Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): ₹2 Lakh Life Insurance Coverage
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed term life insurance scheme providing ₹2 lakh coverage payable on the subscriber’s death from any cause. Launched in 2015 to increase affordable life insurance access, it remains highly popular with over 23 crore enrolled as of 2025.
Key Features of PMJJBY
Coverage Amount: ₹2 lakh life insurance benefit payable to nominee on death.
Annual Premium: ₹436 (auto-debited annually from the subscriber’s savings bank or post office account).
Eligibility: Individuals aged 18 to 50 years can enroll; coverage continues up to age 55 if enrolled before 50. A savings bank or post office account is mandatory.
Policy Term: One year, renewable every year from June 1 to May 31.
Enrollment: Simple process available at bank branches, post offices, or online with basic KYC (Aadhaar recommended but not mandatory).
Pro-rata Premium: If enrolling mid-year, premium is charged proportionally (e.g., ₹342 if joining in September to November) to align with policy period.
Benefits and Impact
Covers death due to any cause, including natural, accidental, suicide, murder, and natural calamities.
No medical examination needed, making it accessible and hassle-free.
Especially benefits low-income families, rural populations, and women (over 53% beneficiaries are women).
Provides financial security to families for an affordable premium of just about ₹1.20 per day.
Over 9 lakh claims paid out totaling more than ₹18,000 crore as of early 2025.
Enrollment and Renewal
Enrollment is available annually; if the premium is not paid by May 31, coverage lapses.
Subscribers can renew each year without additional medical checks if eligibility conditions are met.
If you exit, rejoining is allowed as long as age eligibility and account criteria are met.
Coverage begins on the date of enrollment or June 1, whichever is later, valid through May 31 of the next year.
Frequently Asked Questions (FAQ)
What is the annual premium for PMJJBY in 2025?
The premium is ₹436 per year, automatically debited from the linked savings bank or post office account.
Who is eligible to subscribe to PMJJBY?
All individuals aged 18 to 50 with a savings bank or post office account in India are eligible. Coverage continues up to 55 years if enrolled before turning 50.
What is the coverage amount under PMJJBY?
The life insurance cover is ₹2 lakh payable to the nominee on death due to any cause.
Is enrollment possible online?
Yes, enrollment and renewal can be done through the bank, post office, or online portals with basic KYC.
Are there any waiting periods for claims?
For deaths other than accidental, the benefit isn’t payable if death occurs within the first 30 days of enrollment. Accidental deaths are covered from day one.
Can NRIs enroll under PMJJBY?
Yes, NRIs with a savings bank account in India can enroll. Claims are paid in Indian Rupees to the nominee.
Is premium paid under PMJJBY tax-deductible?
Yes, the premium qualifies for deduction under Section 80C of the Income Tax Act.
Published on: July 27, 2025
Published by: Selvi
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