PMJJBY Apply Online: The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a highly affordable and accessible life insurance scheme launched by the government. It offers life insurance coverage for a one-year term, running annually from June 1st to May 31st, and requires renewal each year. LIC and other life insurance companies administer the scheme through banks and post offices.
A key benefit of the PMJJBY is that if the policyholder passes away due to any cause—whether illness, accident, or natural disaster—the nominee receives ₹2 lakh. A notable feature is that coverage is provided regardless of the cause of death, and no medical check-up is required; the only prerequisite is having a bank account.
Who is eligible to apply?
Individuals aged between 18 and 50 years who hold a savings account with a bank or a post office account are eligible to apply for this government scheme. NRIs can also avail of the scheme, provided they have a bank account in India. The claim amount is disbursed in Indian rupees.
An individual can open only one account under this scheme; institutional accounts are not eligible. If you join before age 50, you can renew coverage annually until age 55. A significant highlight is the very low premium, which is just ₹436 for the entire year. This amount is auto-debited from your bank account. If you join mid-year, the premium is adjusted: Joining between June and August costs the full ₹436; joining between September and November costs ₹342; between December and February, it is ₹228; and between March and May, the premium is ₹114.
However, the full premium of ₹436 is charged for renewing the scheme. Premiums paid for this scheme qualify for tax exemption under Section 80C of the Income Tax Act. There is a 30-day lien period for new subscribers or those rejoining the scheme. During this period, a claim is not payable in the event of death due to non-accidental causes, whereas a claim is payable if death occurs due to an accident.
How to file a claim
In the event of the policyholder’s death, the nominee must visit the bank or the insurance company. Necessary documents—such as the death certificate, the nominee’s KYC details, and a copy of the bank passbook—must be submitted; an FIR or post-mortem report should also be included if required. Providing these documents ensures a quick claim settlement process.
How to apply
Applications can be submitted before May 31st through bank branches, post offices, internet banking, or mobile apps. You simply need to provide auto-debit authorisation and basic KYC details, including your Aadhaar number. Many banking apps allow you to easily apply for the PMJJBY scheme by navigating to the ‘e-services’ or ‘social security schemes’ section and selecting the plan.