Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Features, Who Can Apply?

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed life insurance scheme aimed at providing financial support to families after the sudden loss of a loved one. It was launched on 9th May 2015 by Prime Minister Narendra Modi in Kolkata. The scheme is managed by the Ministry of Finance and implemented by the Life Insurance Corporation of India (LIC).

Life is uncertain, and for many families, especially those in the low-income group, the death of a family member who earns can lead to serious financial difficulties. The Pradhan Mantri Jeevan Jyoti Bima Yojana is designed to reduce this risk by offering affordable life insurance that helps protect such families.

What is Pradhan Mantri Jeevan Jyoti Bima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a term life insurance scheme that provides a cover of ₹2,00,000 in case the insured person passes away. This amount is given to the nominee of the policyholder. The policy is renewed every year with a low premium of ₹330, which is directly deducted from the person’s bank account.

The scheme is open to all Indian citizens aged 18 to 50 years, and they must have a savings bank account to join. Once enrolled, the coverage continues until the person reaches 55 years of age, provided they pay the yearly premium regularly.

This scheme is especially useful for people who may not be able to afford high-cost insurance but still wish to protect their families.

Who Can Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana has simple eligibility rules, making it easy for anyone to join:

• The person must be between 18 to 50 years old.
• A savings bank account is required.
• The bank account must be linked with the person’s Aadhaar number.
• Those who join before turning 50 can continue to be covered up to the age of 55 years by paying the premium every year.
• The annual premium of ₹330 is auto-debited from the bank account, usually before 31st May each year.

These conditions ensure that even people in rural or remote areas can take part in the scheme easily.

Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana

The Pradhan Mantri Jeevan Jyoti Bima Yojana provides many important benefits:

1. Life Cover of ₹2,00,000

If the policyholder dies due to any reason (natural or accidental), the nominee will receive ₹2,00,000 as financial support.

2. Affordable Premium

The yearly premium is just ₹330. This makes it one of the cheapest life insurance options available in India today.

3. Renewable Each Year

The insurance is valid for one year from 1st June to 31st May and can be renewed every year.

4. Easy to Manage

The premium is deducted automatically from your bank account. You don’t need to remember to pay manually.

5. Tax Benefits

Premiums paid under this scheme are eligible for tax deduction under Section 80C of the Income Tax Act.

6. No Medical Tests

The scheme does not ask for any health check-ups, making it very convenient for the general public.

This plan is especially helpful for daily wage workers, farmers, and other low-income earners who need a simple insurance plan to protect their families.

How to Apply for Pradhan Mantri Jeevan Jyoti Bima Yojana?

Applying for the Pradhan Mantri Jeevan Jyoti Bima Yojana is a straightforward process:

Step 1: Visit Your Bank

Go to the bank where you have your savings account.

Step 2: Fill the Form

Request and fill out the application form for the Pradhan Mantri Jeevan Jyoti Bima Yojana. Provide correct personal and nominee details.

Step 3: Submit Aadhaar Details

Ensure your Aadhaar is linked with your bank account.

Step 4: Give Consent for Auto-Debit

Give your permission for the auto-debit of the yearly premium from your bank account.

Step 5: Get Confirmation

Once your application is processed, the bank will confirm your enrollment.

Most nationalized and private banks offer this facility. You can also register through LIC or their partner insurance companies if needed.

Why Pradhan Mantri Jeevan Jyoti Bima Yojana is Important?

In a country like India, where many families do not have access to insurance, the Pradhan Mantri Jeevan Jyoti Bima Yojana gives them an opportunity to secure their future at a very low cost.

This scheme brings the following key values:

• Social Security: It supports the Government’s aim of providing financial protection to all citizens, especially the underprivileged.
• Financial Support for Families: In case of the policyholder’s death, their family receives ₹2,00,000, which can help cover basic expenses or education.
• Simple and Transparent: No hidden charges or complex rules. Everything is clear and direct.

It helps reduce the fear of financial hardship during tough times and ensures families don’t suffer after the loss of a loved one.

How to Renew Pradhan Mantri Jeevan Jyoti Bima Yojana?

Renewal of the Pradhan Mantri Jeevan Jyoti Bima Yojana is automatic if your bank account has a sufficient balance and auto-debit is enabled.

• Renewal happens annually, usually before 31st May.
• Make sure to keep your bank account active.
• If your premium is not deducted in time, the policy will lapse. You can rejoin by paying the premium again and submitting a declaration of good health.

Pradhan Mantri Jeevan Jyoti Bima Yojana FAQs