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PMJJBY life cover for less than Re 1 a day

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a non-inked and non-participating one-year life insurance scheme. It is a renewal term insurance policy that provides a yearly life insurance coverage of Rs 2 lakh in case of the demise of the
insured person, at a premium rate of Rs 330 per annum.

It may be noted that this policy cover is for death and therefore, the benefit accrued can be availed of by the nominee only. It is a term insurance policy that covers only mortality with no investment component. It is provided and administered through LIC and other Indian private life insurance companies.


Banks have tied up with the insurance companies for enrolment procedure and the participating bank is Master Policyholder. This scheme is available for people in the age group of 18-50 provided they have a savings bank account and given their consent to join and enable auto-debit. Also, people can subscribe to this scheme by even linking their Aadhaar number with the participating bank account.

As this insurance policy comes with the minimum premium rates, which is less than Re 1 per day, is beneficial for those individuals who fall into a low-income group.


This scheme is renewable term insurance for one year period stretching from June 1 to May 31 for which option to join or pay by auto-debit from the designated individual bank account on the prescribed forms will be required to be given by May 31 of every year. Subscribers who wish to continue beyond the first year have to give their consent for auto-debit before each successive May 31st for successive years. Individuals who exit the scheme at any point may re-join the scheme in future years by paying the appropriate premium.

The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable thereunder:

1) On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) A person can join PMJJBY with one Insurance company with one bank account only.

Claim process-

In case of a claim the nominees or heirs of the insured person have to contact the respective bank branch where the insured person was having a bank account. A death certificate and simple claim form are required to submit and the claim amount will be transferred to nominees account. 

Steps to be taken by the nominee for claim settlement-

1. The nominee will have to approach the bank where the member was having the 'savings bank account' through which the insured person was covered under this scheme, along with the death certificate.

2. The nominee will have to collect the claim for and discharge receipt from the bank or any other designated source like hospitals, insurance company branches, insurance agents, etc., including from designated websites.

3. The nominee will submit the duly completed claim form, discharge receipt, death certificate along with a photocopy of the cancelled cheque of the nominee's bank account or the bank account details to the bank where the member was having the 'savings bank account' through which the insured person was covered under this scheme.  

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