Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The scheme is a one-year cover term life insurance scheme, renewable from year to year, offering life insurance cover for death due to any cause.
Benefits under the Scheme and premium payments:
Rs.2 lakh is payable on a subscriber’s death due to any cause.
The premium payable is Rs.436/- per annum per subscriber.
For those people who enrolled under PMJJBY for the first time during the middle of the policy period, they can pay the premium is as follows ;
a) For enrolment in June, July and August – Full annual premium of Rs.436/- is payable.
b) For enrolment in September, October, and November – pro rata premium of Rs. 342/- is payable
c) For enrolment in December, January and February – pro rata premium of Rs. 228/- is payable.
d) For enrolment in March, April and May – pro rata premium of Rs. 114/- is payable.
However, at the time of renewal under the scheme, you will have to pay full year’s premium @ Rs 436/-
If you're enrolling for the first time, your coverage starts from the date your premium is auto-debited. However, for the first 30 days after enrollment (the lien period), the insurance won't cover death due to natural causes—only accidental death is covered. If a non-accidental death occurs during this period, no claim will be paid.
Premium pay:
The premium will be automatically deducted from the account holder’s bank or post office account in a single installment, based on the consent provided at the time of enrollment.
Scheme Offered by:
The scheme is provided through LIC and other approved life insurance companies that are willing to offer it under similar terms. It is implemented in partnership with participating banks and post offices. These banks and post offices have the flexibility to collaborate with any eligible life insurance company to offer the scheme to their account holders or subscribers.
Who is eligible:
Anyone between the ages of 18 and 50 who has an individual (single or joint) account with a participating bank or post office can join. However, if you have multiple accounts across different banks or post offices, you can only enroll in the scheme through one account.
Enrolment period and Modality:
The cover will be valid for one year, from June 1st to May 31st. When enrolling, subscribers must submit their choice using the prescribed form and opt for auto-debit from their designated bank or post office account. Unless instructed otherwise, an annual payment of ₹436 (or any revised amount, if applicable) will be automatically deducted for renewal. Any changes to the amount will be communicated immediately.
If you enroll or renew after this date, you can still do so by paying the required premium. However, the terms of your insurance coverage may change.
Eligible individuals who don’t join the scheme in the first year can still enroll in future years by paying the premium through auto-debit. However, for these late joiners, the insurance won’t cover death from natural causes during the first 30 days after enrollment—only accidental death will be covered during that period.
If you leave the scheme, you can rejoin in the future by paying the required premium. However, if you re-enroll, your insurance coverage won’t include non-accidental death during the first 30 days of your new enrollment.
Master Policy holder:
The participating banks and post offices serve as the master policyholders for the scheme. To make things easier for subscribers, LIC and other insurance companies have worked with these banks and post offices to set up a simple and hassle-free process for administration and claim settlement.
Your life insurance coverage will end or be limited in any of the following situations:
When you turn 55 (based on your nearest birthday), though it can be renewed annually until then. However, you can’t enroll in the plan after the age of 50.
If you close your bank account or don’t have enough balance to maintain the insurance.
If you’re covered under multiple accounts and premiums are mistakenly paid more than once, the coverage will be capped at ₹2 lakh. Any extra premiums paid for duplicate policies will not be refunded.
Role of the Insurance company and the Bank:
LIC or any other life insurance company that partners with banks or post offices will manage this scheme. The participating bank or post office will be responsible for collecting the premium in a single installment from account holders through an auto-debit process before the due date and transferring the amount to the insurance company.
Customers will need to fill out and submit an enrollment form, auto-debit authorization, and a consent-cum-declaration form in the prescribed format. These documents will be kept by the bank or post office, but in case of a claim, the insurance company may request them. LIC or the insurance company also reserves the right to ask for these documents at any time.
Appropriation of Premium:
If an account holder voluntarily enrolls through electronic means, the commission that would have been paid to Business Correspondents or agents (as mentioned in item 2) will instead be used to reduce the insurance premium, passing the benefit directly to the subscriber.
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RECAP
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that provides financial security to your family in case of your untimely death. It offers a one-year life insurance cover, which can be renewed annually.
This scheme is available to all bank or post office account holders aged between 18 and 50 years. It is run through life insurance companies and facilitated by banks and post offices, making it easy to enroll and manage.
Simply put, PMJJBY ensures that your loved ones have financial support if something happens to you.
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides a one-year term life insurance cover of ₹2 lakh for anyone aged 18 to 50. It covers death due to any cause. The annual premium is just ₹436, which gets auto-debited from your bank or post office account.
The applicant must be between 18 and 50 years old and should have their own bank or post office account.
Download and Print the Form
Click on the link below to download the "Consent-cum-Declaration Form" and take a printout of it:
Fill, Sign, and Submit
Complete the form with the required details, sign it, and attach self-attested copies of the necessary documents. Then, submit it to the authorized official at your bank or post office.
Once submitted, the official will give you the "Acknowledgement Slip cum Certificate of Insurance" as confirmation.
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