SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked and non-participating group term product that is one-year renewable. The intent behind this product is to meet the requirements of the PMJJBY scheme.

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The SBI Life- PMJJBY scheme will be administered by the rules provided by the Indian government from time to time. The insurance cover within this product will begin from the premium debit date from the account of the insured member for joining this scheme.

Highlights of SBI Life- PMJJBY

The following are the key highlights of SBI Life- PMJJBY:

  • The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana offers protection at a cost-effective cost.
  • This scheme is processed instantly and does not require an individual to undergo any medical examination.
  • The enrolment process for this scheme is easy and can be done through a simplified proposal form.

Eligibility Criteria of SBI Life- PMJJBY

The table below shows the eligibility criteria of SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana:



Entry Age

18 years to 50 years

Maturity Age

55 years (Maximum)

Policy Term

One-year Renewable Term

Sum Assured

Rs 2 lakh

Lien Term

Forty-five days from the enrolment date into this scheme

Premium Amount

The yearly premium is Rs 330 that includes the administrative costs, which are payable to the banks and currently is Rs 41 for every subscriber each year. In the initial enrolment year, the premium will be applicable as per the table below:

Enrolment Mode

Payable Premium

Payable Premium Amount

June, July and August

Complete Policy Year

Rs 330 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 41 for every subscriber each year

September, October and November

Three- quarters

Rs 258 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 33 for every subscriber for3 quarters

December, January and February

Two- quarters

Rs 172 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 22 for every subscriber for 2 quarters

March, April and May

One Quarter

Rs 86 and applicable taxes includes the administrative costs that are payable to the banks, which is Rs 11 for every subscriber each year

Note: Any applicable tax or other duty/statutory levy or surcharge will be applicable on the premiums that are notified by the government from time to time and as per the prevalent tax laws provision.

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Benefits of SBI Life- PMJJBY

The following are some of the benefits of SBI Life- PMJJBY:

Death Benefit

In case of demise of the insured member within the period of cover, the sum assured is to be paid. The death benefit for the member within the SBI Life- PMJJBY cannot be more than Rs 2 lakh in case the member is covered via multiple bank accounts/ insurers. In such scenarios, the claim will be payable to the initial application on the premise of the enrolment date and subsequent cover premiums is to be forfeited.  

Grace Period/ Revival

The grace period of thirty days from the yearly renewal date that is June 01 will be permitted. The insurance cover will remain active within the grace period. Towards the end of the grace period, any premium remains unpaid; the cover of insurance will lapse. In case of reinstatement or revival after the grace period expiry, the members can easily reinstate or revive the insurance cover for complete benefits that is effective from the date of reinstatement or revival on the payment of complete years’ or pro-rata premiums and submission of the declaration/ documents as specified by the SBI Life-PMJJBY scheme rules. The reinstatement or revival will be permitted only when the members fulfil the eligibility criteria and adhere to the terms and conditions. 

Tax Benefits

The income tax benefit or any exemptions is applicable as per the prevailing income tax laws in the country that is subject to change from time to time.

Understanding Termination of the Insurance Cover

Under the following events, the insurance cover for the member can get terminated:

  • On the date when the member attains 55 years and on the yearly renewal date.
  • The demise of the insured member.
  • Upon the non-payment of the premium beyond the grace period of 30 days
  • Closure of the account designated with the bank due to insufficiency of funds to keep the insurance active.
  • The date when the claim on the member insured is settled by other insurers in case the member has been insured in more than one bank or holds more than one savings bank account with the existing bank.

Exclusion of SBI Life- PMJJBY

For any new member enrolling into this scheme, the risk will be uncovered within the initial 45-days from the enrolment date into the scheme that is the lien period and in case of demise other than because of an accident within the lien period, the claims will not be admissible.

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SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Sorada, August 24, 2016
My my sbi life eshield insurance policy is the best. Policy gives maximum coverage and claims are good. The service is quick and behaviour is very nice from the whole members of the company. Good decision to take this term insurance plan.
Kota, July 27, 2016
SBI term policy
Every one have insurances in this time, so i buy one for me and my family safety. Service given by the company members is fabulous and my plan is sbi term insurance which is a quality product. It gives full facilities to me and my parents.
Tezpur, July 27, 2016
Fantastic Insurance
Very fine terms and conditions of my sbi life eshield insurance plan. The coverage is maximum and claims are even better. Services provided by executives of the company is awesome and on time. 24X7 assistance by the staff members.
Katehri, July 27, 2016
High Coverage
SBI eshield insurance plan i have is fabulous, i took it from sbi policy insurers. Just the premiums are little bit high but the returns are huge with good number of benefits. The service is super fast and renewals can be done on web portal.
Madhuban, July 27, 2016
Term plan
The colleague of mine suggested me a online sbi saral plan. The policy is perfect and it coverage ratio is about 91%. Service by the members of the insurance company is quick and due to this the claiming become more easier than before. Sbi policy i have satisfies me completely.
Rajkot, April 21, 2016
Great Policy
I buy sbi life term insurance plan. The policy coverage is 94% and the premiums are low ~28 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Great investment which saves taxes too.
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