Last Updated:June 30, 2025, 16:38 IST
PMJJBY is a one-year term life insurance plan that can be renewed annually and provides coverage for death from any cause.
For new members, the risk begins the day the premium is deducted.
People with savings bank accounts between the ages of 18 and 50 can enrol in the government-sponsored Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a one-year life insurance program. In the case of death for any cause, the nominee under this coverage is covered by a Rs 2 lakh life insurance policy. The annual premium is Rs 436 and is taken out of the account automatically. Banks and post offices offer the PMJJBY scheme which is run by life insurance firms.
For new members, the risk begins on the day the premium is automatically deducted. Insurance coverage will not be provided for deaths (other than accidents) that occur within the first 30 days after the date of enrollment in the scheme (the “lien period”), and no claim will be accepted if a death occurs during this time.
The following pro-rata premium payment can be made for those who enlist in PMJJBY for the first time during the policy period:
The whole annual premium of Rs 436 is due for enrolment in June, July, and August.
A pro rata premium of Rs. 342 is required for enrolment in September, October, and November, respectively.
It is necessary to pay a pro-rata premium of Rs. 228 for enrolment in December, January, and February.
A pro rata premium of Rs 114 is due for enrolment in March, April, and May.
The entire year’s payment of Rs 436 must be paid when the plan is renewed.
Eligibility
Anyone between the ages of 18 and 50 who has a single or joint account with a partnering bank or post office is eligible to enrol.
An individual may only enrol in the program using one bank or post office account if they have several accounts in one or more banks or post offices.
Any NRI who has an authorised bank account with an Indian bank branch may obtain PMJJBY coverage, provided that the scheme’s criteria and conditions are met. The beneficiary or nominee will only get payment in Indian currency if a claim is made.
Application Process
To apply offline, download and take print of the “CONSENT-CUM-DECLARATION FORM” from the link:
https://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
Fill out the application form completely, sign it, attach self-attested copies of the necessary documents, and deliver the form to the designated bank or post office official.
You will receive the “ACKNOWLEDGEMENT SLIP CUM CERTIFICATE OF INSURANCE” back from the official.
Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY provides all customers between the ages of 18 and 50 with a one-year term life insurance policy of Rs 2 lakhs. It includes death from any cause.
The annual premium for each subscriber is Rs 436 and will be automatically deducted from their bank or post office account.
The program is provided and run by LIC and other life insurance providers who are prepared to work with participating banks and post offices to offer the product on comparable terms and with the required approvals.
Those who leave the program at any time may rejoin it in subsequent years by paying the relevant premium. For these subscribers, insurance benefits will not be available for death (for any reason other than an accident) that occurs within 30 days of the date of enrolment in the plan.
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
- First Published:
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