Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Introduced in 2015, the Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year pure risk Term Insurance cover offered by LIC and other players in the Life Insurance space, in association with participating banks. The plan can be purchased from the bank accounts of policyholders at nominal premium rates.

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Key Highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana


The policy is renewable from year to year


Life Cover is fixed at Rs. 2,00,000


Policy Term is of 1 year


Reasonable premium amount


The simplified and swift enrollment process


Govt. of India Life Insurance Scheme

Benefits of PMJJBY

Death Benefit

In the unfortunate demise of the Life Assured during the policy period of 1 year, the Sum Assured is paid to the nominee appointed by the policyholder. The death benefit under the Pradhan Mantri Jeevan Jyoti Bima Yojana is subject to a cap of Rs. 2 Lakhs.

Surrender / Maturity Benefit

The plan does not come with any surrender or maturity benefit. You can renew your policy at the end of the policy period for continued cover.

Tax Benefits

Income Tax benefits/exemptions are applicable as per the current Income Tax Laws in the country. Please note that the terms are subject to change with time and you are advised to consult with your tax advisor for updates.

Other Important Features of Pradhan Mantri Jeevan Jyoti Bima Yojana

  • Enrollment PeriodThe insurance cover commences on the day the premium is auto-debited from the Life Assured’s bank account. The plan remains in force until 31st May of the subsequent year. From there on, the cover can be renewed every year on the 1st of June. The annual premium amount of Rs. 330 has to be paid in full on renewing PMJJBY.
  • Lien PeriodThe policy does not cover new members in the first 30 days from the date of enrolment into the policy. In case of death of the Life Assured during the lien period, no death benefit is paid to the nominee.
  • Free Look PeriodThe policy does not come with a free look period.
  • Grace PeriodA grace period of 30 days from the date of renewal, which is the 1st of June, is applicable with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) plan for premium payment. The insurance cover remains active during this period. If the premium still remains unpaid at the end of the period, the policy shall lapse.
  • Policy RevivalIf policyholders choose to revive the policy after the grace period of 30 days, they are required to make the premium payment in full and also submit a self-certificate of good health, among other requisites.

Eligibility Criteria

Age at EntryMinimum: 18 years, Maximum: 50 years
Maximum age at Maturity55 years
Policy Term1 year (renewable annually)
Enrollment Period1st June - 31st May
Premium Payment OptionSingle-Premium (auto-debited from the registered savings bank account)
Premium AmountMonth of EnrollmentPeriod of CoveragePremium Amount*
June - August4 quartersRs. 330
September - November3 quartersRs. 258
December - February2 quartersRs. 172
March-May1 quarterRs. 86
Sum AssuredRs. 2,00,000

* The premium amount is inclusive of administrative charges payable to the participating bank

** Please note that the eligibility criteria might vary for different Insurance Companies

Term Insurance Companies

Check and compare plans from 21 IRDAI-approved term insurance providers before purchasing a term plan.

Termination of Cover under PMJJBY

The life cover shall be terminated on any of the following events and no benefit is liable to be paid under such circumstances.

  • On attaining the age of 55 years subject to annual renewal
  • On closing the bank account linked with the policy
  • Insufficiency of balance to keep the insurance in force
  • In case the policyholder is covered under the same plan with multiple insurance companies
  • If the insurance cover ceases due to any administrative issues, the same can be reinstated on receipt of full premium and a self-statement of good health.

How to Enrol the Policy?

An individual can join the scheme through the bank in which (s)he holds the savings account. Those who wish to enrol can do so by paying the full annual premium amount anytime during the year. Those who have exited the scheme can also join back by paying the annual premium.

Claim Settlement with Pradhan Mantri Jeevan Jyoti Bima Yojana

On policyholder’s demise, the claim will be settled by the respective Pension and Group Scheme (P&GS) Office / Unit of LIC. The process for claim settlement is as follows:

  • The nominee of the policy will have to approach the bank of the policyholder, which is linked to the PMJJBY scheme.
  • The nominee must have the death certificate of the policyholder.
  • The nominee needs to collect the claim form and the discharge receipt. The same can be collected from the bank or downloaded from the website of LIC, participating Bank or the Jan Suraksha portal of the Finance Ministry.
  • The nominee must then submit the claim form, discharge receipt, death certificate and a copy of a cancelled cheque of the nominee’s bank account, if available. If not, he must provide bank details of the savings bank account of the policyholder that is linked to the PMJJBY scheme.

Claim Processing

I. By Bank

  • On receipt of the claim, the bank official will verify if the policy is active. The Bank will then verify if the premium was deducted and remitted to the respective P&GS Unit of LIC.
  • In case of an active policy, the bank will verify the nominee details and claim form and fill out relevant columns of the claim form.
  • The bank must then submit the following documents to the designated P&GS office of LIC:
    Duly filled claim form
    Death Certificate
    Discharge Receipt
    Photocopy of the cancelled cheque of the nominee (if available)
  • The time limit for submitting the claim form to the designated P&GS office of LIC is 30 days from the receipt of the claim form from the nominee.

I. By Designated P&GS Unit

  • The bank verifies the claim form and the documents attached to ensure completeness.
  • The designated P&GS Unit will verify if the member’s coverage is in force and no death claim settlement has been affected for the member through any other account.
  • For any previously settled claims, the nominee will be informed, and a copy will be marked to the bank.
  • If this is the only claim settlement, then the amount will be released to the nominee’s bank account/policyholder’s account, and an acknowledgement will be sent to the nominee.

Pradhan Mantri Jeevan Jyoti Bima Yojana : FAQs

1. How to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana at ICICI Bank?

Internet Banking: Login to your Internet Banking account at ICICI Bank and Enroll for Pradhan Mantri Jeevan Jyoti Bima Yojana

Phone Banking (through IVR): Call ICICI Bank Customer Care and select IVR option 5 for PM Insurance Scheme and after that select option 1 to enrol for PMJJBY*

Branch Banking: Customers can enrol for PMJJBY by visiting the nearest ICICI Bank Branch

2. What is the procedure to activate PMJJBY at HDFC Bank?

  • Log in to NetBanking and click on the 'Insurance' tab
  • Select scheme
  • Select account for premium payment
  • Policy cover amount, premium amount and nominee details (as per the selected account) will be displayed
  • Click ‘Confirm’ to activate the policy
  • Download the Acknowledgement and unique reference number for future reference

3. How will the premium be paid?

The premium will be deducted from the account holder’s bank account through the ‘auto debit’ facility in one instalment, as per the consent to be given on enrolment. Members may also give a one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of the experience of the scheme.

4. Can all holders of a joint bank account join the scheme through the said account?

In the case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs. 330 per person per annum.

5. Does the PMJJBY cover death resulting from natural calamities such as earthquakes, floods and other convulsions of nature? What about coverage from suicide/murder?

All these events are covered as PMJJBY covers death due to any reason.

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Naval Goel

Reviewed By: Naval Goel

Naval Goel is the CEO & founder of Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of Insurance Web Aggregator.