The government has launched several welfare schemes for the people of India, many of which aim to provide financial security. One such important initiative is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The objective of this scheme is to provide life insurance coverage at a low premium to the economically weaker and middle-class citizens of the country so that their families can get financial support in times of crisis. In this article, we’ll explain what PMJJBY is, how to apply, the eligibility criteria, and all other important details.
What is PM Jeevan Jyoti Bima Yojana (PMJJBY)?
Launched in 2015 by the Government of India, the PM Jeevan Jyoti Bima Yojana aims to offer life insurance coverage to every citizen at a very affordable cost. Under this scheme, in case of the death of the insured, a compensation of ₹2 lakh is provided to the nominee. This scheme is especially beneficial for those who could never afford expensive life insurance policies offered by private companies.
Key Benefits of the Scheme
- Life insurance cover of ₹2 lakh for just ₹436/year
- Applicable in case of death due to any reason
- Easy and quick enrollment process
- Government-backed scheme – completely reliable
- Suitable for both urban and rural citizens
- Auto-debit feature avoids payment hassle
₹2 Lakh Cover in Just ₹436
The biggest highlight of this scheme is its low premium. Under the PMJJBY, you need to pay only ₹436 per year as the annual premium, which gets auto-debited from your bank account. In exchange for this nominal amount, you get a life insurance cover of ₹2 lakh. That means if the insured person dies due to any reason, the nominee will receive ₹2 lakh from the insurance provider.
Who is Eligible for the Scheme?
To benefit from the PMJJBY, the applicant must fulfill the following criteria.
- Age Limit: The applicant must be between 18 to 50 years.
- Bank Account: Must have an active bank account.
- KYC and Aadhaar: The account should be KYC-compliant and preferably linked with Aadhaar.
- Health Declaration: At the time of enrollment, a health declaration is required confirming that the applicant is not suffering from any critical illness.
How and When to Apply?
Applying for PMJJBY is very easy. You can enroll through the following modes.
- Bank Branch:
Visit your nearest bank branch, fill out the PMJJBY form, and submit it along with required documents. - Mobile/Net Banking:
Many banks provide the option to apply for the scheme through their mobile apps or net banking platforms. Just log in, go to Insurance Schemes, and select PMJJBY. - Common Service Centers (CSC):
In rural areas, one can also apply through CSC centers.
Policy Duration and Renewal
This is a one-year insurance policy that runs from June 1 to May 31 every year. To keep the policy active, the premium of ₹436 should be available in your bank account before the end of May, so that the amount can be auto-debited. If the premium is not auto-debited in a particular year, the insurance coverage will lapse.
How to Claim the Insurance Amount?
In case of the death of the insured person, the nominee has to follow the steps below.
- Provide Death Certificate of the insured
- Submit copy of insurance certificate and bank passbook
- Provide nominee’s ID proof (Aadhaar or any other)
- Fill the insurance claim form
Submit all these documents to the bank branch where the policy was registered. After verification, ₹2 lakh will be transferred to the nominee’s bank account.
Important Points to Note
- This scheme only covers death. It does not include expenses for illness or hospitalization.
- New enrollment is allowed only up to age 50, but existing subscribers can renew up to age 55.
- Though the scheme doesn’t offer direct tax benefits, you may claim deduction under Section 80C of the Income Tax Act.
Conclusion
PM Jeevan Jyoti Bima Yojana 2025 is an extremely beneficial and affordable life insurance scheme aimed at ensuring financial protection for every Indian family. Getting ₹2 lakh cover for just ₹436 annually is a big relief for the poor and middle-class. If you haven’t registered for this scheme yet, visit your bank today and secure your family’s future.
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