PMJJBY – Pradhan Mantri Jeevan Jyoti Bima Yojana


Imagine a helping hand that brings comfort during uncertain times – that’s the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This heartfelt government effort offers affordable life insurance to those who need it most, offering a safety net that’s both accessible and reassuring.



The PMJJBY is a plan for people aged 18 to 50 who have a bank account and agree to automatic yearly payment. Aadhar is needed to link to the bank account. It provides a life insurance of Rs. 2 lakhs for a year, from June 1st to May 31st, and can be renewed.

If the insured person dies, their family gets Rs. 2 lakhs. The cost is Rs. 436 per year, taken from the bank account by May 31st. The plan is given by Life Insurance Corporation and other similar companies with bank partnerships.

PMJJBY Details

PMJJBY stays with you for a year, and you can continue it year after year, no matter what life brings. And if, heaven forbid, something unfortunate happens and someone we care about is no longer with us, this plan could provide their family with much-needed financial support.

Companies like Life Insurance Corporation understand these tough moments, and they, along with other caring insurance firms, have joined hands with banks to offer this comforting plan.

Even banks, with their heart in the right place, can team up with different insurance companies to ensure their customers have access to this truly helpful scheme.

Coverage Area Of PMJJBY

PMJJBY is meant for everyone who has a savings bank account and is between 18 to 50 years old. If someone has more than one savings account in different banks, they can still only join the plan through one of those accounts. The Aadhaar Card is the main document needed for this account.

PMJJBY Enrollment Period

At first, for the time between June 1, 2015, and May 31, 2016, people should join PMJJBY by May 31, 2015. They need to agree to automatic payment.

If someone wants to join later, they have a chance until August 31, 2015, or even until November 30, 2015, depending on the government’s decision.

If they do this, they need to provide a self-certificate about their health along with the yearly payment. This way, they might still be able to get coverage.

PMJJBY Mode Of Enrollment

The protection lasts for a year, starting from June 1st to May 31st. To be part of PMJJBY, you need to fill out the proper forms each year and allow the money to be taken from your chosen savings bank account. This needs to be done by May 31st, except for the first year.

If you miss the deadline but still want coverage for the coming years, you can do so by showing a certificate of good health and paying the full yearly amount.

  • If you decide to leave the plan at any point in the future, you can rejoin by filling out a specific form and giving a statement about your health.
  • In the coming years, people who become eligible or those who were eligible before but didn’t join or had stopped, can still join the plan as long as it’s ongoing. They just need to provide a statement about their health

Benefits & Premium Of PMJJBY

Upon the member’s passing, Rs. 2 lakh will be given, regardless of the cause.

The cost is Rs. 330 per member each year. Following the chosen option, this sum will be taken from the savings account through automatic deduction by May 31st.

For those who wish to be covered after this date, it might be possible, but they would need to pay the premium for the whole year and provide a self-certificate of good health.

The premium might change based on the yearly claims experience. However, efforts will be made to avoid raising it for the first three years and, if possible, even lower it.

PMJJBY Eligibility Conditions

(a) People who have a savings bank account in participating banks and are between 18 years (for males) and 50 years (based on their date of birth, whichever is closer) can join this scheme. They just need to agree to be part of it through auto-debit.

(b) If someone wants to join the scheme after the initial enrollment period, which is after August 31, 2015, or November 30, 2015, for the extended period, they have to provide a self-certification.

They should be in good health and not have any ‘serious diseases’ as mentioned in the nomination papers. The time mentioned in the consent and declaration letter won’t affect this requirement.

Master Policy Holder

The Participating Bank will proudly hold the Master Policy, working closely with you. With your needs in mind, the Life Insurance Corporation or another caring insurance company will make sure that the process of managing and settling claims is easy and friendly.

Rest assured, the settlement process will be completed soon, bringing you peace of mind and support when you need it the most.

Termination of Assurance In PMJJBY

The life assurance for the member will come to an end if any of the following events occur. In such cases, there won’t be any benefit paid:

a) When the member reaches 55 years old (or the age closer to their birthdate), provided this happens after their entry into the plan. However, this won’t be possible beyond the age of 50 years, until the yearly renewal.

b) If the bank account is closed or doesn’t have enough money to continue the insurance coverage.

c) If the member is covered through more than one account with LIC or another company, and the premium is accidentally received by them. In this case, the insurance cover will be limited to Rs. 2 lakh, and the premium will be forfeited.

d) If there’s a technical issue like insufficient funds or administrative problems that lead to the lapse of the male annual premium, it can be renewed after a satisfactory health statement is received.

e) For participating banks, the premium effect will occur on or before June 30th each year. For others, it will happen in the month of receipt.

PMJJBY Administration

Considering the conditions mentioned earlier, PMJJBY is available for LIC Pension and Group Plan Units as well as Other Insurance offerings.

The respective company will oversee its management. The process for handling data and the required forms will be communicated separately.

The premium amount will be automatically debited from the account holders’ accounts by the due date, following the chosen option. The participating bank will handle collecting the yearly premium in one installment.

Members also have the option to set up a “One Time Mandate” for auto-debit every year throughout the scheme’s duration. The necessary forms, like the Enrollment Form in Proforma, Auto Debit Authorization, and Consent cum Declaration form, should be submitted to the Participating Bank.

In case of claims, LIC/Insurance Company might request these forms to be provided. LIC/Insurance Company has the right to request these documents whenever needed.

Acknowledgment of your enrollment might come in the form of an Acknowledgment-cum-Certificate of Insurance. The performance of the scheme will be closely monitored for yearly adjustments and other requirements.

Appropriation of premium In PMJJBY

The insurance premium paid to LIC/Insurance Company is Rs. 289 per year for each member. The expenses for BC/Micro/Corporation/Agents will be reimbursed at Rs. 30 per year per member.

The administrative expenses for participating banks will be reimbursed at Rs. 11 per year per member.

PMJJBY was started on June 1, 2015. Each subsequent Annual Renewal Date will fall on the first day of June each year. If circumstances require, the scheme can be stopped before the next renewal date begins.


PMJJBY serves as a crucial lifeline, ensuring that even the economically weaker sections have access to essential life insurance coverage, reflecting the government’s commitment to fostering a secure future for all.

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