The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme designed to provide affordable financial protection to eligible individuals. Under the scheme, the nominee receives a ₹2 lakh benefit if the insured person dies for any reason.
The policy provides coverage for one year, from June 1 to May 31, and must be renewed every year. LIC and other participating life insurance companies offer the scheme through banks and post offices.
One of the key features of PMJJBY is that the death benefit applies regardless of whether the death occurs due to illness, an accident or a natural disaster. No medical examination is required to enrol, although the applicant must have an eligible bank or post office account.
Who Can Apply for PMJJBY?
People between 18 and 50 years of age can enrol in PMJJBY if they have a savings bank account or a post office account. NRIs are also eligible if they maintain a bank account in India, with the claim amount being paid in Indian rupees.
Only one account can be used to obtain coverage under the scheme, and institutional accounts are not eligible. Anyone who joins before turning 50 can continue renewing the policy annually until reaching the age of 55.
The annual premium is ₹436 and is automatically deducted from the linked account. For those joining during the middle of the policy year, the premium is adjusted according to the month of enrolment:
- June to August: ₹436
- September to November: ₹342
- December to February: ₹228
- March to May: ₹114
For subsequent renewal, the full annual premium of ₹436 is charged.
Premiums paid under the scheme are eligible for tax benefits under Section 80C of the Income Tax Act.
30-Day Waiting Period for New Subscribers
PMJJBY has a 30-day lien period for new subscribers and individuals who rejoin the scheme. During this period, a death claim resulting from a non-accidental cause is not payable.
However, the death benefit can be claimed if the insured person dies because of an accident during this initial period.
How to File a PMJJBY Claim
If the insured person dies, the nominee needs to approach the concerned bank or insurance company to initiate the claim process.
Documents generally required include the death certificate, the nominee’s KYC documents and a copy of the bank passbook. Depending on the circumstances, an FIR or post-mortem report may also be required.
Submitting the necessary documents correctly can help the claim process move forward without unnecessary delays.
How to Apply for PMJJBY Online
Eligible individuals can enrol through participating bank branches, post offices, internet banking services or mobile banking applications before May 31.
The application generally requires authorisation for automatic premium deduction along with basic KYC information, including the Aadhaar number.
Many banking applications provide access to PMJJBY under sections such as “e-Services” or “Social Security Schemes”. Applicants can select the scheme, provide the required details and complete the enrolment process through the available banking service.
Disclaimer
PMJJBY is subject to the applicable terms, conditions, eligibility requirements and policy rules of the participating insurer. Premiums, benefits, enrolment provisions and claim requirements may be revised by the authorities or insurer. Readers should check the latest official information with their bank, post office or participating insurance provider before enrolling or making any financial decision.