PM Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance program in India. In addition to promoting insurance protection for low-income people, the program is designed to promote insurance coverage for the poor.

It provides financial security and financial backup to the insured and their families, thus allowing them to cope with an unforeseen emergency.


All holders of savings bank accounts whose ages range from 18 to 50 years can participate. Even if a person holds multiple savings bank accounts in different banks or the same bank, they will be eligible to join the scheme through only one of those accounts.

Coverage period:

The insurance scheme will cover you for an entire year, with an option to renew every year, and covers death for any cause.


  • A life insurance policy is available for a minimal annual premium of Rs. 330.
  • The policy provides an annual death benefit of Rs. 2,00,000 in case of the policyholder’s death.
  • The premium paid towards this policy is eligible under sec 80C of the Income Tax Act, 1961, to be claimed as an exemption.
  • The policy term is one year, and the policy holder can renew it every year up to 55 years old.

How to apply for the scheme?

A simple and easy enrolment process is put in place. The procedure is listed below:

  • Navigate to your banker’s website and download the PMJJBY form.
  • Once filled, submit it to your banker.

Some banks have initiated SMS-based enrolment processes as well. Alternatively, you can do it through your net banking account.

The policyholder must submit a signed copy of the form requesting auto-debit from a designated personal bank by 31st of May every year.

Linking of Aadhaar card

The applicant must link the Aadhaar card to the participatory bank account to access the benefits offered by the program.

How to pay the premium for the scheme?

In accordance with the consent given on enrolment, the premium will be deducted automatically from the account holder’s bank account in one installment. Additionally, members can provide a one-time authorisation for auto-debit each year while the scheme is in force, subject to a recalibration that may be necessary based on the experience of the plan.

Waiting period for claims

The PMJJBY covers risk only after the first 45 days following enrolment. As a result, insurers are not required to settle claims for the first 45 days following application. In contrast, deaths caused by accidents will be exempt from the lien clause and still be reimbursed.

Claim by nominees:

When filing a claim, the nominees or heirs of the insured person should contact the bank branch where the insured person had a bank account. Submission of the death certificate and the claim form is essential to transfer the claim amount to the nominee’s account.

Termination of the scheme

Upon any of the following events, the assurance on the policyholder’s life will terminate, and no benefit will be payable.

  • On achieving age 55 years subject to renewal annually until that date. However, a person cannot enter the scheme post the age of 50.
  • Closure of the account with the bank or an insufficient balance to maintain the insurance.
  • On applying for PMJJBY from more than one insurance company or bank account.

Provisions relating to re-availing of the scheme

In the event that individuals leave the plan for any reason, a self-declaration of good health will be necessary to rejoin in subsequent years.

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