PM Jeevan Jyoti Bima Yojana 2026: Life insurance cover of ₹ 2 lakh will be available at a daily expense of Rs. 1.25, know the new premium and complete application process.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is operated by the Central Government with the aim of providing a safety net of financial security to poor and lower-middle class families. This is a pure Term Life Insurance plan, which means that if the insured person dies due to any reason (natural death, illness or accident) during the policy term, a lump sum financial assistance of ₹ 2,00,000 (Rs 2 lakh) is provided to the nominee named by him.

The biggest feature of this plan is its nominal premium. This scheme provides protection to common citizens at a very affordable rate as compared to any private life insurance company.

The conditions set for joining this government life insurance scheme are as follows:

• Age Limit: Minimum age of applicant 18 years and maximum age 50 years There should be.

• Cover Period: The insurance cover can be continued till the completion of the age of 55 years (provided the scheme is registered before the age of 50 years and the annual premium is paid on time).

• Bank Account: The applicant must have an active Savings Bank Account in any government, private or rural bank or post office (India Post Payments Bank – IPPB).

• Identity Proof: Under KYC rules, it is necessary to link the primary identity document to the bank account.

• One person, one account rule: Even if a person has accounts in multiple banks, he can avail the benefits of this scheme from only one bank account. Even if premium is deducted from more than one account, the claim will be only for ₹ 2 lakh and the excess premium will be forfeited.

• Annual Premium: Revised Annual Premium of the Scheme ₹436 per year (Including GST). That means the daily expenditure comes to around ₹ 1.20.

• Policy Period: This insurance cover annually June 1 to May 31 Valid for a period of up to 12 months.

• Auto-Debit System: Premium paid every year May 25 to May 31 It is automatically deducted from your bank account through Auto-Debit. Therefore, it is mandatory to maintain adequate balance in the account at the end of the month of May.

• Pro-rata premium rules for joining mid-year:

An important rule for new members registering in the scheme is that of ‘lien period’:

• At the beginning of the policy within 30 days If the insured person dies due to any common disease or natural causes, the claim is not payable.

• However, if death occurs due to a road accident or sudden incident during these 30 days, the nominee gets the full claim of ₹ 2 lakh from the first day itself. After completion of 30 days, whether the cause of death is illness or accident, the entire claim is valid.

1. Through Net Banking or Mobile App (Online Mode):

1. Login to the internet banking or mobile app of your bank (SBI, PNB, BoB, Canara, HDFC etc.).

2. go to menu ‘Social Security Schemes’ Or ‘Insurance’ Click on Section.

3. ‘PMJJBY’ Select the option and select your respective savings account number.

4. Enter the name, date of birth and relationship of the nominee and tick the auto-debit consent.

5. As soon as you enter the OTP received on the registered mobile number, your insurance will be activated immediately and the receipt will be downloaded.

2. By visiting bank branch or post office (offline mode):

1. Go to your home branch or nearest post office and get the Consent-cum-Declaration Form of PMJJBY from there.

2. Fill in the form with your personal information, account number and clear details of the nominee.

3. Sign the auto-debit permission and submit the form at the concerned bank counter. The bank official will hand over the Acknowledgment Slip.

If the insured account holder dies, the nominee has to follow the following procedure:

1. Information within 30 days of death: The nominee will have to visit the bank branch where the insurance account of the deceased was active.

2. Submit required documents:

   
   

   • duly filled PMJJBY Claim Form

   • Original/Attested issued by Municipal Corporation or Competent Authority Death Certificate

   • Bank passbook or canceled check of the deceased

   • KYC document (identity and address proof) of the nominee

   • Nominee’s bank account passbook/cancelled check (to which the claim amount will be transferred)

3. Claim Settlement (Disbursement): The bank branch verifies the documents and sends the file to the insurance company within 7 days. After verification of the documents, the insurance company transfers the amount of ₹ 2 lakh directly to the nominee’s bank account through NEFT/DBT within a maximum of 30 days.