What this scheme offers
PMJJBY is a one-year term life insurance policy, renewable annually, that pays ₹2 lakh to the nominee if the insured person dies during the active policy year — for any reason, not just accidents. The annual premium of ₹436 is auto-debited from the subscriber's linked bank or post office account, typically before the policy year begins on 1 June. It's a pure-term policy with no investment or maturity component, administered through participating banks, post offices and life insurance companies, and the premium qualifies for a tax deduction under Section 80C.
Who is eligible
- Any individual bank or post office savings account holder — single or joint — aged 18 to 50 at entry.
- Cover continues up to age 55, as long as premiums are paid and the policy is renewed each year.
- NRIs with an eligible bank account at an Indian branch can also purchase cover.
- A 30-day "lien period" applies from first enrolment — death within this window (except by accident) is not covered.
Documents required
- Savings bank or post office account
- Aadhaar card
- Nominee details
- Consent for annual auto-debit of the premium
How to apply
- Visit your bank branch, or use your bank's net banking or mobile app.
- Select PM Jeevan Jyoti Bima Yojana from the government schemes / insurance section.
- Enter your personal details, nominee details, and confirm your account for the auto-debit.
- Give consent for the annual premium (₹436) to be auto-debited each year.
- Submit the application — your cover becomes active per the master policy terms (after the 30-day lien period for non-accidental death).
- On the policyholder's death, the nominee informs the bank and submits a claim form with the death certificate; claims are typically settled within 30 days.