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Pradhan Mantri Jeevan Jyoti Bima Yojana

On May 09, 2015, the Government of India launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)—a government-backed life insurance scheme in India. It was originally proposed in the 2015 budget speech by the finance minister, as only 20% of India’s population was endorsed under any kind of insurance until then. Consequently, the PMJJBY was launched to increase penetration of life insurance among citizens.  

Policy Detail

Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility
The PM Jeevan Jyoti Bima Yojana is a one-year life insurance scheme, renewable every year, offering coverage for death due to any reason and is available to people in the age group of 18-50 years (life cover up to 55 years). Anyone having a savings bank account and who give their consent to join and enable auto-debit are eligible under the scheme.

PMJJBY is extended through LIC (Life Insurance Corporation) and other Indian private life insurance companies. An individual can approach his/her banker for the process of enrolment, as banks have tied up with insurance companies. In case an individual holds multiple bank accounts in one or different banks, the person will be eligible to join the scheme through only one bank account.

Enrolment Period
The cover period is from June 1 to May 31 every year. For the cover period, subscribers are required to enroll and give their auto-debit consent by May 31, 2021. Those joining subsequently would be able to do so by paying the full annual premium for the prospective cover.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits & Premium
A premium of Rs. 330 (US$ 4.5) per annum per member is levied. The premium will be deducted from the account holder’s savings bank account through the ‘auto-debit’ facility in one installment, as per the option given on or before May 31 of each annual coverage period under the scheme. Delayed enrolment for the prospective cover after May 31 will be possible with full payment of the annual premium and submission of a self-certificate of good health. The premium will be reviewed on the basis of the annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts will be made to ensure there is no upward revision of premium in the first three years. A benefit of Rs. 2 lakh (US$ 2,700) is payable on a member’s death (due to any natural/unnatural reasons) to the nominee/beneficiary of the policy. The scheme also provides tax deduction under section 80C through its monthly premium payment.

Claim Settlement
The death claim will be settled by the designated office of the insurance company concerned. The following processes are undertaken by various stakeholders:


  • The nominee needs to approach the bank wherein the deceased member had the 'savings bank account' through which he/she was covered under the PMJJBY, and submit the death certificate of the account holder.
  • The nominee then needs to collect a claim form and discharge receipt from the bank or any other designated source such as insurance company branches, hospitals and insurance agents including designated websites.
  • Finally, the nominee needs to submit the duly completed claim form, discharge receipt and death certificate, along with a photocopy of the cancelled cheque of the nominee's bank account (if available) or account details of the bank where the deceased member had the 'savings bank account' through which he/she was covered under the PMJJBY.


  • Bank needs to verify the claim form & nominee details from the records and submit the following documents to the designated office of the insurance company concerned:
    • Claim form duly completed
    • Death certificate
    • Discharge receipt
    • Photocopy of the cancelled cheque of the nominee (if available)
  • Maximum time limit for the bank to forward a duly completed claim form to the insurance company is 30 days from submission of the claim.

Insurance Company

  • Verify that the claim form is complete and if the claim is admissible, the designated office of the insurer shall check whether the member's coverage is in force and no death claim settlement has been imposed for the member through any other account. In case any claim has been settled, the nominee shall be intimated accordingly with a copy marked to the bank.
  • In case the coverage was in force and no claim has been settled for the said member, payment shall be released to the nominee's bank account and a communication shall be sent to the nominee with a copy marked to the bank.
  • Maximum time limit for the insurance company to approve claim and disburse money is 30 days from the receipt of claim from the bank.

PMJJBY: Initiatives and Progress
Under the Union Budget 2021-22, the government allocated Rs. 5 crore (US$ 678,615.0) for the publicity and awareness campaigning of the Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY) and Pradhan Mantri Suraksha Bima Yojna (PMSBY). As of January 31, 2020, under the PMJJBY, 40.70% enrolments comprise women members and 58.21% claim beneficiaries were women. As of January 31, 2020, of the total 47,171,568 enrolments, women comprised 19,196,805 enrolments. 95,508 claims have been paid to female beneficiaries out of a total of 169,216 claims paid.



 Financial year Cumulative no. of  people enrolled (unit)

Total no. of claims

received (unit)

Total no. of claims

disbursed (unit)


3.10 crore




5.33 crore




5.92 crore




6.96 crore




10.27 crore



Source: Jansuraksha Website

In November 2020, India Post Payments Bank (IPPB) tied up with PNB MetLife India Insurance to launch the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) for its customers. Managing Director and Chief Executive Officer of India Post Payments Bank, Mr. J. Venkatramu, said at the launch of the tie-up, “PMJJBY takes forward the government’s mission of creating a universal social security net for the needy and disadvantaged sections. Products such as PMJJBY help inculcate a culture of buying affordable insurance among this segment of the population.”

The Road Ahead….
As the Indian population rises and the country showcases a strong growth potential, lack of financial inclusion is likely to be a major challenge faced by the country. Currently, ~72% of the Indian population resides in rural parts of the country and are highly dependent on daily wages for sustenance. The PMJJBY assures this population for their wellbeing and happiness.

With the government’s continuous efforts to enhance the social security awareness and strengthen the financially weaker section of the society, the PMJJBY scheme is expected to gain higher momentum in the future and meet its goal of achieving the country’s total financial inclusion. Further, amid the COVID-19-induced lockdown in 2020 and subsequently in 2021, the scheme has witnessed exponential growth (in enrolments) owing to continuous promotion as a pure protection term insurance by the government.