The Narendra Modi government is running several welfare schemes for citizens, and one of the most popular among them is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The scheme has now completed 11 years and continues to help millions of people get affordable life insurance coverage.
With this scheme, people can get life insurance worth ₹2 lakh by paying only ₹436 annually. The plan is especially useful for low and middle-income families looking for financial security at a very low cost.
Get ₹2 Lakh Insurance at a Very Low Cost
PMJJBY is a one-year term life insurance scheme available for bank account holders between 18 and 50 years of age. Under this plan, the nominee receives ₹2 lakh if the insured person dies due to any reason.
One of the biggest advantages of the scheme is that there are no restrictions related to pre-existing diseases. The insurance benefit is provided regardless of the cause of death.
The annual premium is just ₹436, which gets automatically deducted from the subscriber’s bank or post office account every year. The insurance coverage remains active from June 1 to May 31.
People who join the scheme before turning 50 can continue getting coverage up to the age of 55 by renewing the plan every year.
To keep the insurance active, subscribers must ensure they have enough balance in their account before May 31. If someone joins the scheme in the middle of the year, they only need to pay the premium for the remaining months.
Easy Enrollment Process Without Medical Test
Joining PMJJBY is very simple. People can enroll through bank branches, post offices, or online banking services.
Only basic KYC documents like Aadhaar and customer consent are required. There is no medical examination involved, making the process quick and hassle-free.
The scheme is also available for Jan Dhan account holders who meet the eligibility conditions.
LIC Says Scheme Is Helping Expand Insurance Coverage
Life Insurance Corporation of India (LIC) Managing Director and CEO R. Duraiswamy praised the scheme and said it is helping the government move closer to its goal of “Insurance for All.”
According to him, when the scheme was launched in 2015, only around 20% of India’s population had insurance coverage. Many low-income families could not afford traditional insurance products at that time.
He also highlighted that the government first launched the Pradhan Mantri Jan Dhan Yojana in 2014 to connect every citizen with banking services.
A year later, three major social security schemes were introduced — PMJJBY, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana.
These Three Schemes Together Form ‘Jan Suraksha Trinity’
Duraiswamy explained that PMJJBY offers life insurance protection, while the Pradhan Mantri Suraksha Bima Yojana provides accident and disability cover.
On the other hand, the Atal Pension Yojana helps workers in the unorganized sector secure a pension after retirement.
