Last Updated:June 18, 2025, 18:21 IST
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides yearly renewable life insurance coverage in case of death from any cause, natural or accidental.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched in 2015. (Representative Image)
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by Prime Minister Narendra Modi on May 9, 2015. The scheme has since offered financial protection to millions of families across India. It is a flagship programme by the central government that provides yearly renewable life insurance cover in case of death from any cause, natural or accidental.
The policy is offered by life insurance companies through participating banks and post offices. It is a one-year term policy that can be renewed each year. The scheme is aimed at making life insurance accessible and affordable to the common man.
Who Can Join?
All individuals aged between 18 and 50 years who have a savings bank account or post office account are eligible to join PMJJBY. Both single and joint account holders can apply. However, even if someone holds multiple accounts across different banks or post offices, they are allowed to enrol through only one account.
In the case of a joint account, each account holder can enrol in the scheme individually, provided they meet the eligibility criteria and pay the applicable premium.
How Much Coverage Is Provided?
Under this scheme, subscribers are provided a life cover of Rs 2 lakh in the event of death. This benefit applies irrespective of the cause of death. The objective is to offer financial protection to the family of the insured person.
What Is The Annual Premium?
To avail of this benefit, subscribers are required to pay an annual premium of Rs 436. This amount is auto-debited from the account holder’s bank or post office account in one instalment. Consent for auto-debit must be given at the time of enrollment.
For those enrolling for the first time in the middle of the policy year, a pro-rata premium is applicable. The amount payable is:
Rs 436 if enrolled in June, July or August
Rs 342 if enrolled in September, October, or November
Rs 228 if enrolled in December, January or February
Rs 114 if enrolled in March, April, or May
Regardless of the initial amount paid, the full premium of Rs 436 must be paid during the annual renewal.
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al…Read More
A team of writers and reporters decodes vast terms of personal finance and making money matters simpler for you. From latest initial public offerings (IPOs) in the market to best investment options, we cover al… Read More
- Location :
Delhi, India, India
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