The Narendra Modi government is running several welfare schemes for citizens, and one of the most popular among them is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The scheme has now completed 11 years.
PMJJBY is a low-cost life insurance scheme that offers financial security to families. By paying just ₹436 annually, people can get a life insurance cover of ₹2 lakh.
Get ₹2 Lakh Insurance at a Very Low Cost
PMJJBY is a one-year term insurance plan for bank account holders between 18 and 50 years of age. Under this scheme, the nominee receives ₹2 lakh if the insured person dies due to any reason.
One of the biggest benefits of this scheme is that there are no restrictions related to pre-existing illnesses. The insurance cover remains valid for all causes of death.
The premium is only ₹436 per year, and this amount is automatically deducted from the subscriber’s bank or post office account.
People who join the scheme before turning 50 can continue to get coverage up to the age of 55.
Easy Enrollment Process Without Medical Tests
To join the scheme, a person must have a savings bank account or post office account. The policy is renewed every year.
The insurance coverage period runs from June 1 to May 31. To continue the policy without interruption, subscribers must maintain at least ₹436 in their account before May 31, as the premium is auto-debited.
If someone joins the scheme in the middle of the year, they only need to pay the premium for the remaining months.
Enrollment can be done through bank branches, post offices, or online platforms. Basic KYC documents, including Aadhaar, are required. No medical examination is needed, making the process simple and hassle-free.
LIC Says Scheme Is Helping Expand Insurance Coverage
Life Insurance Corporation of India CEO and Managing Director R. Duraiswamy praised the scheme and said it is helping the government move closer to its goal of “Insurance for All.”
According to him, when the scheme was launched in 2015, only around 20% of India’s population had insurance coverage. Many low-income families could not access affordable insurance products at that time.
He also mentioned that the Pradhan Mantri Jan Dhan Yojana launched in 2014 helped bring banking services to millions of citizens. A year later, the government introduced three major social security schemes:
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Atal Pension Yojana (APY)
“Jan Suraksha Trinity” for Low-Income Families
Duraiswamy explained that PMJJBY offers life insurance protection, while PMSBY provides accident and disability coverage. On the other hand, APY helps workers in the unorganized sector secure a pension after retirement.
Together, these three schemes are known as the “Jan Suraksha Trinity,” aimed at protecting low-income families from different financial risks.
