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Pradhan Mantri JeevanJyoti Bima Yojana is one of the key social benefit and development schemes initiated by the Government of India with the aim of upliftment and socio-economic benefit to the poor and needy of the country thereby helping them in achieving a better life than they have.

This scheme is popularly known as PMJJBY and was initiated in the year 2015 by the Honorable Prime Minister of the country with a view to ultimately remove poverty and provide better standard of living to all the citizens of the country,

This scheme aims to provide Life Insurance cover to the financially challenged section of the society in the event of death of the subscriber.

Eligibility for the Scheme

The scheme is available to all the citizens of the country i.e., residents of the country. The minimum age for availing the subscription under the Pradhan Mantri JeevanJyoti Bima Yojana is 18 years and the maximum age for the same is 50 years. No person is eligible to enroll under this scheme beyond the age of 50 years. And the maximum age of the insured person at the time of maturity of such life insurance cannot be beyond 55 years of age.

Scheme Details

The life insurance cover offered under PMJJBY is in the nature of group insurance policy and has easy accessibility for all the citizens of the country. This scheme can be subscribed through the various partner banks (whether public sector or private sector) or life insurance providers. The various details related to the scheme like the premium amount to be paid, duration/tenure of the policy, amount insured, etc. are mentioned below.

Amount Insured – 

The amount of insurance cover available to the insured person is a maximum of Rs. 2,00,000.

Tenure of the policy – 

The insurance cover under the PMJJBY scheme is a yearly plan that can be renewed every year by paying the required premium. The policy can be renewed every year subject to the maximum age limit allowed under the scheme beyond which the policy cannot be renewed.

Instant processing of the cover – 

The scheme aims to provide easy and affordable insurance cover to all the residents of the country and hence the duration and formalities for processing the application for a life insurance cover under PMJJBY is very easy and prompt. The applicant only needs to submit the duly filled and signed application with the necessary self-attested documents. This scheme does not require any medical examination to be done of the insured person or any other formalities to be complied with for the processing of the application.

Premium amount – 

The premium amount set for the life insurance cover under the PMJJBY scheme is very affordable and is set at a maximum of Rs. 330 per annum (including all the administrative charges payable to the partner bank). This premium is payable at one time during the year and is by means of an auto debit from the account held by the insured person. In case of multiple accounts held by the insured person, he/she has to indicate the account to be used for such auto debit facility at the time of application for such scheme.

The premium amount is set by the government and is subject to change from time to time.

If a person joins the scheme for a term less than a year, the premium amount is to be paid on a pro-rata basis. The details of the same are mentioned below.

Month of enrollmentPeriod for which the Premium is payableAmount of premium payable
June, July, AugustFull year (4 quarters)Rs. 330 (excluding applicable taxes)
September, October, November3 quartersRs. 258 (excluding applicable taxes)
December, January, February2 quartersRs. 172 (excluding applicable taxes)
March, April, May1 quarterRs. 86 (excluding applicable taxes)

Multiple Insurance Cover – 

The insured person can take cover under the scheme from multiple partner banks or insurance providers. However, the claim under the PMJJBY can be obtained only up to a maximum of Rs. 2,00,000 per insured person. The claim will be effected based on the first date of enrollment under the scheme and the premiums paid on the following or remaining covers under the scheme are deemed to be forfeited.

Surrender benefit – 

The life insurance plan under the scheme does not have any surrender benefit to the insured person.

Grace period and Revival and Reinstatement

The government has provided for a grace period at the end of the policy term prior for renewal of the life insurance policy under PMJJBY.

Such grace period is of 30 days from the date of Annual Renewal Date of the Policy, i.e. 1st June of every year. During such grace period the insurance cover for the subscriber shall remain effective. However, post completion of such grace period, if the subscriber has not renewed the policy by means of deduction of the premium amount from the subscriber’s savings bank account, such policy is deemed to be lapsed.

The policy also provides for revival or reinstatement of the insurance cover post completion of the grace period of 30 days, if the subscriber wishes to enjoy the benefits of the insurance cover under the PMJJBY. The subscriber has to simply pay the premium for the full year or on a pro-rata basis as required for reinstating the policy.

The basic condition for such revival and reinstatement of the insurance cover is the age applicability or eligibility and also the fulfilling of the terms and conditions laid by the Government of India from time to time.

Nomination of the Insurance Cover

The insured person can nominate a person to receive the corpus fund in the event of death of the subscriber. The insured person can submit a form in this regard by duly filling the same and submitting it to the issuing bank or life insurance provider that has provided the initial cover. Such nomination provided by the insured person is subject to the provisions of section 39 of the Insurance Act, 1938 and the subsequent amendments to the same that are made from time to time.

Termination and Exclusion of the Insurance Cover

According to the insurance scheme available under PMJJBY, the insurance cover of the member will be terminated under the following conditions,

  • Attaining maximum applicable age as per the provisions of the scheme i.e. 55 years of age as on the renewal date.
  • Death of the insured member
  • Non-payment of premium dues even after the completion of the grace period of 30 days provided.
  • Closure of the account with the partner bank that is used for auto debit of premium or insufficient funds in such account
  • Settlement of claim of the insured member by another bank or insurance provider in case of multiple covers sought for the same insured person.

Furthermore, the scheme also provides for exclusion of the insurance cover for the members in certain cases wherein the new member under the scheme will not be covered for the first 45 days from the date of enrollment under the scheme. This period is known as the lien period. During such a period the insurance provider will not be given the settlement of the claim in the event of the death of the insured person.


1. What is the term/tenure of the insurance policy under the PMJJBY?

The insurance policy/cover is for the period of 1 year and is renewable every year till the maximum age allowable under the scheme.

2. What is the insurance cover provided for under PMJJBY?

The insurance cover provided under PMJJBY is in the nature of life insurance for the insured person.

3. What is the maximum premium to be paid under PMJJBY?

The maximum premium to be paid under PMJJBY is Rs. 330 for the full year payable at one time by means of a direct auto debit from the insured person’s bank account.

4. What is the maximum cover that can be provided under the scheme?

The maximum cover under the scheme is of Rs. 2,00,000.

5. Can a person get insured multiple times under this scheme through multiple insurance cover providers?

A person can obtain multiple insurance covers under this scheme from various partnered insurance providers, although the maximum insurance cover that can be availed by a person is restricted to Rs. 2,00,000. The premium paid on the remaining policies is deemed to be forfeited.

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