PM Jeevan Jyoti Bima Yojana: ₹2 Lakh Cover & ₹436 Premium
PMJJBY is renewable one-year life cover of ₹2 lakh for eligible 18–50-year-old bank/post-office account holders; the listed annual premium is ₹436.
Eligibility: Entry age 18–50; eligible participating bank/post-office account; consent to premium auto-debit; one enrollment per person.
What is PMJJBY?
Pradhan Mantri Jeevan Jyoti Bima Yojana is renewable one-year term life insurance linked to participating bank and post-office accounts. Subject to the applicable policy conditions, the nominee may receive ₹2 lakh if the insured person dies from any cause during the effective cover period. This is not a medical policy, hospital reimbursement plan or savings product. Its purpose is limited financial protection for the family in the event of an insured member’s death. Eligibility and claims are handled under the relevant insurer and participating institution’s rules.
Joining age and account requirements
New subscribers must generally be 18 to 50 years old and hold an account with a participating bank or post office. Separate eligibility may apply to eligible holders of a joint account. Each person should enrol through only one participating account even if multiple accounts exist. Do not confuse the maximum joining age with continued cover after joining: the scheme allows continuing protection subject to annual renewal and the stated termination conditions, with cover usually ending around age 55.
₹436 annual premium and ₹2 lakh benefit
The Department of Financial Services lists an annual premium of ₹436 and a death benefit of ₹2 lakh. The scheme’s usual policy year runs from 1 June to 31 May. Official guidance also describes pro-rata premiums when a subscriber first joins later in a policy year, while renewals generally use the applicable full-year premium. A future premium revision would supersede the listed figure, so confirm the current bank disclosure before giving debit consent. Payment is normally made through authorised auto-debit.
The 30-day lien period
One major exception is the waiting or lien period for a first-time subscriber or someone rejoining the scheme. The official FAQ states that death from a cause other than an accident during the first 30 days from enrolment does not qualify for a claim. Accident-related cases are treated under the precise terms stated by the insurer. This exception should be explained clearly when comparing PMJJBY with other insurance products. Ask your bank when coverage becomes effective and how the premium debit date is recorded.
How to enrol
Contact a participating bank branch or post office and request the PMJJBY enrolment form or an official digital sign-up option. Provide accurate identification, account and nominee details. Consent to auto-debit of the stated premium, and retain the bank confirmation. Check that the premium has actually been deducted; consent alone does not guarantee continuing coverage. If the balance is insufficient or an account closes, renewal could fail. Check your status each year near the coverage anniversary and avoid duplicate enrolment through different institutions.
Claim process for a nominee
After the insured member’s death, a nominee should contact the bank/post office or the relevant insurer through an official channel. Typically, the claimant will be asked for the prescribed claim form, death documentation, nominee identification and evidence of the member’s active coverage or account. Additional paperwork might be requested for certain cases. Do not assume that showing an account passbook alone establishes the claim. Verify the exact form, submission window and follow-up route with the authorised institution.
What PMJJBY does not provide
PMJJBY does not reimburse the member’s hospital bills, pay out on surviving a policy year or replace a comprehensive income-protection policy. A frequently confused programme, PMSBY, has different accident-insurance terms. Do not describe the ₹2 lakh as a maturity amount or as a balance held in a government savings account. Subscribers should understand what happens if the premium cannot be debited and how nominee records can be updated.
Frequently asked questions
How much is the annual premium?
The official listed figure is ₹436, subject to a future revision.
What is the death benefit?
₹2 lakh when policy conditions apply.
Can a person first join at 51?
Entry is generally limited to ages 18–50.
Does the policy cover every death in the first 30 days?
No; the non-accidental-death lien restriction matters for new and rejoining members.
Is this a pension?
No, it is term life insurance.
Explore related government schemes
Always check the official website for final and accurate information.
Visit official website: financialservices.gov.in ↗Last updated: 18 Oct 2026