Jeevan Jyoti Bima Yojana (PMJJBY): Benefits, Premium, Coverage

In the union budget which was presented by India’s honourable Finance minister Shri Arun Jaitely on 28th Feb 2015, one of the biggest announcement was made – the launch of low insurance premium scheme – “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)”. The policy period for the first year will start on 01st June 2015 to 31st May 2016. However to get enrolled and for auto-debit consent last date is 31st May 2015 for the first year’s life cover. Check out the consent cum declaration form for PMJJBY. This needs to be filled and submitted to the bank.


  • Increasing the penetration of life insurance to the poor people who are otherwise not able to avail life insurance policies (in fact health/accidental) due to high insurance premiums and providing Jan Suraksha i.e. social security to all Indians.
  • Also as India’s younger generation don’t have any pension to take care after retirement, securing financial future of their family in their absence will be of utmost important which would be taken care under PM Jeevan Jyoti Bima Yojana.
  • Life insurance corporation of India will offer this scheme
  • Other insurers are also eligible to participate
  • Insurance companies will tie-up with banks for this purpose. Check out list of banks which would offer this insurance for their customers.


  • Life Covered: Rs.2 Lakhs i.e. after the death of the policy holder, this amount can be claimed by the nominee. Life is covered irrespective of the reason of death.
  • Annual Premium: Rs.330 only excluding the service tax. And this amount would be debited from bank account of the policy holder provided the person opts for long term option. In case long term option is not chosen then subscriber will have to opt every year.
  • Nomination: Nominee can be declared at the time of buying the policy. And he/she can claim the benefits after unfortunate event of the death of the policy holder.
  • More than one savings bank account? If individual has more than one savings bank account then enrolment can be done only through one account
  • Re-joining: If someone exits from the policy then he/she can still join in the future. For this the person needs to declare that he/she is in a good health condition as per the format given by the banks
  • Late joining: Those who enrol late, the period is extended till 31st August 2015. Further extension will be given by the government for another 3 months i.e. till 31st November 2015.
  • What if someone has more than 1 life insurance policy: If someone is already having life insurance policy anywhere, then such person can still enroll for PMJJBY and avail benefits.


  • Minimum age limit 18 years and maximum 50 years. And the cover would be available up to 55 years.
  • Should have bank account. Check out list of banks offering this insurance. If you do not have any bank account then you can open zero balance savings account under Pradhan Mantri Jan Dhan Yojana (PMJDY).

Documents Required:

Person needs to just produce photocopy of Aadhaar card for subscribing to the scheme.

Benefits covered under this scheme

  • Natural/accidental or death due to any reason

(Note: More details will be announced by the government very soon. I will update the details as soon as they are released).

Also see Suraksha Bima Yojana offering accidental death risk of just Rs. 12/year announced in budget 2015.

After Pradhanmantri Jan Dhan Yojana (bank account for every Indian household) and Sukanya Samriddhi Yojana (for securing girl’s future), this social welfare scheme under growth oriented government intends to reach poor and under-privileged Indian citizens.

Other private insurance providers in India offering low cost policies:

  • Royal Sundaram – accident insurance for just Rs. 2 per day
  • Reliance Life – One crore life cover plan for Rs. 15 per day (450/month)
  • Aviva life insurance – Rs. 16/day
  • SBI Saral Shield term plan – Rs. 250/month
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