Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
This profile has been independently compiled from official gazette notifications and verified web domains. Source Authority Link: www.pmjjby.gov.in Authority: Ministry of Finance • State/Region: Central Scheme (All India) • Last Audited: 30 Jul 2026
Quick AI Summary
A renewable one‑year term life insurance scheme that provides a death cover of Rs. 2 lakh to eligible bank account holders.
Detailed Summary
Scheme Overview
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a centrally administered life‑insurance product launched by the Government of India. The scheme offers a fixed sum assured of Rs. 2 lakh in the event of the insured’s death due to any cause during the policy year. The cover is renewable annually provided the subscriber continues to meet the eligibility criteria and the premium is paid.
Premium and Payment
The annual premium is Rs. 436, which is auto‑debited from the subscriber’s savings bank account on or before 31 January each year. No medical examination is required.
Renewal and Claim Settlement
Renewal is automatic if the premium is successfully debited. In the event of death, the claim amount is transferred directly to the nominee’s bank account within 30 days of receipt of required documents.
Key Benefits & Financial Assistance
| Comparison Criteria | Benefits |
|---|---|
| Key Benefits |
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Eligibility Criteria Profile
| Comparison Criteria | Eligibility |
|---|---|
| Minimum Age Limit | 18 Years or above |
| Maximum Age Limit | 50 Years or below |
| Domicile State | All India (Central Scheme) |
Application Process Guide
- Submit the consent form at the branch of the bank where the savings account is held or complete the online enrolment through the bank’s net‑banking portal.
- Ensure the bank has your correct mobile number and email for OTP verification.
- The premium of Rs. 436 will be auto‑debited on or before 31 January each year.
- Upon successful debit, you will receive an SMS confirmation and the policy becomes active for the year.
Common FAQs regarding this Yojana
The scheme provides a death benefit of Rs. 2 lakh to the nominee.
Yes, the cover is renewable annually as long as the premium is auto‑debited and the subscriber continues to meet the eligibility criteria.
No medical test or underwriting is required; eligibility is based solely on age, residency, and possession of a savings bank account with auto‑debit consent.