Pradhan Mantri Jeevan Jyoti Bima Yojana
₹2 lakh life cover at ₹436/year · ages 18–50 · India
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a simple, affordable life insurance scheme for bank or post office account holders aged 18–50, providing a ₹2 lakh payout to the nominee on death from any cause. The annual premium of ₹436 is auto-debited from your bank account, so there is no paperwork to renew each year. Enroll through your bank or post office branch, or via your bank's net banking.
About This Scheme
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a simple, affordable life insurance scheme for bank or post office account holders aged 18–50, providing a ₹2 lakh payout to the nominee on death from any cause. The annual premium of ₹436 is auto-debited from your bank account, so there is no paperwork to renew each year. Enroll through your bank or post office branch, or via your bank's net banking.
Full official description
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies. All individuals who are account holders of participating banks/ post office in the age group of 18 to 50 years are entitled to join.
Benefits
- ₹2,00,000 life cover paid to nominee on death from any cause (accident or natural)
- Very low annual premium of ₹436 — auto-debited, no manual renewal needed
- One-year renewable cover; available through all major banks and post offices
💡 Why Startups Should Care
For entrepreneurs supporting a family, this is one of the cheapest life insurance products available — ₹436/year for ₹2 lakh coverage protects your family's finances while you take on business risk.
Who Can Apply (Eligibility)
- Must have an individual bank or post office savings account
- Must be aged between 18 and 50 years
- Premium of ₹436/year is auto-debited from the linked account annually
How to Apply
- Download and print the Consent-cum-Declaration Form.
- Submit the form to your bank or post office branch.
- Authorize auto-debit of the ₹436 annual premium from your account.
- Coverage begins upon successful enrollment and renews annually.
- In case of death, the nominee files a claim with the bank/post office.
Frequently Asked Questions
How do I pay the premium for PMJJBY?
The premium will be deducted from the account holder's bank / Post office account through 'auto debit' facility.
What is the validity of the insurance cover in PMJJBY?
Coverage under PMJJBY is valid for one year from 1st June to 31st May on payment of annual premium.
Is delayed enrolment for prospective cover possible under this scheme?
Yes. Delayed enrolment for prospective cover is possible on payment of premium as described below - a) For enrolment in June, July and August - Full Annual Premium of Rs.436/- is payable. b) For enrolment in September, October, and November -premium of Rs. 342/- is payable c) For enrolment in December, January and February -premium of Rs. 228/- is payable. d) For enrolment in March, April and May -premium of Rs. 114/- is payable.
If I decide to exit the scheme, is there any possibility that I can rejoin at a later point of time?
Yes. One can enroll again under the same conditions of eligibility stipulated in the Scheme.
Who will offer / administer the scheme?
The scheme would be offered / administered through Insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.
What is the minimum eligibility to subscribe to PMJJBY?
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one saving bank account only.
Who would be the Master policy holder for the scheme?
Participating Banks/ Post Offices will be the Master policy holders.
Are NRIs eligible for coverage under PMJJBY?
Any NRI having an eligible bank account with a bank branch located in India is eligible for purchase of PMJJBY cover subject to fulfilment of the terms and conditions relating to the scheme. However, in case a claim arises, the claim benefit will be paid to the beneficiary/ nominee only in Indian currency.
Does the PMJJBY cover death resulting from natural calamities such as earthquake, flood and other convulsions of nature? What about coverage from suicide / murder?
Yes, all these events are covered under PMJJBY.
What are the changes in the terms of insurance coverage applicable to new subscribers?
For subscribers enrolling for the first time on or after 1st June 2016, insurance benefit shall not be available for death (due to any cause other than accident) occurring during the first 30 days from the date of enrolment into the scheme. Death due to accidental causes will be covered from day one of insurance coverage.
How do I access the Claim Form for PMJJBY?
The claim forms can be accessed from the link - https://www.jansuraksha.gov.in/Files/PMJJBY/English/ClaimForm.pdf
Ready to apply?
Visit the official government portal to apply for this scheme.
Apply on myScheme.gov.inDocuments Required
- Consent-cum-declaration form
- Bank/post office savings account details