Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): We have collected the most important points about the Pradhan Mantri Jeevan Jyoti Bima Yojana that are important for exam point of view. 

Pradhan Mantri Jeevan Jyoti Bima Yojana

Purpose: It is an insurance scheme by Government of India that provides life insurance for death due to any reason. It provides one year life cover, renewable from year to year. 

The cover period under these Schemes is 1st June of each year to 31st May of subsequent year.

Launch Date: 9th May, 2015

Pradhan Mantri Jeevan Jyoti Bima Yojana byscoop

Eligibility: People Between age group 18 – 50 years. Also a bank account is mandatory.

Benefits/Life Cover: Rs 2 lakhs (in case of death for any reason)

Premium: Rs 330/- (yearly). The premium payable for the first year under the scheme depends on the month in which the subscriber enrols in the scheme. The same is mentioned in the table below. So the premium for the first year of enrolment would be:

Month of enrolment Premium payable for Premium Amount Payable*
June, July, August 1 year (4 quarters) Rs 330/-
September, October, November 3 quarters Rs 258/-
December,January, February 2 quarters Rs 172/-
March, April, May 1 quarter Rs 86/-


* All amount are including Goods and Services Tax (GST)

Mode of Payment: The premium is auto-debited from bank account.

Maturity/Termination: 55 years (People who join the scheme before completing 50 years can continue to have the risk of life cover up to the age of 55 years subject to payment of premium.).

Cooling Period under the scheme: For subscribers enrolling for the first time on or after 01st June 2016, insurance benefit shall not be available for death (due to any cause other than accident) occurring during the first 45 days from the date of enrolment into the scheme. However death due to accidental causes will be covered from day one of insurance coverage.

Note: In case a member is covered under PMJJBY with LIC of India / other company
through more than one account and premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium
shall be liable to be forfeited.

Points to remember:

  1. It is a life insurance plan for death due to any reason.
  2. Cover period – 1st June of each year to 31st May
  3. Eligibility- Bank Account holders within age group 18 – 50 years
  4. Life Cover: Rs 2 lakhs
  5. Premium: Rs 330/- (including GST) ; For first year the premium depends on the month of enrolment.
  6. Termination: 55 years

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