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All about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) Scheme was introduced by Narendra Modi Government in 2015. PMJJBY is intended to provide low-cost insurance protection to common people. The specialty of the scheme is in its simplicity, in every aspect of it. It is very easy to join Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJBY) scheme, maintain the scheme and even to get a claim from it.

Minimum Entry Age18 Years
Maximum Entry Age50 Years
Premium Per AnnumRs. 330 + Service Tax (if Applicable)
Risk CoverageRs. 2,00,000 (in the unfortunate event of death.)
Premium ModeDirectly Auto Debited From Bank Account (as a single instalment)

FAQs about Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) scheme.

  • What is the main benefit of PMJJBY scheme?
    Death coverage equal to Rs. 200000 is provided to the scheme holder, which is paid to his/her family in the event of an unfortunate death.
  • Who can join in PMJJBY scheme?
    Any Indian citizen between age 18 and 50 can join the scheme.
  • How much premium one should pay to join PMJJBY?
    Annual premium to be paid for PMJJBY is Rs.330 + service tax if applicable.
  • How to pay the premium for PMJJBY?
    The only mode of premium payment available for PMJBY is auto through debt as a single installment from your bank account.
  • How to enroll in PMJJBY scheme?
    A Consent cum Declaration form for Auto Debit of premium in prescribed format has to be provided at your bank. Aadhar card is considered as the KYC document for PMJJBY.
  • Read More FAQs about Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Important points to remember while joining  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

  1. Maximum insurance coverage available per person is Rs. 200000 only.
  2. The scheme is for one year but will be renewed automatically every year.
  3. Insurance coverage ceases when the scheme holder attains an age of 55.
  4. Latest date for joining PMJJBY was 31 August 2015.
  5. Candidates joining after 31 August 2015, will have to pay full Annual premium for prospective coverage and submit a self-certificate of good health in the prescribed proforma.
  6. This scheme is materialized through Life Insurance Corporation of India and some other insurance companies like SBI Life with tie-ups with various banks.
  7. Premium paid under the scheme is eligible for Income Tax rebate under section 80C.
  8. Assurance can be terminated in case of closure of the bank account or if the Account balance is low and unable to debit the premium.

Claim procedure for Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY).

  • The nominee should approach the Bank wherein the Member was having the ‘Savings Bank Account’ through which he/she was covered under PMJJBY; along with the death certificate of the member.
  • Nominee Should submit duly completed Claim Form, Discharge Receipt, death certificate along with a photocopy of the canceled cheque of the nominee’s bank account.


  1. An innovative Scheme to give insurance coverage to common people.
  2. Low Cost.
  3. Convenient Premium Payment method.
  4. Simple procedures for enrolment and Claim.


  1. Maximum coverage of 2,00,000 inadequate even for common people.
  2. No coverage after 55 years of Age

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Download Enrolment form.

Download Claim Form.

Anish L J

Anish L J is a 'Financial Planner' and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.