Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme that offers ₹2 lakh cover at a low annual premium of ₹436, aimed at providing financial security to families in case of the policyholder’s death.
Benefits of PMJJBY:
- Low premium, high coverage: ₹2 lakh for just ₹436 per year.
- Covers all deaths, whether natural or accidental.
- No medical test: Required for joining.
- Easy enrollment and renewal: via banks.
- Financial security: For families, especially low-income groups.
Eligibility Criteria
- Age must be between 18 and 50 years at the time of joining.
- A savings bank account is mandatory.
- Aadhaar should be linked to the account.
- Only one policy per person, even if multiple accounts exist.
- Coverage continues up to 55 years, once enrolled.
Enrollment Procedure – General Steps
Step 1. Check Eligibility: Ensure you are between 18 and 50 years old and have a savings account.
Step 2. Visit Your Bank / Online Portal: Go to your bank branch or log in via net banking / mobile app (if available).
Step 3. Fill the Application Form: Submit the consent-cum-declaration form for PMJJBY.
Step 4. Provide Details: Update your Aadhaar number and nominee details (the person who will receive the benefit).
Step 5. Enable Auto-Debit: Authorize your bank to automatically debit the annual premium of ₹436.
Step 6. Confirmation: Bank/insurer confirms your enrollment and activates the policy.
Coverage Begins: You receive a ₹2 lakh life cover, valid from June 1 to May 31 of each year.
Premium, Coverage, Exclusions & Claim Settlement Process
| Aspect | Details |
|---|---|
| Premium Structure | ₹436 per annum, auto-debited from the savings bank account in one installment. |
| Coverage | ₹2,00,000 life cover on death (any cause). |
| Exclusions | No exclusion for accidental deaths. – 45-day waiting period for natural deaths (not applicable in case of accident). |
| Claim Settlement Process | Nominee/beneficiary submits the claim form with the death certificate to the bank, the Bank verifies the details and forwards it to the insurer, the Insurer processes the claim and transfers the amount to the nominee’s account. |
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Bank-wise Details
The PMJJBY is an affordable life insurance scheme where banks act as facilitators, each with specific enrollment steps and insurer partners.
1. State Bank of India (SBI)
- Eligibility & cover: Savings account holders aged 18–50; life cover ₹2,00,000; renews yearly till 55.
- Premium: ₹436/year (pro-rata if you enroll mid-year).
- Enrollment & renewal: Cover period 1 Jun–31 May; auto-debit from account; 30-day lien (non-accidental deaths) for first-time joiners.
- How to enroll: Submit Consent-cum-Declaration at branch (or as per bank process).
- Notes: Scheme administered via LIC/other insurers; bank/post office is master policyholder.
2. HDFC Bank
- Eligibility & Coverage: Savings account holders aged 18–50; ₹2,00,000 coverage; 30-day lien.
- Premium: ₹436/year; pro-rata slabs (Jun–Aug ₹436; Sep–Nov ₹342; Dec–Feb ₹228; Mar–May ₹114).
- Enrollment & renewal: Renewal debited in May each year.
- How to enroll: NetBanking → Insurance → PMJJBY → choose account & nominee → accept declaration → confirm.
- Insurer:HDFC Life (Master Policy No. PM000001).
3. ICICI Bank
- Eligibility & cover: Savings account holders aged 18–50; ₹2,00,000 cover; auto-debit enabled.
- Premium: ₹436 per annum.
- How to enroll: Through Net Banking, iMobile app, or branch.
- Claims: The bank provides terms & claim details on its website.
4. Axis Bank
- Eligibility & cover: Savings account holders 18–50; cover ₹2,00,000.
- Premium: ₹436/year.
- How to enroll: Submit the PMJJBY enrolment/consent form or enroll via Axis channels.
- Insurer partner: Max Life Insurance.
5. Bank of Baroda (BoB)
- Eligibility & cover: Standard PMJJBY rules; ₹2,00,000 cover; 30-day lien (accidents exempt).
- Premium: ₹436 per annum.
- How to enroll: Online application or branch form submission.
- Claims: Revised PMJJBY claim form available on BoB site.
6. Canara Bank
- Eligibility & cover: ₹2,00,000 cover; renewable annually.
- Premium: ₹436/year.
- How to enroll: Submit PMJJBY consent/application at branch with auto-debit mandate.
- Claims: Claim-cum-discharge form available on Canara site.
Comparison with Other Schemes
| Feature | PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) | PMSBY (Pradhan Mantri Suraksha Bima Yojana) | APY (Atal Pension Yojana) |
|---|---|---|---|
| Type of Scheme | Life Insurance | Accidental Insurance | Pension Scheme |
| Eligibility | 18–50 years (cover till 55) | 18–70 years | 18–40 years |
| Premium | ₹436 per year | ₹20 per year | Varies (₹42–₹210 monthly, depending on pension amount & entry age) |
| Coverage / Benefit | ₹2 lakh life cover (death from any cause) | ₹2 lakh (accidental death or disability), ₹1 lakh (partial disability) | Monthly pension ₹1,000–₹5,000 after age 60 |
| Duration | 1 year (renewable annually) | 1 year (renewable annually) | Till 60 years of age |
| Payment Mode | Auto-debit from savings account | Auto-debit from savings account | Monthly auto-debit from savings account |
| Implementing Agency | LIC and other life insurers | General Insurance companies | PFRDA (Pension Fund Regulatory and Development Authority) |
The PMJJBY is an affordable and accessible life insurance scheme that provides crucial financial protection to families, particularly those from low-income groups, ensuring social security and promoting financial inclusion across India.
