The Government of India has introduced Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as part of its Social Security initiatives. The scheme provides Life Insurance Cover of Rs. 2,00,000/- at an affordable annual premium of Rs. 436/-.
All Savings Bank account holders between the age group of 18 to 50 years are eligible to join the scheme. In case of multiple savings accounts, an individual can subscribe through only one account.
| Enrollment Period | Premium Payable |
|---|---|
| June, July & August | Rs. 436/- |
| September, October & November | Rs. 342/- |
| December, January & February | Rs. 228/- |
| March, April & May | Rs. 114/- |
Rs. 2 Lakh payable on death of the insured due to any reason.
PMJJBY is a one-year renewable term life insurance scheme offering life cover for death due to any cause.
The premium is auto-debited annually from the subscriber’s Savings Bank/Post Office account.
Individual account holders aged 18 to 50 years can enroll in PMJJBY.
Yes. PMJJBY covers death due to any reason, including natural calamities, suicide, and murder.
Yes. NRIs with eligible bank accounts in India can subscribe to PMJJBY.
Insurance terminates on attaining age 55 years, closure of bank account, or insufficient balance for premium deduction.
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