Learn how to apply for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and get ₹2 lakh life insurance at just ₹436 per year. Know eligibility, benefits, claim process, and more.
The central government runs several welfare schemes for different sections of society, such as the PM Kisan Yojana for farmers, Ayushman Bharat Yojana for free healthcare for the underprivileged, and the Atal Pension Yojana for retirement support. Another such important scheme is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which offers a life insurance cover of ₹2 lakh.
So far, more than 23.63 crore people have enrolled under this scheme, and over ₹18,397.92 crore has been disbursed to beneficiaries. Let’s understand how you can benefit from this scheme and what the key rules are.
₹2 Lakh Life Insurance for Your Family
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) was launched in 2015 alongside Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Atal Pension Yojana (APY). These schemes aim to offer financial protection to the economically weaker sections of society.
Under PMJJBY, if the insured person passes away, the nominee or family receives a sum of ₹2 lakh. Essentially, it works like a term insurance policy offered with support from the government.
Who Can Apply?
Any Indian citizen can apply for the PMJJBY scheme, provided they meet these conditions:
- Age must be between 18 and 50 years
- No medical examination is required
- Must have an active savings account in any bank
The scheme can be availed through LIC or other approved insurance companies. Banks also provide information and assistance for enrollment.
Premium and Coverage Details
The best part of PMJJBY is its affordable premium:
- You pay just ₹436 per year
- The insurance cover is valid from 1st June to 31st May each year
If you also want accidental insurance, you can opt for the Pradhan Mantri Suraksha Bima Yojana (PMSBY), which provides a ₹2 lakh accidental cover at a yearly premium of just ₹20.
How to Claim ₹2 Lakh?
If the insured person dies, the nominee or family member can claim the insurance amount by:
- Visiting the concerned bank branch
- Submitting the death certificate and identity proof
- The insurance company will transfer the ₹2 lakh to the nominee’s account in a few days
Summary Table
| Scheme Name | Eligibility | Premium | Benefit | Coverage Period |
|---|---|---|---|---|
| PMJJBY | 18–50 years, Bank account holder | ₹436/year | ₹2 lakh (Life cover) | 1 June – 31 May |
| PMSBY | 18–70 years, Bank account holder | ₹20/year | ₹2 lakh (Accident cover) | 1 June – 31 May |
Final Words
The Pradhan Mantri Jeevan Jyoti Bima Yojana is an excellent, low-cost way to ensure your family’s financial security. For just ₹436 a year, your loved ones can get ₹2 lakh in case of your untimely death. With millions of Indians already benefitting, this scheme is a great option for those looking for basic life insurance coverage at an affordable cost.
Disclaimer: This article includes information adapted from NDTV India for clarity and educational purposes. We acknowledge the original source and do not claim ownership of the original content.
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