The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a low-cost life insurance scheme launched by the Government of India to provide financial security to families.
It is designed to be simple, affordable, and accessible to everyone with a bank or post office account.
This scheme offers a one-year term life insurance cover that runs from June 1 to May 31 every year and can be renewed annually.
It is managed by LIC and other approved life insurance companies through banks and post offices.
What Benefits Does PMJJBY Offer?
The biggest advantage of PMJJBY is its wide coverage.
If the insured person dies due to any reason, the nominee receives ₹2 lakh.
This includes death caused by an accident, illness, natural disaster, or any other reason.
No medical check-up is required to join the scheme.
All you need is an active bank account and consent for auto-debit.
Who Can Apply for This Scheme?
Indian citizens between 18 and 50 years of age who have a savings bank or post office account can apply.
NRIs can also join if they hold an Indian bank account, though the claim amount is paid only in Indian rupees.
An individual can enroll using only one account, even if they have multiple accounts.
If you join before turning 50, you can continue the coverage up to the age of 55, as long as you renew the policy every year.
Premium Amount and Tax Benefits
PMJJBY is known for its extremely low premium.
The annual premium is just ₹436, which is automatically deducted from your bank account.
If you join during the middle of the year, the premium is reduced:
June to August: ₹436
September to November: ₹342
December to February: ₹228
March to May: ₹114
Renewal always requires the full ₹436 payment.
The premium paid is eligible for income tax benefits under Section 80C.
For new members or re-entrants, there is a 30-day waiting period.
During this time, only accidental death claims are allowed.
How to Apply for PMJJBY?
You can apply for PMJJBY through a bank branch, post office, internet banking, or mobile banking app before May 31 each year.
Most bank apps allow easy enrollment through the e-Services or Social Security Schemes section.
You only need to provide basic KYC details, such as Aadhaar, and give consent for auto-debit.
How to Claim the Insurance Amount?
In case of the insured person’s death, the nominee should visit the bank or insurance company with required documents.
These include the death certificate, nominee’s KYC documents, bank passbook copy, and, if needed, an FIR or post-mortem report.
Submitting the correct documents helps ensure faster claim settlement.
Why PMJJBY Is Important
PMJJBY has seen strong participation, especially among women and rural populations.
It can also be held alongside any other life insurance policy.
For a small yearly amount, the scheme offers ₹2 lakh financial protection to families.
This makes PMJJBY especially useful for poor and middle-class households.
If you are between 18 and 50 years old and have a bank account, this scheme is a simple way to secure your family’s future.
