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Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Beema Yojna is a life insurance plan specially designed for underprivileged families in India. Any Indian citizen that falls in the age category of 18 to 50 years and with an active savings account can avail of this policy. It was launched in the year 2015. PMJJBY offers life coverage of Rs. 2 Lakh at a nominal premium cost of Rs. 330 per annum. It is an annual renewable insurance plan and the premiums will be auto-debited from the associated bank account.


With the aim of accelerating insurance penetration in India and catering to the needs of common people, Jeevan Jyoti Beema Yojana was launched along with two other insurance schemes Pradhan Mantri Suraksha Beema Yojana and Atal Pension Yojana.


How Does it Work?

In case of death of the primary breadwinner of a poor family, that family shouldn’t crumble down. Keeping this in mind, the PMJJBY policy was designed and launched. It aims to provide financial security to the poor people and the minimum requirement is kept as an active savings account. Anyone above the age of 18 years and below 50 years can avail this life insurance policy if they have an active savings account.


Upon the death of the policyholder, the beneficiaries will receive Rs. 2 Lakh as the death benefit. Individuals can exit the scheme at any time and join the scheme in future. Participatory banks will be the master policyholder of the scheme.


Reasons to Buy this Plan

  • Any Indian citizen above the age of 18 years and below 50 years can avail this life insurance policy if they have an active savings account.

  • PMJJBY renewal is quick and hassle-free and can be done annually.

  • Insurance claim settlement process is simple.

  • The premium charges are as cheap as Rs. 330 per year and give a coverage of up to Rs. 2 Lakh.

  • If you didn’t join in the initial year, you can be a part of the PMJJBY in the coming years by paying annual premiums. A self-certificate of good health should be submitted at that time.


Key Features

Here are the key features of the Pradhan Mantri Jeevan Jyoti Beema Yojana.


1. Easy Renewal

It provides life coverage for one year, and the policy can be renewed every year.


2. Better Insurance Coverage

PMJJBY offers life insurance coverage of Rs. 2 Lakh at premium charges as low as Rs. 330 every year.


3. No Maturity Benefits

The policy offers only coverage for life risks and no maturity benefits can be claimed since it is a term insurance plan.


4. Only Savings Account Necessary

The policyholder needs to have a savings bank account to avail this plan and it can be bought at any partnered banks having tie-ups with LIC and other private insurance companies in India.


5. Hassle-free Proceedings

The life insurance coverage starts 45 days after the date of enrollment. However, the sum assured amount will be paid in case of death due to an accident. Even if the policyholder exits from the scheme for any given reason, that person can simply rejoin the scheme.



Check out the benefits of Pradhan Mantri Jeevan Jyoti Beema Yojana given below to understand why everyone should join one.


Affordable Premiums:

The basic premium amount for the PMJJBY policy is Rs. 330 and it reduces later based on the month of the enrollment. The amount is deducted directly from the associated bank account in an auto-debit manner.


Sum Assured:

The affordable term insurance plan offers death benefits of up to Rs. 2 Lakh upon the death of the policyholder irrespective of the reasons.


Tax Benefit:

The investment made towards this plan can be claimed for tax deductions under Section 80C of the Income Tax Act, 1961.


Risk Coverage:

This plan covers all the life risks. All the death benefits will be paid after 45 days of death. If the death of the policyholder occurs in an accident, the death benefit is provided to the beneficiaries immediately without any waiting period.



The PMJJBY plan covers all the life risks. All the death benefits will be paid after 45 days of death. The coverage period begins from June 1 every year to May 31 of the next year. The natural or accidental death of the policyholder, allows the family members to claim compensation under the PMJJBY, however, it is mandatory to submit a death certificate for documentation purposes. You have to keep the PMJJBY policy certificate downloaded from the website for claiming the benefits. The scheme is open for new eligible applicants in the coming years.



There are certain conditions for the coverage of the Pradhan Mantri Jeevan Jyoti Beema Yojana:


  • If the person is above 55 years old, then the death cover offered by the policy will be terminated.

  • If the member is covered through more than one bank account you can’t receive the death benefits.

  • If the policyholder has insufficient balance in their savings account to keep the insurance in force., the policy will be terminated.


If all these conditions are satisfied, then there will be no specific exclusions for this scheme. However, you can’t claim the insurance if the cause of death is suicide.


Claim Process

The claim process of PMJJBY is very simple. Let’s take a look at how you can go about claiming the benefits.


Here’s what the beneficiary needs to do:


  1. The beneficiary should pay a visit to the bank whose savings account is linked to the scheme on the unfortunate demise of the policyholder. Here, the nominee needs to submit the death certificate of the insured along with the PMJJBY certificate downloaded from the website.

  2. Now, the claim form can be collected by the beneficiary from the bank or the insurer.

  3. Fill the claim form carefully.

  4. Submit the form along with the required documents like death certificate of the policyholder, bank account details, discharge receipt, photocopy of cancelled cheque, and bank details of the nominee.

  5. The beneficiary can do the PMJJBY status check online.


Here’s what the bank will do:


  • On the submission of the claim form and all the documents, the bank needs to validate and verify the same.

  • After verification, the bank submits the required documents to the insurance company.

  • Then the insurance company verifies the details at their end.

  • After successful verification of the documents and the claim form, the claim amount is transferred to the beneficiary’s bank account.



Pradhan Mantri Jeevan Jyoti Beema Yojna was introduced by the Government of India to provide financial as well as health security to the poor and vulnerable families across the country. In case of the insured individual’s death, it offers financial security to the family members. Thus, the death benefit of the policy received by the family can be used until the generation of an alternate source of income. This plan will also provide the low-income earning families in the society a last resort in the absence of the bread earner and will help them have a secured life. You can always consider buying an insurance plan including term, ULIP and endowment plans available on Bajaj Markets and protect the financial future of your loved ones.


If you are in the age group of 18 to 50 years and have a savings bank account, you can start Pradhan Mantri Jeevan Jyoti Bima Yojana. In the unfortunate event of the death of the policyholder, the beneficiary can claim the insurance amount.

The Pradhan Mantri Jeevan Jyoti Bima Yojana provides coverage for a year from the initiation date. You can do the PMJJBY renewal every year up to the age of 55 years.

 Upon the death of the policyholder, the beneficiaries of PMJJBY will receive Rs. 2 Lakh as the death benefit.  

 The premium amount for PMJJBY is Rs. 330 per year.

  Pradhan Mantri Jeevan Jyoti Beema Yojana is a term life insurance plan.  

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