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PMJJBY: Pradhan Mantri Jeevan Jyoti Bima Yojana explained
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PMJJBY, the Pradhan Mantri Jeevan Jyoti Bima Yojana, is a government-backed life insurance scheme that pays a fixed sum to the nominee if the insured person dies for any reason during the policy year. It was launched on 9 May 2015, along with PMSBY and the Atal Pension Yojana, and runs through banks and post offices with the Life Insurance Corporation and other life insurers.
Key features
| Feature | Detail (as of the 2022 revision) |
|---|---|
| Cover | ₹2 lakh on death due to any cause |
| Age to join | 18 to 50 years |
| Cover continues until | Age 55, if renewed each year |
| Premium | ₹436 per year, debited automatically |
| Policy year | 1 June to 31 May |
| Who can join | Anyone with a bank or post office savings account who gives auto-debit consent |
The premium was ₹330 until it was revised in June 2022. Confirm the current terms at jansuraksha.gov.in, because premiums and cover are reviewed by the government.
How it works
PMJJBY is a pure term cover: if the person survives to the end of the year, there is no payout and no refund. You renew each year. The premium is deducted from your savings account every year, so you must keep enough balance in it around the renewal period, or the cover lapses. The bank collects the premium and passes it to the insurer. If you die, your nominee files a claim through the bank.
Example
Meena opens a savings account at age 25 and joins PMJJBY. She pays ₹436 each year through auto-debit. If she passes away in a policy year while covered, her nominee receives ₹2 lakh. If she remains alive, the cover simply renews on 1 June for the next year, provided the payment goes through.
Where it fits
PMJJBY is a life cover, while PMSBY covers accidents only. Both are sold through banks under bancassurance style arrangements and form part of the insurance pillar of the PM Jan Dhan Yojana mission.
How bank exams ask about it
Common stems: "PMJJBY was launched on", "the maximum age to join", "the life cover under PMJJBY", "premium per year", and "which of these is a term life insurance scheme". Questions often put PMJJBY and PMSBY in the same list, so memorise the difference in cover and age limits. Revise with the other schemes in banking awareness.
Frequently asked questions
Does PMJJBY pay anything on maturity?
No. It is a pure term plan with no maturity or survival benefit.
Can I join after age 50?
No. Entry is up to 50 years, though cover can continue until 55 for those already enrolled.
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