The Narendra Modi government’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has now completed 11 years.
Even after more than a decade, this scheme continues to be one of the cheapest and most popular insurance plans for common people.
For just ₹436 per year, eligible citizens can get life insurance coverage of ₹2 lakh.
The scheme was launched to make insurance affordable for low and middle-income families across the country.
Get ₹2 Lakh Insurance at a Very Low Cost
PMJJBY is a one-year term insurance scheme available for bank account holders between the ages of 18 and 50 years.
Under this plan, the nominee receives ₹2 lakh if the insured person dies due to any reason.
One of the biggest benefits is that the scheme covers all types of death, including natural and accidental causes.
The annual premium is only ₹436, which is automatically deducted from the subscriber’s bank or post office account every year.
People who join the scheme before turning 50 can continue getting coverage up to the age of 55 by renewing the policy every year.
No Medical Test Needed
The process to join PMJJBY is simple and hassle-free.
People can enroll through:
Bank branches
Post offices
Online banking services
Only basic KYC documents like Aadhaar and customer consent are required. No medical examination is needed to join the scheme.
The insurance cover remains active from June 1 to May 31 every year.
To continue the policy, subscribers must maintain enough balance in their account before May 31 for premium deduction.
If someone joins in the middle of the year, they only need to pay the premium for the remaining months.
Why This Scheme Became So Popular
When the scheme was launched in 2015, a large section of India’s population did not have any insurance coverage.
LIC CEO and Managing Director R. Doraiswamy said that at that time only around 20% of the population had some form of insurance protection.
Affordable insurance products were not easily available for low-income families.
According to him, PMJJBY has played an important role in helping the government move towards its goal of “Insurance for All.”
Part of the Government’s ‘Jan Suraksha’ Mission
The scheme was introduced after the launch of Pradhan Mantri Jan Dhan Yojana in 2014, which aimed to connect every citizen with banking services.
A year later, the government launched three major social security schemes:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Atal Pension Yojana (APY)
Together, these schemes are known as the “Jan Suraksha Trimoorti.”
What These Three Schemes Offer
PMJJBY provides life insurance protection.
PMSBY offers accident and disability cover at a very low premium.
Atal Pension Yojana helps workers in the unorganised sector secure regular income after retirement.
According to LIC, these schemes together help low-income families deal with different financial risks and provide social security support at an affordable cost.
