Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) 2023: Scheme & Benefits

Arun Jaitley introduced the Pradhan Mantri Jeevan Jyoti Bima Yojana in the 2015 annual financial budget. Since just 20% of the country's population held insurance coverage in their names as per the mentioned year (2015), this Pradhan Mantri Bima Yojana scheme was introduced by Prime Minister Narendra Modi in Kolkata.

The primary goal of the Pradhan Mantri Jeevan Jyoti Bima Yojana plan was to expand the total number of individuals protected by health insurance in the nation. Additionally, this program enhances and boosts the utilization of the bank accounts that were first familiarized in the nation under the Pradhan Mantri Jan Dhan Yojana.

This was implemented to lower the volume of scheme accounts with a zero balance. The PMJJBY scheme gives the insured member an INR 2 lakh life insurance policy for a year which can be renewed annually.

Pradhan Mantri Jeevan Jyoti Bima Yojana Details

The PMJJBY details and key features have been mentioned below:

  • The PMJJBY scheme is a one-year life insurance program renewable yearly.
  • Individuals with savings bank account 18 and 50 may enroll in the PMJJBY scheme.
  • The plan requires covered participants to pay a yearly premium automatically deducted from their bank accounts.
  • The PMJJBY scheme provides a term plan under which the insurance provider will only pay the member's family the insurance amount after the covered person passes away.
  • A set payment of INR 2 lakh would be provided to the nominee or the covered member's family in the event of the insured member's death.
  • When the insured member turns 55, the insurance will immediately expire.
  • It should be noted that the insurance will remain in effect until the 31st of May of the following year, regardless of when it was acquired.
  • From this point on, the policy may be renewed annually on the 1st of June by paying the premium from a bank account.
  • The PMJJBY scheme does not impose GST.
  • The Pradhan Mantri Jeevan Jyoti Bima Yojana advantages offered will only be valid for 45 days following registration in the program.

The premium will automatically be deducted from your savings account in one payment using the auto debit option. Every month's premiums must be paid by the 31st of May or earlier. Payments received beyond the due date will be accepted with restrictions. Premiums may change based on an annual claim of experience.

Conditions & Provisions For PMJJBY Scheme Eligibility

The PMJJBY eligibility criteria have been mentioned below:

  • A member must be between 18 and 50 to be eligible for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.
  • No health certificate or details of a current illness are required to set up the account.
  • The policyholders are required to have a savings bank account and to join or activate auto-debit of the premium amount from their bank accounts on or before the 31st of May for each year coverage covered under the PMJJBY scheme.
  • After 50, there will be no eligibility for the scheme.
  • During enrollment, qualified applicants may enroll in the program without providing a self-declaration of good health.
  • One who enrolls in the scheme after the first enrollment period must provide a self-declaration of good health verifying that they do not have any severe illnesses listed on the declaration form.

How to Register For the PMJJBY Scheme?

The qualified applicants must fill out an application at the bank branch at any time of the year to be qualified for the Pradhan Mantri Jeevan Jyoti Bima Yojana benefits, or they may apply online using the net banking facility.

The applicants must complete their KYC by giving their Aadhaar along with the registration form before enrolling for the initiative. In addition, it must be specified that the premium payment will be automatically debited each year from the insured person's savings account.

PMJJBY Scheme Claim Settlement Process 

The claim settlement process, which is followed at various levels for the PMJJBY scheme, is discussed below:

Procedures to be Completed by the Nominee

The following procedures must be completed by the nominee in the claim settlement process of the PMJJBY scheme:

  1. The nominee must go to the bank where the person has the 'savings bank account' they used to be linked to, Pradhan Mantri Jeevan Jyoti Bima Yojana. The member's death certificate must have the nominee.
  2. The nominee must then get the claim form and discharge receipt from the bank or any other authorized location, such as an insurance company branch, a hospital, an insurance agent, etc.
  3. Submit the properly completed claim form, death certificate, and discharge proof to the bank where the person had the 'savings bank account' of Pradhan Mantri Jeevan Jyoti Bima Yojana, together with a xerox copy of the canceled check of the nominee's bank account (if available) or the bank account information.

Procedures to be Completed by Bank

The following procedures must be completed by the concerned bank in the claim settlement process of Pradhan Mantri Jeevan Jyoti Bima Yojana:

  1. The bank must determine whether the cover for the person, as mentioned earlier, was effective on the date of the person's death, that is, whether the payment for the mentioned cover was debited and paid to the insurance company in question on the annual renewal date, which is the 1st of June, prior to the member's death.
  2. The bank must then fill in the appropriate claim form sections after verifying the information on the claim form and the nominee from the data they have access to.
  3. The bank must provide the following documentation to the relevant insurance company's specified office:
  • Properly filled out claim Form 
  • Certificate of death of the insured person
  • Discharge Receipt
  • A photocopy of the nominee's canceled cheque (if available)

  4. The bank has 30 days from the day the claim is submitted to the insurance provider to deliver the correctly completed claim form.

Procedures are to Be Completed at the Insurance Company’s Designated Office

The process to be undertaken at the designated office of the insurance company has been mentioned below:

  1. Verify that the claim form is accurate and that all necessary documentation is attached. If not, check with the relevant bank.
  2. Suppose the claim is in all ways valid. In that case, the authorized officer of the insurance company must confirm that the member's coverage is active and that no death claim settlement has been accomplished for the person through any other account. If a claim has already been resolved, the nominee will be notified and given a copy with the bank's name.
  3. The indicated payment will be issued to the nominee's bank account if the stated member's request has not been resolved. An acknowledgment will be provided to the nominee with a copy designated for the bank.
  4. The insurance company must validate the claim and provide funds within 30 days of receiving the bank's request.

Premium Amount For The PMJJBY Scheme

According to the requested date for joining the program, the Ministry of Finance altered the premium payment schedule of Pradhan Mantri Jeevan Jyoti Bima Yojana periodically with effect from the 1st of September 2018.

Following are the updated premium amounts that must be paid under the Pradhan Mantri Jeevan Jyoti Bima Yojana:

Enrolment Month Premium to be Paid
June, July, or August INR 330
September, October, or November INR 258
December, January, or February INR 172
March, April, or May INR 86

Withdrawal of the Policy

If any of the following happens, the life insurance policy will be deemed canceled. No funds will be paid out for the following cases:

  • Account closure with the bank
  • Failed to have a sufficient amount to continue insurance coverage
  • Attempting to engage in the plan using various insurance providers and bank accounts.

Note: Upon turning 55, eligibility for yearly renewal is conditional upon that age. 

How to Request the PMJJBY Maturity Amount?

When a policyholder passes away, the nominee or surviving family members may obtain a claim amount of INR 2 lakh insured value by contacting the bank branch where the policyholder had an account.

The following documents must be shown by the nominee or the insured person's family to the bank before the claim amount can be transferred to the nominee's account.

  • Death certificate of the insured person
  • Receipt for discharge of claim (from the bank of any other designated source such as the hospitals, insurance company, insurance agents, etc.)
  • Photocopy of the canceled cheque from the nominee’s bank account

How to Renew Pradhan Mantri Jeevan Jyoti Bima Yojana?

Subscribers enrolling in the Pradhan Mantri Jeevan Jyoti Bima Yojana for the first time must fill out the prescribed form and submit it to the respective bank where the saving account is held. Some authorized banks have also started enrollment through mobile banking or internet banking. Renewal can only be done for regular beneficiaries through auto-debit from the savings bank account. Subscribers need to make sure that the renewal payment gets debited by the 31st of May from their accounts.

Banks That Provide the PMJJBY Scheme Facility

Given below is a list of a few banks that provide life insurance policies via the PMJJBY scheme

  • HDFC Bank
  • ICICI Bank
  • State Bank of India
  • Axis Bank 
  • Bank of Baroda
  • AU Small Finance Bank
  • Yes Bank
  • IndusInd Bank

Advantages of the PMJJBY Scheme

The various advantages associated with enrolling for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme are mentioned below:

Risk Coverage Insurance from PMJJBY

In case of a death caused by any valid reason, Pradhan Mantri Jeevan Jyoti Bima Yojana offers risk coverage of INR 2,000,000.

Conditional Risk Coverage

Typically, risk coverage lasts one year. After a year, the program may be renewed. Additionally, if you choose a length more significant than a year, the bank will automatically deduct funds from your savings account on a yearly basis.

Extent of coverage

The Pradhan Mantri Jeevan Jyoti Bima Yojana covers all savings account holders in banks from 18 years to 50 years in the respective banks. In case, the account holder has multiple savings accounts in one or different banks; the individual is entitled to enter the scheme through a single saving bank account only. For KYC for the bank account, Aadhar is a mandatory document.

Enrolment term

Originally, subscribers are required to enroll on the launch of the cover period of one year and give their auto-debit consent by the end of May. If enrollment is delayed, it can be possible up to the end of August, which can be extended for another three months by the Government of India. 

Subscribers who have left this scheme at any point can rejoin with the amount of full annual premium for prospective cover. They need to submit a self-certificate verifying their good health in the prescribed proforma.


PMJJBY offers coverage for the tenure of one year from the subscription date. Similar to the term life insurance scheme, the subscriber can renew the PMJJBY every year up to 55. If an insured person does not want to renew the PMJJBY, they can simply do it in three ways:

(a) by stopping renewing the plan

(b) by closing the savings bank account, which will ultimately stop the yearly payment of premium

(c) by applying to the respective bank to withdraw from the scheme.

Additionally, any insured person can rejoin the scheme by submitting the good health self-certificate and the policy's premium in the prescribed proforma. 

Maturity Benefits

There are no maturity and surrender benefits associated with Pradhan Mantri Jeevan Jyoti Bima Yojana as this is a pure-term insurance plan.


You may use an insurance company's assistance to sign up for a PMJJBY scheme. For example, the scheme would be provided by public life insurance providers like the Life Insurance Corporation of India (LIC) or other general insurance firms with bank affiliations.

Participating banks may list any life insurance provider to execute this program for their customers. You can contact an authorized bank to start applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme.

Frequently Asked Questions (FAQs)

How will the PMJJBY scheme premium be paid?

According to the decision made at enrollment, the premium will be withdrawn from the account holder's savings bank account using the "auto debit" feature in one payment. Subject to re-calibration that may be judged required on assessment of the plan's performance from year to year, members may also issue a one-time authorization for auto-debit every year until the plan is in effect.

Who will execute the program and offer it?

The scheme would be provided by LIC and other life insurance providers willing to work with partnering banks to provide the coverage with the required approvals and on comparable terms. In addition, any such life insurance company may be used by participating banks to administer the scheme for its members.

Are NRIs eligible for PMJJBY scheme coverage?

Any NRI who meets the requirements and has a qualified bank account with a bank branch in India may obtain Pradhan Mantri Jeevan Jyoti Bima Yojana coverage, provided the terms and conditions of the program are met. However, only Indian currency would be used to pay the recipient or nominee if a claim is made.

Can those who exit the PMJJBY scheme rejoin it?

Anyone who leaves the plan at any time may rejoin it in subsequent years by paying the yearly fee. However, for such customers, the insurance benefit will not be payable for death (due to any reason other than accident) during the scheme's first 45 days of enrollment.

Who would be the scheme's master policyholder? 

Participating banks will be the superior policyholders for the Pradhan Mantri Jeevan Jyoti Bima Yojana. The selected insurance firm will decide on a straightforward and user-friendly administration and claim payout approach after consulting with the approved bank.

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