Financial security is important for everyone, and keeping this in mind, the ambitious Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) of the Central Government remains an important support. Now a big news is coming that the Finance Ministry is considering doubling the amount of life insurance in this scheme. A senior government official said on the condition of anonymity that with this change, the premium amount can also be revised.
According to the official, “At present, people between the age of 18 to 50 years get life insurance of ₹ 2 lakh for one year in Jeevan Jyoti Bima Yojana. It can be doubled to ₹ 4 lakh.” He further said, “At present, the annual premium per member is ₹ 436, it is also being considered to increase it to between ₹ 700 to ₹ 800.” This change will be a big step towards making the scheme more attractive and financially strong.
Changes also likely in Pradhan Mantri Suraksha Bima Yojana
The government official also said that the government is also considering increasing the insurance amount in Pradhan Mantri Suraksha Bima Yojana (PMSBY), but no final decision has been taken on this yet. He said, “The government is taking people’s opinion and seeing how practical it would be to increase it.” An email was sent to the Finance Ministry in this regard, but no response was received till the time of writing the news. This shows that the government is seriously brainstorming to make these schemes more useful for the public.
High premiums and concern of low-income group
The official also said that it is being considered whether people of low-income groups will be able to pay the increased premium or not. He said, “Feedback from public sector banks shows that some customers do not even want to pay the current premium of ₹436.” However, he clarified, “It will not be possible to continue this scheme or increase the sum insured without increasing the premium.” This is a big challenge on which the government will have to strike a balance so that the scheme remains accessible to all.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government scheme aimed at providing insurance coverage in case of death due to any reason. It is an annually renewable insurance scheme, which means it has to be renewed every year. This scheme is operated by the Life Insurance Corporation of India (LIC) and other approved insurance companies in collaboration with banks and post offices.
As of 23 April 2025, more than 26.63 crore people were registered in this scheme. So far 9.2 lakh claims have been received under this scheme and ₹ 18,398 crore has been disbursed. This figure shows the wide reach and profitability of the scheme.
Accident insurance cover
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a scheme providing accident insurance facility, in which insurance of up to ₹ 2 lakh is given in case of death or disability due to accident at a small premium of ₹ 20. This scheme is run with the help of Public Sector General Insurance Companies and other insurance companies, post offices, and banks.
This policy is also renewed every year. People aged 18 to 70 years can join this insurance scheme by allowing auto-debit from one of their accounts. Even if a person has multiple accounts, registration will be done from only one account. As of 23 April 2025, more than 51.06 crore people were registered under this scheme and ₹3,121 crore has been distributed under 1.57 lakh claims.