The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India that aims to provide affordable life insurance to a large section of the population, especially those in the unorganized sector. As of May 9, 2025, the scheme has completed ten years, marking a decade of providing social security cover. As of April 23, 2025, cumulative enrollments have exceeded 23.63 crore, with claims worth ₹18,397.92 crore already paid out.

Who Can Apply?

The PMJJBY is open to individuals who meet the following eligibility criteria:

• Age: Applicants must be between 18 and 50 years old. Once enrolled before the age of 50, the coverage can be extended up to the age of 55, subject to annual renewal.
• Bank Account: The applicant must have a savings bank account with a participating bank or post office. In case an individual holds multiple accounts across different banks or post offices, they are only eligible to enroll through one account.
• Aadhaar KYC: While Aadhaar is the primary KYC (Know Your Customer) document for the bank account, it is not always mandatory for enrollment.
• Consent for Auto-Debit: The account holder must provide consent for automatic debit of the premium from their savings account. This auto-debit facility ensures timely renewal of the policy.
• NRI Eligibility: Non-Resident Indians (NRIs) with eligible bank accounts in Indian branches are also eligible, but claim benefits are paid in Indian currency.

How Much Does It Cost?

The annual premium for PMJJBY is ₹436 per member. This premium is auto-debited from the subscriber's bank account, typically in one installment.

For those enrolling mid-year, a pro-rata premium structure is in place:

• June, July, August: Full annual premium of ₹436 is payable.
• September, October, November: A pro-rata premium of ₹342 is payable.
• December, January, February: A pro-rata premium of ₹228 is applicable.
• March, April, May: A pro-rata premium of ₹114 is charged.

It is important to note that while pro-rata premiums are available for initial enrollment, the full annual premium of ₹436 is payable at the time of renewal each year.

Key Features and Benefits

• Life Insurance Cover: The scheme provides a life insurance cover of ₹2 lakh in case of death due to any reason. This includes death due to natural calamities, suicide, or murder.
• One-Year Renewable Cover: The policy is a one-year term life insurance, which can be renewed annually from June 1st to May 31st.
• Ease of Enrollment: Enrollment is simple, especially with internet and mobile banking options. Some banks also offer enrollment through ATMs.
• No Medical Examination: No medical examination is required to avail of the life insurance cover under this scheme.
• Lien Period: For first-time enrollees, there's a 30-day lien period where death claims (excluding those due to accidents) are not admissible. This condition applies only to new subscribers.

How to Enroll?

Eligible individuals can enroll in the PMJJBY through the following methods:

• Online Banking: Many participating banks offer online enrollment through their internet banking portals and mobile applications.
• ATM: Some banks provide enrollment facilities through their ATM network.
• Bank Branch: Visit your bank branch and fill out the PMJJBY enrollment form.
• Post Office: Enrollment is also available through participating post offices.

Important Points to Note:

• The insurance cover will be restricted to ₹2 lakh if a member is covered through more than one account and the premium is inadvertently received by the insurance company. Premiums paid for duplicate insurance are liable to be forfeited.
• The policy terminates when the member reaches 55 years of age (subject to annual renewal until that date), if the account with the bank is closed, or if there are insufficient funds to keep the insurance in force.
• The scheme is administered through LIC and other life insurance companies that have tie-ups with participating banks or post offices.

The PMJJBY stands as a crucial social security initiative, providing affordable life insurance to a vast population and ensuring financial protection for families in times of unforeseen events.