PM Jeevan Jyoti Bima Yojana: ₹2 lakh life insurance covering death from ANY cause — illness, accident, or natural — for just ₹436 per year (₹1.19/day).Premium: ₹436/year. Cover: ₹2 Lakh. Subscribers: 16+ Crore. Age: 18–55 years.Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed pure term life insurance scheme launched on 9 May 2015. For an annual premium of ₹436 (about ₹1.19 per day), it provides ₹2 lakh life cover to the nominee in case of the policyholder's death from ANY cause — whether illness (heart attack, cancer, COVID), accident, or natural death.
Active SchemeUpdated: March 2026
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PM Jeevan Jyoti Bima Yojana
₹2 lakh life insurance covering death from ANY cause — illness, accident, or natural — for just ₹436 per year (₹1.19/day)
Premium
₹436/year
Cover
₹2 Lakh
Subscribers
16+ Crore
Age
18–55 years
📖What is PM Jeevan Jyoti Bima Yojana?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed pure term life insurance scheme launched on 9 May 2015. For an annual premium of ₹436 (about ₹1.19 per day), it provides ₹2 lakh life cover to the nominee in case of the policyholder's death from ANY cause — whether illness (heart attack, cancer, COVID), accident, or natural death.
This is different from PMSBY which covers only accidental death. PMJJBY covers ALL types of death — making it a true life insurance product. The scheme is available to anyone between 18-55 years with a savings bank account. Coverage continues until age 55, even if you enrolled at age 18 (total possible coverage: 37 years for just ₹436/year).
The premium of ₹436 is auto-debited from the linked bank account annually between May 25 and June 1. The coverage period runs from June 1 to May 31 each year. The scheme is underwritten by Life Insurance Corporation (LIC) and other life insurance companies partnered with participating banks.
As of 2026, over 16 crore people have enrolled in PMJJBY. The scheme has processed lakhs of claims, with an average claim settlement time of 30-60 days. For most low-income and middle-income families, the combination of PMJJBY (₹436) + PMSBY (₹20) provides ₹4 lakh total cover for just ₹456/year — possibly the cheapest comprehensive insurance in the world.
✅Eligibility
Age18 to 55 years at enrollment. Coverage continues till age 55.
Bank accountMust have a savings bank account with Aadhaar linked
Multiple banksCan enroll through only ONE bank, even if you have multiple accounts
Premium₹436/year — auto-debited annually between May 25 and June 1
Health conditionNo medical exam required. No health declaration. Pre-existing conditions covered from day one.
DocumentsNo documents for enrollment — just sign consent form at bank. Only Aadhaar linkage needed.
⚖️PMJJBY vs PMSBY vs Term Insurance — Complete Comparison
| Feature | PMJJBY (Life) | PMSBY (Accident) | Private Term Insurance |
|---|---|---|---|
| Premium | ₹436/year | ₹20/year | ₹5,000–15,000/year for ₹50L cover |
| Cover amount | ₹2 lakh | ₹2 lakh | ₹50 lakh – ₹2 crore |
| What's covered | Death from ANY cause | Accidental death/disability ONLY | Death from any cause |
| Medical exam | Not required | Not required | Required for high cover |
| Age limit | 18–55 years | 18–70 years | 18–65 years |
| Disability cover | No | Yes (₹1-2 lakh) | Optional rider |
| Tax benefit | 80C on premium | Not applicable | 80C on premium |
| Best for | Basic life cover for low-income families | Accident protection (add-on to PMJJBY) | Primary breadwinners with dependents |
💡Why You Need PMJJBY Even If You Have Other Insurance
At ₹436/year, PMJJBY is practically free compared to the coverage it provides. Even if you have employer group insurance or a private term plan, PMJJBY is worth having because:
1. It's additional cover: PMJJBY payout is on top of any other insurance you have. If you die and have both PMJJBY and a private term plan, your family gets both payouts.
2. It never lapses due to job change: Employer insurance ends when you resign or are terminated. PMJJBY continues as long as you pay ₹436/year — it's linked to your personal bank account, not your employer.
3. No medical underwriting: If you develop a health condition (diabetes, heart disease) after enrolling, your coverage continues. Private insurers might reject your renewal or increase premiums — PMJJBY premium stays ₹436 regardless of health changes.
4. The math is absurd: ₹436/year for ₹2 lakh cover means the insurance company pays out 458× the premium if you die. No other insurance product offers this ratio. The scheme is heavily subsidized — the government bears the operational costs.
Recommendation: If you're between 18-55, enroll in BOTH PMJJBY (₹436) and PMSBY (₹20). Total cost: ₹456/year. Total cover: ₹4 lakh (₹2L for any death + ₹2L for accidental death/disability). If your death is due to accident, your family gets ₹4 lakh total. This is the bare minimum insurance every Indian adult should have.
📄Claim Process — Step by Step
1
Nominee visits the bank
Within 30 days of the policyholder's death, the nominee should visit the bank branch where PMJJBY was enrolled. Inform the bank and request the claim form.
2
Submit required documents
Death certificate (from municipal corporation), FIR (if applicable), PMJJBY enrollment proof or bank statement showing premium debit, nominee's Aadhaar card, nominee's bank account details for claim payment. For hospital death: discharge summary.
3
Bank forwards to insurer
The bank verifies documents and forwards the claim to the insurance company (LIC or partner insurer). The insurer reviews and processes the claim.
4
₹2 lakh credited to nominee
Claim amount is credited to the nominee's bank account within 30-60 days of complete document submission. If rejected, written reasons are provided and can be escalated to the insurance ombudsman.
📝How to Apply
1
Visit bank or use net banking/mobile banking
Go to the bank where you have a savings account. Ask for PMJJBY enrollment. Most banks also allow enrollment through net banking or mobile app.
2
Fill consent form
One-page form — your details, nominee name and relationship, consent for ₹436 annual auto-debit.
3
Premium debited in May-June
₹436 auto-debited annually. Ensure sufficient balance between May 25 and June 1.
4
Coverage active from June 1
Life cover of ₹2 lakh active from June 1 to May 31. Auto-renews each year via auto-debit.
ℹ️PMJJBY covers death from ALL causes (illness, accident, natural). For additional accident cover (₹2 lakh for just ₹20/year), also enroll in PMSBY. Both together = ₹456/year for ₹4 lakh total cover.
📅Important Dates & Schedule
EnrollmentOpen throughout the year
Premium debit₹436 auto-debited between May 25 – June 1 annually
Coverage periodJune 1 to May 31 each year
Maximum coverage age55 years — policy terminates on 55th birthday
❓Frequently Asked Questions
🔗Related Schemes
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PM Suraksha Bima Yojana
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PMJJBY — Financial Services Portal
financialservices.gov.in/insurance-divisions/Government-Sponsored-Socially-Oriented-Insurance-Schemes/Pradhan-Mantri-Jeevan-Jyoti-Bima-Yojana(PMJJBY)