Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): Premium, Age and Lien Period
Last updated: 2026-11-13 · MockMentor
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year, renewable term life insurance scheme launched on 9 May 2015. For ₹436 a year, it pays ₹2 lakh to the nominee if the subscriber dies from any cause.
In one line: cheap, auto-renewing life cover for bank account holders, which pays ₹2 lakh on death from any cause.
At a glance
| Item | Details |
|---|---|
| Launched | 9 May 2015 |
| Ministry | Finance (Department of Financial Services) |
| Insurers | LIC and other life insurers tied up with banks |
| Age | 18 to 50 to join; cover continues to 55 |
| Premium | ₹436 a year (₹330 until May 2022) |
| Cover | ₹2 lakh on death from any cause |
| Cover period | 1 June to 31 May |
Key rules
- 30-day lien period: death from natural causes in the first 30 days is not covered; accidental death is.
- Pro-rata premium for late joiners: ₹436 (June to August), ₹342 (September to November), ₹228 (December to February), ₹114 (March to May).
- Cover is capped at ₹2 lakh even if the person enrols through more than one account.
- NRIs with an Indian bank account can join; claims are paid in rupees.
PMJJBY vs PMSBY
| Feature | PMJJBY | PMSBY |
|---|---|---|
| Type | Life | Accident |
| Age | 18 to 50 | 18 to 70 |
| Premium | ₹436 | ₹20 |
| Lien period | 30 days | None |
Possible exam questions
- Why does India have a large protection gap in life insurance? How do PMJJBY and PMSBY help?
- Discuss the role of banks in extending micro-insurance.
Complete notes in our courses: this page gives the essentials. The Super-Elite and Elite courses carry the full chapter with every update merged in, plus practice MCQs. Compare the courses.
More in Finance Ministry schemes
- National Pension System (NPS)
- Unified Pension Scheme (UPS)
- Atal Pension Yojana (APY)
- PM Vaya Vandana Yojana (PMVVY)
- PM Suraksha Bima Yojana (PMSBY)
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