PMJJBY: ₹2 Lakh Life Cover for ₹436 a Year
Last verified: June 2026. Rates, premiums and rules change — small-savings rates are reviewed quarterly; confirm current terms before investing. General information, not financial advice.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government life-insurance scheme that gives ₹2 lakh of cover for just ₹436 a year — one of the cheapest pure life covers available.
Key features
- Cover: ₹2,00,000 paid to the nominee on the member’s death (any cause).
- Premium: ₹436 per year, auto-debited from your bank account.
- Eligibility: ages 18–50 (cover continues up to 55 if renewed), with a participating bank/post-office savings account.
- Renewal: annual, auto-renewable.
How to enrol
Enable it through your bank (net banking/branch) by giving consent for the annual auto-debit. One person can hold only one PMJJBY policy. There’s typically a 45-day waiting period for claims from non-accidental causes after first enrolment.
Who it suits
Everyone wanting a cheap basic life cover, especially lower-income households — but ₹2 lakh is small. If you have dependants, treat PMJJBY as a top-up, not your main cover, and buy adequate term insurance (typically 10–15× annual income).
PMJJBY vs PMSBY
PMJJBY covers death from any cause (₹436/yr); PMSBY covers accidental death/disability for ₹20/yr. Many people enrol in both for broad, cheap protection.
PMSBY: ₹2 lakh accident cover for ₹20 a year
Key features
- Cover: ₹2,00,000 for accidental death or total permanent disability; ₹1,00,000 for partial permanent disability.
- Premium: ₹20 per year, auto-debited.
- Eligibility: ages 18–70 with a participating bank/post-office savings account.
- Renewal: annual, auto-renewable.
What it covers (and doesn’t)
PMSBY pays only for accidental death or disability — not illness or natural death. It’s a personal-accident cover, not life or health insurance.
How to enrol
Give consent for the auto-debit through your bank. You can hold it alongside PMJJBY — together they give cheap life + accident cover. Keep your nominee details updated.
Who it suits
Everyone, given the negligible cost — especially earning members of lower-income households. But ₹2 lakh is modest; those with dependants should also hold proper term insurance and a fuller personal accident policy.
FAQs
What does PMJJBY cover?
₹2 lakh paid to your nominee on death from any cause, for a ₹436 annual premium.
Who can join PMJJBY?
People aged 18–50 with a participating bank account; cover can continue to 55 on renewal.
Is PMJJBY enough life cover?
No — ₹2 lakh is small. Use it alongside an adequate term plan if you have dependants.
