Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

What is it?

PMJJBY is a one-year renewable life insurance cover sold through banks and post offices. Anyone aged 18 to 50 with an individual account at a participating institution can join by authorising an annual auto-debit. The bank or post office acts as the master policy holder and life insurers underwrite the cover.

The policy pays Rs 2 lakh to your nominee if you die during the policy year, whatever the cause. The premium is Rs 436 a year, under Rs 2 a day.

The policy year runs from 1 June to 31 May, so premiums are normally debited in late May. Cover stops when you turn 55, if the bank account is closed, or if there is not enough money in the account to pay the premium. You can hold the cover through only one account, even if you bank in several places.

Potential benefit

Up to ₹2,00,000 sum assured

Rs 2,00,000 paid to your nominee on death from any cause during the policy year. Premium Rs 436 per year per subscriber, auto-debited in one instalment. Payment is subject to the insurer's claim process.

Who can apply?

• Age between 18 and 50

  Where this comes from

  All individual (single or joint) account holders of participating banks / Post office, in the age group of 18 to 50 years

  Official source ↗
• You have a bank or post office account

  Where this comes from

  All bank account holders other than institutional account holders are eligible

  Official source ↗

Other conditions stated by the government

• You must be aged between 18 and 50 to join.
• You must hold an individual bank or post office account. Institutional account holders cannot join.
• You must sign the prescribed form authorising the annual auto-debit.
• You can join through only one bank or post office account, even if you hold several.
• Cover ends when you turn 55.

Eligibility information is provided for informational purposes only. Final eligibility and approval are determined by the relevant government authority.

Documents you will need

• Enrolment form with auto-debit authorisation
• Consent-cum-declaration form in the prescribed proforma

How to apply

Go to the bank or post office where you hold an individual account and submit the prescribed enrolment and auto-debit consent form. Many banks also allow this through net banking or an ATM. The annual premium is then deducted from that account in one instalment. Cover runs 1 June to 31 May and renews automatically as long as the account has funds and the mandate stands.

Where to apply: bank and offline

Deadline

No fixed deadline. Applications are accepted on a rolling basis.