Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Brief
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed, one-year renewable term life insurance scheme launched in 2015 to provide affordable financial security to Indian citizens.

Objective
- Provide low-cost life insurance to economically weaker and lower-income groups
- Protect families from financial hardship following the death of a breadwinner
- Increase insurance penetration across India by linking it directly to bank accounts

Eligibility Criteria
- Individuals aged between 18 and 50 years. (Coverage can continue up to age 55 with regular renewals)
- Must have a savings bank or post office account with a participating institution
- An individual can only join through one bank account, even if they hold multiple accounts
- Account holders must give consent for auto-debit of the premium

Benefits
- Life Cover: A sum assured of ₹2 lakh is payable to the nominee upon the subscriber's death due to any cause
- Low Premium: An affordable annual premium of ₹436 (auto-debited once a year)
- Ease of Enrolment: No medical examination is required for joining
- Tax Benefits: Premiums are eligible for tax deductions under Section 80C, and the death benefit is tax-exempt
- Wide Coverage: Covers death from natural causes, accidents, and natural calamities

Nodal Department
Department of Financial Services (DFS)