PMJJBY — Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme in India that provides a sum assured of ₹2 lakh to the nominee in case of the policyholder’s death.

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a 1-year renewable life insurance plan that provides coverage for death. PMJJBY is a straightforward term insurance policy that solely offers protection against mortality and does not include any investment elements.

Details of the PM Jeevan Jyoti Bima Yojana Scheme 

As previously mentioned, this program is an annual insurance plan that provides life coverage for death under any circumstances. The program will be administered by the Life Insurance Corporation of India (LIC) and other life insurance companies that are willing to offer the product with the necessary approvals and bank partnerships.

PMJJBY is available to individuals aged 18 to 50 years (with coverage extending up to age 55) who have a savings bank account. Interested individuals who consent to join and authorise auto-debit can access the scheme’s benefits.

Under the PMJJBY scheme, a life insurance coverage of ₹2 lakh is provided at an annual premium of ₹436 per member, which is renewable annually. In the case of a joint account, all account holders can participate in the scheme as long as they meet the eligibility criteria and agree to pay the ₹436 premium per person.

Features of the Scheme 

Here are the features of the PMJJBY policy:

Maturity: This plan does not offer any maturity or surrender benefits.

Enrolment: Participating banks or post offices act as the master policyholders. The insurance coverage begins either on June 1 or the date of enrolment of the insured member into the scheme, whichever is later, and it remains in effect until May 31 of the following year. The premium is deducted in a single payment from the account holder’s bank or post office account, based on the selected choice during enrolment.

Exclusions: New members joining the scheme will not have insurance coverage for non-accidental deaths within the first 30 days from the date of enrolment. No claims will be accepted if a non-accidental death occurs during this period.

Tax Benefits: The premium paid for this policy is eligible for a tax deduction under Section 80C of the Income Tax Act.

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility 

The eligibility criteria for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are as follows:

  1. Age Range: Individuals between the ages of 18 years and 50 years are eligible to participate in the scheme. The coverage extends up to the age of 55.
  2. Bank Account: Eligible individuals must have a savings bank account with a participating bank or post office.
  3. Consent for Auto-Debit: To enrol in the PMJJBY, individuals must provide consent for automatic premium deduction from their bank or post office account.

It’s important to note that these eligibility criteria are subject to any specific terms and conditions set by the participating banks or post offices. Interested individuals should contact their respective bank or post office for detailed information on how to enrol in the PMJJBY and meet any additional requirements that may apply.

How to Enrol for the PMJJBY Scheme? 

The enrolment process for the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has been streamlined for simplicity and ease. PMJJBY is administered by the Life Insurance Corporation of India (LIC) and private life insurance companies in India. Individuals can also inquire with their respective banks about the enrolment process if their bank collaborates with insurance companies. It’s worth noting that even if an individual holds multiple bank accounts in different banks, they are eligible to join the scheme through only one of their bank accounts.

For those interested in joining the scheme, it’s still possible to do so at any time during the year by paying the full annual premium rather than a proportionate amount. However, the renewal date remains the same for all subscribers, which is on June 1 each year. Therefore, it is advisable to enrol now to secure coverage for the full 12-month period. Even if someone had previously left the scheme, they can rejoin by paying the annual premium. This ensures continuous coverage and protection under the PMJJBY policy.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits 

Here are the key benefits of the PMJJBY scheme:

  1. Life Insurance Coverage: Under this scheme, policyholders are provided with a life insurance coverage of ₹2 lakh. This sum assured amount is paid to the nominee in the event of the policyholder’s death, regardless of the cause.
  2. Risk Coverage: The PMJJBY scheme provides risk coverage for up to 1 year.
  3. Renewable Policy: PMJJBY is an annual renewable policy, which means that policyholders need to renew their coverage every year. They can choose to opt out or continue with the scheme in subsequent years.
  4. Tax Benefits: The premium paid for PMJJBY is eligible for tax benefits under Section 80C of the Income Tax Act, making it an attractive option for individuals looking to reduce their tax liability.
  5. Portability: PMJJBY allows portability, which means that policyholders can transfer their coverage from one bank to another without losing the benefits.


All in all, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) serves as a valuable financial safety net for eligible individuals, offering affordable life insurance coverage and peace of mind to policyholders and their families in the event of unforeseen circumstances. Its simplicity, accessibility, and tax benefits make it a noteworthy initiative in promoting financial inclusion and security in India.


Who is eligible to enrol in PMJJBY?

Eligible individuals are those between the ages of 18 and 50 years with a savings bank account. They can enrol themselves in PMJJBY through their bank.

What is the sum assured amount under PMJJBY?

The sum assured amount under PMJJBY is ₹2 lakh. This amount is paid to the nominee in the event of the policyholder’s death, regardless of the cause.

How does the premium payment work for PMJJBY?

The PMJJBY premium is typically auto-debited annually from the policyholder’s linked savings bank account. It’s an affordable premium that makes the scheme accessible to many.

Is there a medical examination required for enrolment in PMJJBY?

No, there is no requirement for a medical examination at the time of enrolment in PMJJBY. This simplifies the application process.

What happens if I want to discontinue or opt out of PMJJBY?

Policyholders have the flexibility to opt out of the PMJJBY scheme at any time. If you wish to discontinue, you can do so, but you will not receive any premium refund for the current year, and your coverage will end.