹2,00,000 in her bank account.
This amount helped her cover immediate expenses, take care of her two children, and manage her household for several months.
Without PMJJBY, Sangeeta would have been left financially devastated.
Current Statistics and Impact
- As of March 2025, over 15 crore citizens have enrolled in PMJJBY.
- More than 5 lakh claims have been successfully settled.
- Over ₹10,000 crore has been disbursed as death benefits.
- The scheme has significantly helped in financial empowerment of women and families in rural India.
How is PMJJBY Different from Other Insurance Schemes?
| Feature | PMJJBY | PM Suraksha Bima Yojana (PMSBY) | LIC Endowment Plan |
|---|---|---|---|
| Coverage | Death (natural/accidental) | Accidental death/disability | Maturity + Death |
| Premium | ₹436/year | ₹20/year | ₹10,000+/year |
| Benefit | ₹2,00,000 | ₹2,00,000 (death), ₹1,00,000 (disability) | Varies |
| Type | Pure Term Plan | Accidental Insurance | Investment + Insurance |
| Medical Test | Not required | Not required | May be required |
Common Myths about PMJJBY
Myth 1: It’s only for the poor.
Fact: Anyone with a bank account can apply.
Myth 2: Government won’t pay claims.
Fact: Over 5 lakh families have already received benefits.
Myth 3: It’s complex to apply.
Fact: It’s one of the simplest policies to enroll in.
Myth 4: ₹2 lakh is too little.
Fact: It’s enough to provide a cushion in tough times, especially for low-income households.
How to Check PMJJBY Status Online
You can check your PMJJBY policy status via:
- Your bank’s net banking portal
- Mobile banking apps
- Visiting your branch
- Contacting LIC or the respective insurance provider
Always ensure your account is active and has enough balance before May 31st each year for renewal.
Should You Opt for PMJJBY?
✅ If you’re the sole earner in your family
✅ If you don’t have a large life insurance cover
✅ If you want an affordable backup plan
✅ If you want to protect your loved ones after you’re gone
Then YES, you should definitely enroll in PMJJBY.
It is not an investment, but a life protection tool that provides peace of mind.
Conclusion: One Small Step for You, One Giant Leap for Your Family’s Future
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a game-changer for India’s financial inclusion. For just ₹436 a year, you buy your family a chance to survive a financial blow after your untimely demise.
Millions have already benefited—why not you?
Let’s make insurance a culture, not a compulsion.
Frequently Asked Questions (FAQs)
Q1. Can I have more than one PMJJBY policy?
No, only one policy per individual is allowed, even if you have multiple bank accounts.
Q2. Is there any maturity benefit under PMJJBY?
No, it’s a pure term plan with no maturity benefit.
Q3. Can I join the scheme after the age of 50?
You can stay covered till 55, but the enrollment must happen before age 50.
Q4. Can I exit the scheme anytime?
Yes, you can opt out anytime by submitting a written request to your bank.
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