Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a life insurance scheme launched by the central government of India for the growth of the poor and low-income sections of society. As a pure term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana, is available for people between the age group of 18- 50 years.

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PMJJBY is a renewal term insurance policy that, provides a yearly life insurance coverage of Rs.2,00,000 in case of the demise of the insured person, at the most affordable premium rate of Rs.330 per annum. To help you know more about the policy, we have discussed some of the key features and benefits offered by the policy.

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Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

The following are some of the salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana.

  1. Enrollment Period

    The enrollment period of Pradhan Mantri Jeevan Jyoti Bima Yojana is 1st June of each year to the 31st of May of the subsequent year. During the enrolment period, the subscribers need to enroll and provide their auto-debit consent. In case the insurance buyer wants to purchase the policy after 1st June, then they will have to pay the premium of the policy year as a lump sum from the month of joining.

  2. Coverage

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers coverage of Rs.2 lakh to the nominee of the scheme, in the event of the unfortunate demise of the insured person. The coverage amount offered to the beneficiary has tax exemptions as per the Income Tax Law. The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a simple and hassle-free claim process.

  3. Tenure

    The Pradhan Mantri Jeevan Jyoti Bima provides coverage for a tenure of 1 year from the date of signing. As a term life insurance plan, the insured person can renew the PMJJBY every year up to the age of 55 years. In case the insured person wants to discontinue the plan then they can do it by not renewing the plan. On the other hand, the insured person can join the scheme anytime later by providing the heath certificate and paying the premium of the policy.

  4. Premium

    The Pradhan Mantri Jeevan Jyoti Bima Yojana offers insurance coverage at a minimum premium rate of Rs.330 per annum. The PMJJBY scheme is a lucrative option of investment for the low-income group of individuals. The premium of policy remains the same for subscribers of all age groups between 18 years- 50 years.

  5. Tax- Benefit

    The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.

  6. Payment Mode

    The bank auto-debits the premium from the savings bank account of the subscribers. This is the only way to pay the premium of the policy. The renewal period of the Pradhan Mantri Jeevan Jyoti Bima scheme is between May 25th – 31st May, the premium amount for renewal of the policy is also auto-debited from the savings bank account of the policyholder. In case the insured person wants to discontinue the policy then they can submit a cancellation requires to stop the premium payment deduction.

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Your premium is decided on age at which you buy the policy and remains same, throughout your life

Premiums can increase between 4-8% each year after your Birthday

Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease

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Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

  1. Death Benefit

    In case of the demise of the insured person, the PMJJBY provides a death coverage of Rs2,00,000 to the beneficiary of the policy.

  2. Maturity Benefit

    As this is a pure term insurance plan, PMJJBY does not offer any maturity or surrender benefit.

  3. Tax Benefit

    The premium paid towards the PMJJBY scheme is applicable for tax exemption as per the Income Tax Laws, which are subject to change. It is important to consult for details.

  4. Risk Coverage

    PMJJBY provides a risk coverage of 1 year. Nevertheless, as this is a renewable policy it can be renewed yearly. Moreover, the policyholder can also opt for a longer duration of more than a year by auto-debit option linked to your savings bank account.

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Eligibility Criteria of Pradhan Mantri Jeevan Jyoti Bima Yojana - PMJJBY Scheme

  • Any person aged between 18- 50 years having a savings bank account can join this scheme through participating banks.
  • Even if you have multiple bank accounts, you can subscribe to this scheme with only one saving bank account.
  • To avail of the benefits offered by the policy, it is mandatory to link your Aadhaar card to the participatory bank account.
  • Insurance buyers joining the scheme after the primary enrolment period ranging from 31st August 2015- 30th November 2015 will have to submit a self-attested medical certificate as proof that they are not suffering from any critical illness mentioned in the policy declaration form.

For the convenience of our buyers, here we have shown the policy details in the tabular form.

  Minimum Maximum
Entry Age 18 years 50 years
Maximum maturity age 55 years
Policy Term 1 year (Renewable yearly)
Sum Assured Rs2,00,000
Premium amount Rs330 (inclusive of Rs41 towards administrative charges)
Lien period 30 days from the enrolment date into the scheme

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Claim Settlement Process of Pradhan Mantri Jeevan Jyoti Bima Yojana

The claim settlement process of the PMJJBY scheme is very simple and hassle-free. Let’s take a look at it.

  1. Steps Taken by the Beneficiary

    • Step 1- In case of an unfortunate demise of the insured person, the nominee will have to visit the bank of the insured person, from where the savings bank account of the individual is linked to the scheme. The nominee will need to submit the death certificate of the insured.
    • Step2- The beneficiary will need to collect the claim form from the bank, the insurance company, etc.
    • Step3- Once, the nominee gets the claim form, they will have to fill the form thoroughly and submit it along with the required documents like discharge receipt, death certificate, photocopy of canceled cheque, bank details of the nominee, or bank account details of the policyholder.
  2. Steps Taken by the Bank

    • Step 1- Once the nominee submits the claim form along with the required documents. The bank verifies the form and documents.
    • Step2- After verification, the bank submits the following documents to the designated insurance company.
    • Thoroughly filled claim form.
    • Discharge receipt.
    • Death certificate
    • Copied Canceled cheque of the nominee.
  3. Steps Taken by the Insurance Company

    • Step1- After receiving the claim form and related documents from the bank, the insurance company verifies the filed claim from their end.
    • Step 2- After successful verification of the claim filed, the claim amount is transferred to the bank account of the beneficiary.

Once the claim is made, the maximum period the insurance company can take to approve and disburse the claim amount is of 30 days.

Pradhan Mantri Jeevan Jyoti Bima Yojana is a very beneficial scheme that can be subscribed to by simply linking the Aadhaar card with the participating bank account. The subscribers can enroll themselves after the normal due date as well, provided payment of full annual premium payment is made and a health certificate is submitted. 

As a government-backed insurance policy with the minimum premium rates, this plan is very advantageous for those individuals who have a low income. The plan efficiently secures the financial future of the individual and provides a backup so that they can fight against any kind of eventuality. The following are the three reasons that make this plan very beneficial -

  • The plan provides security to the family of the insured to cover any eventuality.
  • The plan has the simplest process of enrolment and switching.
  • With minimum premium rates offered by the policy, any eligible individual can subscribe to this policy without any hassles.

With all these benefits and features offered by the policy, this is certainly one of the best plans to purchase for the low-income section of society.

How to Enroll for the Pradhan Mantri Jeevan Jyoti Bima Yojana?

The enrolment process of the Pradhan Mantri Jeevan Jyoti Bima Yojana is easy and simple. The popular PMJJBY scheme is being managed by the Life Insurance Corporation of India and various other private life insurance providers in India. In case the bank is tied up or associated with the insurance companies, you could also contact your respective banker and get enrolled for the process. In case an individual has multiple accounts either in one or various banks then that person will be entitled to join the PMJJBY scheme with simply one account in the bank.

Anyone who still is looking forward to joining the scheme now can still do by renewing the plan anytime during the year simply by making the complete premium payment and not just the proportionate sum. The date of renewing will still be the same for all the subscribers i.e. first of June.

Process of Enrollment

  • The Pradhan Mantri Jeevan Jyoti Bima Yojana form can be downloaded online by simply visiting the website https://jansuraksha.gov.in/Forms-PMJJBY.aspx
  • Next, click on the ‘Application Forms’ tab.
  • The PMJJBY form is available in nine different languages namely
  • Bangla, English, Gujarati, Hindi, Kannada, Marathi, Odia, Tamil, and Telugu.
  • The process of registration can also be initiated through the internet banking facility or simply by sending a message on the toll-free number of the onboarding organization.
  1. Activating the Policy by Using SMS Facility

    • Receive the message of activation
    • Next, reply to SMS activation by typing ‘PMJJBY Y’.
    • A receipt of acknowledgment will be received.
    • The bank from the back-end of the savings account will then manage the processing information.
  2. An individual can also apply for the PMJJBY online:

    • Log in to the internet banking account.
    • Click on the insurance.
    • Next, identify the account that is to be used for paying the premium amount. Check all the details and then confirm.
    • Download the receipt and take note of the reference number stated.

List of the Banks Providing PMJJBY Scheme

In the below grid is the list of banks in India the offers the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme at their respective branches:

Allahabad Bank Canara Bank IDBI Bank Ltd Punjab National Bank State Bank of Travancore
Andhra Bank Central Bank of India Indian Bank Ratnakar Bank Ltd Syndicate Bank
Axis Bank City Bank Union Ltd Indian Overseas Bank South Indian Bank Ltd UCO Bank
Bank of Baroda Corporation Bank IndusInd Bank Ltd State Bank of Bikaner and Jaipur Union Bank of India
Bank of India Federal Bank Ltd Jammu and Kashmir Bank Ltd State Bank of Hyderabad United Bank of India
Bank of Maharashtra HDFC Bank Ltd Oriental Bank of Commerce State Bank of India Vijaya Bank
Bhartiya Mahila Bank ICICI Bank Ltd Punjab and Sind Bank State Bank of Patiala Yes Bank Ltd

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C applies.

Additional Details about PMJJBY Scheme

There are some other relevant details that you should know in regards to the Pradhan Mantri Jeevan Jyoti Bima Yojana as follows:

  • The policy offers a 45-days cooling period upon enrolment only after that the coverage commences. In case of an accidental demise, the cooling period will remain exempted and the sum assured will be payable immediately.
  • In case the savings bank account is likewise linked to the plan is closed then the policy will be terminated.
  • The PMJJBY scheme is limited to one policy for every policyholder even though the person has multiple saving bank accounts with the banks that offer this scheme.
  • The premium sum will be directly deducted from the bank associated from 25 May to 31 May every year.
  • If the policy gets terminated for any stated reason, then it can be reinstated if the premium sum has been completely paid and with evidence of good health.

Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme FAQs

  • Q1: What is the enrolment period?

    Ans: The cover will be for one year stretching from June 01 to May 31, with the option to pay/join by auto-debit from the account of the savings bank in the format prescribed. This is required to be given by May 31 each year. For any customer who joins after June 01, the cover will start from the account holder request date and end on 31 May, next year. In the case of joint accounts, every account holder can have separate covers of Rs.2 lakh each. Every life will individually have to enroll in the scheme and pay a separate premium per life.
  • Q2: Who will be the master policyholder of the PMJJBY scheme?

    Ans: The participating banks are the master policyholders. A subscriber-friendly and simple administration along with the claim settlement process will be finalized by the LIC or chosen insurance company in consultation with the bank participating.
  • Q3: How will the PMJJBY premiums be paid?

    Ans: The premium will be debited from the bank account of the account holder via the auto-debit benefit in one installment as per consent given on the enrollment. The members might also give a one-time mandate for the auto-debit each year until the scheme is active, subject to the re-calibration, which might be deemed necessary upon review of the scheme experience.
  • Q4: What is the nature of the PMJJBY scheme?

    Ans: The scheme is essentially a one-year term insurance cover that is renewable every year and offers life insurance cover for the demise due to any reason.
  • Q5: How to make a premium payment for the PMJJBY scheme?

    Ans: The premium sum for the PMJJBY scheme will be debited from the associated bank account directly through the facility of auto-debit.
  • Q6: Can I rejoin the PMJJBY scheme after leaving?

    Ans: You need to pay the yearly premium sum if you wish to rejoin the PMJJBY scheme and also submit a certificate that certifies your sound health.
  • Q7: What if an eligible individual failed to join the scheme in the initial year wishes to join in the subsequent years?

    Ans: Yes, all they need to do is pay the premium sum for the scheme and likewise submit a self-certification of sound health.

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