Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance cover of ₹2 lakh for death due to any cause — not just accidents — at a premium of just ₹436 per year (revised from ₹330). It covers Indian citizens aged 18–50 years who have a savings bank account. Unlike PMSBY which is accident-only, PMJJBY covers all-cause mortality including natural death, illness-related death, and accidental death — making it far more comprehensive.

The combination of PMSBY + PMJJBY is what the government recommends for complete financial protection of working-age Indians. For ₹456 per year combined (₹436 + ₹20), a family gets ₹4 lakh total cover: ₹2 lakh from PMJJBY for any death, and an additional ₹2 lakh from PMSBY for accidental death — meaning accidental death triggers both policies simultaneously for ₹4 lakh total.

Enrolment is through your bank — the premium is auto-debited annually on 1st June. If your account lacks sufficient balance on the debit date, the policy lapses and you need to re-enrol (subject to satisfactory health declaration). Nominees must be registered at the time of enrolment — update nominee details whenever family circumstances change. Our editorial team verified premium rates and coverage terms against the LIC and DFS official portals, July 2026.