What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a renewable life insurance cover of Rs 2 lakh with very small premium. It is a non-linked, non-participating and one year renewable group term insurance plan.


Any Indian resident within the age group of 18 years (completed) to 50 years (completed) is eligible to avail the scheme, provided he or she has a saving bank account with which the scheme would be attached and has given the consent to join the scheme by enabling auto-debit.


Rs 330/- per annum for each member which will be deducted from the insured member's saving bank account through an 'auto debit'. Insured member will have a life cover for one year period starting from June 1 to May 31 every year for which option to join and pay by auto-debit from the designated savings bank account is required to be given by May 31. The insurance cover will start from the date of debit of premium from the insured member's account.

The appropriation of Rs 330/- charged by insured member is as follows:

  • Annual insurance premium by LIC per member - Rs 289/-
  • Reimbursement of expenses to Agents/Corporate/Micro/BC - Rs 30/-
  • Administrative Reimbursement Expenses to the banks participating in the scheme - Rs 11/-


Nominee will receive a sum Assured of Rs. 2 Lakh on death of the insured member for any reason. This covers both the natural as well as accidental deaths. A maximum sum of Rs 2 lakh rupees will be given as the coverage for insurance claims.

Tax rebate under section 80C of Income Tax Act

There is no tax rebate under section 80C of Income Tax Act that one can avail of the premium of Rs330/- paid in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).


The cover of the member will terminate under any of the following events automatically:

  • On policyholder's attaining age 55 years.
  • Closure of account with the bank.
  • If the premium has not been paid due to insufficient balance in the saving account.
  • In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

How to Make a Claim under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

To make a claim under PMJJBY, the claimant is required to go through the following procedure to make the claim:

  1. Visit that bank where the account holder (insured) was having his/ her savings bank account.
  2. Obtain the claim form and discharge receipt.
  3. Fill up claim form and discharge receipt properly.
  4. Submit above forms with the death certificate and attach claimant's cancelled cheque.
  5. After complete verification by the bank and the insurance company, the claim will be settled within 60 days from making the claim.
  6. Claim will be remitted to the bank account of the nominee/ legal heir(s).

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