Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)


Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance scheme that can be renewed from year to year and offers death insurance.

The cover under PMJJBY is for death only and therefore only the candidate will benefit. PMJJBY is a pure term insurance policy that only covers mortality without the investment component.

Registration period

The coverage period is June 1 of each year until May 31 of the following year. For the coverage period from June 1, 2018 to May 31, 2019, subscribers must register and provide their automatic debit acceptance by May 31, 2018. Those who later join could do so by paying the full annual premium for any insurance.

As of 14 May 2018, nearly 5.35 kroons had been registered in PMJJBY and the total number of receivables received by the date was approximately 1,022,849.

This is how premium breakdown works –

a. Insurance premium payable to the insurance company: Rs 289 per year per member;

b. Reimbursement of expenses to the agent / bank: Rs 30 per member per year;

c. Reimbursement of administrative costs to the participating bank: Rs 11 per year per member.

Claims waiting time

The risk cover under PMJJBY is only valid after the first registration. In other words, insurers do not have to reimburse the benefit for the first 45 days after registration. Deaths as a result of accidents are exempted from the lien clause and continue to be paid.

Pradhan Mantri Jeevan Jyoti Bima Yojana


PMJJBY is managed through LIC and other Indian private life insurance companies. These bankers can also be contacted, as banks are linked to insurance companies in the accession process. If an individual has several bank accounts in one or different banks, the person would be entitled to join the scheme through only one bank account.

However, for those who want to join the scheme now, they can do so. It is possible to join the scheme at any time during the year or to renew it by paying the full premium, not a pro rata amount. However, the date of renewal remains for all subscribers until 1 June.

It is better to join now and get a lid for the whole 12 months. If you have left the system at any time, you can still rejoin the scheme by paying an annual bonus.

The registration process has been simple and easy. To register, you can download the form and submit it to your banker. Some banks have also initiated an SMS-based registration process. You should also do this via net banking. To join / pay an automatic debit from an individual bank account specified on the prescribed forms, it must be submitted by May 31 of each year.


The death claim is settled by the relevant office appointed by the insurance company. The appendage to be accompanied is as follows:

Steps the nominee must take

1. The nominee shall contact the bank where the member held the savings account through which he was a member of PMJJBY, together with the member’s death certificate.

2. The candidate shall collect the claim form and issue a receipt from the documents in his / her possession and complete the relevant columns of the claim form.

3. The bank shall submit the following documents to the designated office of the insurance undertaking concerned:

a. Duly completed claim form

b. Death certificate

c. Cancellation receipt

d. Nominee canceled control photocopy (if any).

4. The maximum period within which the bank must submit the duly completed claim form to the insurance undertaking shall be 30 days from the submission of the claim.

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Steps to be taken in the office designated by the insurance company

1. Make sure that the claim form is complete in all aspects and that all relevant documents are attached. If not, contact the bank concerned.

2. If the claim is admissible, the bureau designated by the insurer shall verify that the member’s insurance cover is valid and that the death claim against the member has not been settled through another account. If any of the requirements are met, the candidate must be intimate with a copy marked for the bank.

3. If the coverage area was in force and the claim against that member has not been satisfied, the payment shall be released to the candidate’s bank account and a notification shall be sent to the candidate together with a copy marked with the bank.

4. The maximum term of the insurance company for confirmation of the claim and payment of money shall be thirty days from the receipt of the claim by the bank.

If the claimant submits the claim form directly to any office of the insurer, the insurer’s office shall immediately forward it to the bank of the deceased account holder concerned in order to obtain the necessary control from the bank concerned, etc. The relevant bank branch shall forward the claim form to the office designated by the insurance undertaking for processing the claim.

Properties of PMJJBY

The following are the main features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

This guarantees a lifespan of one year and the policy can be renewed every year

It offers an annual INR 2 life insurance premium of INR 330

As it is a pure term insurance plan, the policy does not offer term benefits and only covers life risks.

Coverage starts 45 days after the registration date. However, the sum insured is paid in the event of death due to an accident

The policy can be purchased from all partner banks affiliated with LIC and other private insurance companies in India

To use this plan, the policyholder must have a savings bank account

You can easily rejoin the scheme even after leaving for a specific reason

You can also read about the features of another government scheme, PMSBY, which is a one-year accident insurance plan that offers insurance against accidental death and disability for affordable premiums.

Benefits of PMJJBY Plan

The pursuing are the profits of the PMJJBY Plan.

Death Benefit: As with any other term insurance plan, Pradhan Mantri Jeevan Jyoti Bima Yojana offers a death benefit of up to INR 2 in the event of the death of a policyholder.

Risk Coverage: Pradhan Mantri Jeevan Jyoti Bima Yojana Plan covers all life risks. It provides policyholders with death benefits if the policyholder dies for any reason. This sum of money will be compensated after forty five days of decease. If the policyholder’s death is caused by an accident, there is no waiting period and the death benefit is paid to the beneficiaries immediately.

Tax Credit: Investments made under the Pradhan Mantri Jeevan Jyoti Bima Yojana Plan are eligible for tax relief under section 80C of the Income Tax Act 1961.

How to register for PMJJBY

PMJJBY can be obtained through LIC or any other Indian life insurance company. Many banks also have the option to register PMJJBY at their branches. Be aware that no matter how many bank accounts you have, you can only sign up for this scheme with one account. The scheme can be renewed every year and the date of renewal remains for all members until 1 June. If you opt out of the system for any reason, you can rejoin it by paying an annual bonus.

Registration is quite easy –

Download the PMJJBY application form from

The form is available in several languages, so choose the language that suits you.

Present the appositely filled form to your bank

Submit the necessary documents

You can be successfully filed under this plan upon confirmation

Most banks also offer an SMS-based registration process. Contact your bank for more information and continue with your application.

Terms of termination of Pradhan Mantri Jeevan Jyoti Bima Yojana

The conditions for terminating the PMJJBY scheme are as follows:

You (the account holder) will be 55 years old

Closing a linked bank account or insufficient bank account balance

If there is more than one insurance cover under the PMJJBY scheme, the insurance is limited to 2 INR lacquers and other insurance cover is terminated and insurance premiums are lost

Learn more about the PMJJBY scheme

About other contingents you demand to know about PMJJBY plan are as accompanies.

Upon registration, the policy has a cooling period of 45 days, after which the coverage area begins. However, in the event of accidental death, the cooling-off period is waived and the deposit is paid immediately.

If the savings bank account associated with the plan is closed, this will lead to the termination of the policy.

Pradhan Mantri Jeevan Jyoti Bima Yojana’s plan is limited to one policy per policyholder. It does not depend on whether the person has several savings bank accounts with the banks offering the scheme.

The amount of the bonus will be deducted directly from the linked bank account from 25 May to 31 May each year.

If the policy is terminated for any specific reason, it can be reinstated by paying the full insurance premium and proof of good health.

You can also read about the features and benefits of another government scheme, PMJAY, which provides health care to Indian citizens who may not be able to afford health insurance for themselves and their families.


The Indian government is working to provide financial and health security for poor and vulnerable families across the country.

The Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is one such great initiative. It provides financial insurance for family members in the event of the death of the insured person. In this way, the death benefit received by the family can be used until an alternative source of income emerges.

In addition, the plan will ensure that low-income families in society do not push more into poverty in the absence of a breadwinner.

If you don’t have the right to sign up for national insurance schemes, don’t worry, we’ve covered affordable insurance premiums with comprehensive comprehensive plans. To view the best term insurance plans, download our insurance app!


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