₹2 Lakh Life Insurance for Just ₹436 Under PMJJBY – Check Eligibility and Application Process

₹2 Lakh Life Insurance for Just ₹436 Under PMJJBY – Check Eligibility and Application Process is a government-backed scheme designed to provide affordable life insurance to millions of Indians. For an annual premium of just ₹436, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) offers a ₹2 lakh cover to the nominee in case of the policyholder’s death, whether due to illness, accident, or any other cause.

Since its launch in 2015, PMJJBY has become one of the largest social security schemes in India, especially targeting those who might not otherwise have access to life insurance. By auto-debiting the premium from a savings bank account and requiring no medical examination, it removes many barriers to coverage, making it simple and inclusive.

₹2 Lakh Life Insurance for Just ₹436 Under PMJJBY

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a landmark initiative by the Government of India to extend life insurance to every citizen, especially those who might never purchase a private policy. For a nominal annual premium of ₹436, you secure a ₹2 lakh life cover, ensuring that your family has some financial protection if the unexpected occurs.

By enrolling before 31st May, updating nominee details, and combining PMJJBY with PMSBY, you can build a strong safety net. This scheme not only demonstrates the power of low-cost social security but also highlights how a simple, tightly administered program can achieve massive reach and tangible social impact.

What is PMJJBY?

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance scheme introduced by the Government of India to extend affordable insurance coverage to all citizens between 18 and 50 years of age. For an annual premium of ₹436, policyholders receive a ₹2 lakh life cover, which is paid directly to the nominee if the insured passes away due to any cause, including natural death, accidents, or suicide.

By keeping the premium low and auto-debiting it from a savings bank account, PMJJBY removes the need for complex paperwork or medical examinations. This accessibility and simplicity make it ideal for individuals who might not otherwise consider life insurance, such as daily wage workers, small-scale entrepreneurs, or those living in rural areas.

Impact and Reach

Since its inception in May 2015, PMJJBY has become one of the largest life insurance initiatives in the world:

• Total Enrollments (Feb 2025): Over 22.97 crore people have taken advantage of PMJJBY, reflecting its widespread acceptance.
• Claims Disbursed: About 8.89 lakh claims have been paid out, totaling nearly ₹17,600 crore, providing crucial financial relief to bereaved families.

These figures underscore PMJJBY’s social impact, illustrating how a small annual outlay can translate into large-scale financial security for vulnerable households.

Real-Life Example

Consider the case of Ravi Kumar, a 34-year-old migrant worker from Nashik. In early 2023, he enrolled in PMJJBY through his State Bank of India account. Tragically, he lost his life in a road accident later that year. Within 30 days of submitting the claim (including death certificate, bank passbook copy, and nominee details), his wife received ₹2 lakh. This amount helped her settle outstanding medical bills, clear debts, and support their two school-going children.

This example highlights how PMJJBY can be a lifeline. For just ₹436 per year, a family left without its primary earner can avoid financial ruin.

Eligibility Criteria

To enroll in PMJJBY, you must meet all of the following conditions:

1. Age: Between 18 and 50 years at the time of enrollment.
2. Bank Account: Hold a savings bank account with any participating bank (public or private).
3. Auto-Debit Consent: Provide explicit consent to debit the annual premium (₹436) from your bank account every year before 31st May.
4. Aadhaar Linkage (recommended): While not strictly mandatory, linking your Aadhaar card to the bank account speeds up verification and claim processing.

Note: If you have multiple bank accounts, you can enroll in PMJJBY through only one account.

Premium and Coverage Details

Because there is no health check-up requirement, even people with pre-existing conditions can enjoy coverage immediately. However, note that newly enrolled members face a 30-day waiting period (known as a lien period) during which claims due to any cause except accidental death are not payable.

How to Enroll in PMJJBY

Enrollment in PMJJBY is designed to be streamlined, with both online and offline options:

1. Online Enrollment (Net Banking)

1. Log in to your bank’s NetBanking portal (e.g., SBI, HDFC, ICICI, Bank of Baroda).
2. Navigate to the “Insurance” or “Social Security Schemes” section.
3. Select “Pradhan Mantri Jeevan Jyoti Bima Yojana”.
4. Choose the savings account for premium deduction.
5. Enter nominee details (name, relationship, age).
6. Confirm and submit. The first premium (₹436) will be debited immediately if funds are available.

2. Offline Enrollment (Bank Branch)

1. Visit your nearest participating bank branch.
2. Ask for the PMJJBY application form (also available online at Jan Suraksha).
3. Fill in the application form with personal and nominee details.
4. Submit a copy of your Aadhaar card and provide banker’s copy of your savings account passbook.
5. Sign mandate form for auto-debit of ₹436 per year.
6. Collect a receipt of enrollment—it will show the effective date (1st June).

Tip: If you enroll after 1st May, you will have to pay the pro-rata premium for the “in-first-year” period. To avoid confusion, enroll before 31st May each year.

Required Documents

When enrolling, keep these documents handy:

• Duly filled PMJJBY application form (online or offline).
• Aadhaar card copy (for identity and address proof).
• Savings bank account details (account number, IFSC code).
• Nominee information (name, relationship, age, address).
• Contact information (mobile number, email).

Ensure all details are accurately filled, as any mismatch can delay claim processing later.

Claim Settlement Process

In the unfortunate event of the policyholder’s demise, the nominee or authorized representative should follow these steps:

1. Notify the Bank
   Inform the bank branch where the policyholder had enrolled in PMJJBY. Provide details such as account number and policy participation.
2. Obtain Claim Form
   Collect the PMJJBY claim form and discharge receipt from the bank or download them from Jan Suraksha.
3. Submit Documents
   • Duly filled claim form & discharge receipt
   • Original death certificate (issued by a municipal authority or hospital)
   • Nominee’s identity proof (Aadhaar, PAN, or passport)
   • Bank passbook copy (first page or cancelled cheque)
   • If death occurred abroad, death certificate attested by the Indian embassy is required.
4. Bank Verification
   The bank verifies submitted documents and forwards them to the insurance company handling PMJJBY (usually Life Insurance Corporation of India).
5. Insurance Company Processing
   The insurer reviews the claim. If all paperwork is in order, the claim amount (₹2 lakh) is transferred to the nominee’s bank account within 30 days of receiving documents.

Pro Tip: Keep photocopies of all documents before submitting. Always follow up with bank officials to ensure timely processing.

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PMJJBY vs PMSBY

Most people confuse PMJJBY with the Pradhan Mantri Suraksha Bima Yojana (PMSBY). Here’s a quick comparison:

By enrolling in both PMJJBY and PMSBY, individuals can enjoy comprehensive low-cost coverage that protects against both death due to any cause and accidental death or disability. For more information on PMSBY, visit Jan Suraksha.

FAQs

Q1: Can I enroll in PMJJBY if I have multiple bank accounts?
No. You can enroll only through one savings bank account. If you try enrolling with multiple accounts, only the first valid enrollment (with sufficient balance) will be honored.

Q2: Is there any deadline for enrollment each year?
Yes. Enrollment (or renewal) must be done by 31st May every year for coverage starting 1st June. If you miss the deadline, you can enroll anytime between 1st June and 31st May of the following year, but you might pay a pro-rata premium for the unexpired period.

Q3: What if the premium auto-debit fails due to insufficient balance?
If the auto-debit of ₹436 fails, your policy will lapse, and you will not have coverage. You must then re-enroll (subject to age eligibility and pro-rata premium) before the next 31st May deadline.

Q4: Can NRIs enroll in PMJJBY?
Yes, Non-Resident Indians (NRIs) with an active savings account in an Indian bank can enroll, provided the account is eligible for auto-debit. However, claim payouts will be made only in Indian Rupees to the nominee’s bank account in India.