Life InsuranceGovt / PSU BackedAll IndiaEst. 2015

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) — National Core

Central Government subsidized term life insurance offering ₹2 Lakh death benefit for ₹436 annual premium.

Sum Insured / Cover

₹2 Lakh Term Life Cover

Annual Premium

₹436 per year (Auto-debit from Bank)

Claim Settlement

98.52% (LIC Annual Report)

Network / Scope

All-India Empaneled

✦ Key Benefits & Policy Coverage

Guaranteed ₹2,00,000 life insurance payable to the nominee upon the death of the insured due to ANY cause (natural, illness, or accidental). Valid for a 1-year period (1st June to 31st May) and auto-renewable annually through linked savings bank account. No medical examination required.

What is Missing: Critical Policy Exclusions & Limitations

Eligo disclosure: Private insurance agents and official ads rarely mention these limitations. Verify before relying on this coverage.

Initial 30-day waiting period from date of enrollment during which death (other than accidental) is not covered. Coverage terminates permanently when subscriber reaches 55 years of age. A person cannot hold multiple PMJJBY policies across multiple bank accounts; maximum claim is capped at ₹2 Lakh across all banks.

✦ Eligibility Requirements

Citizens aged 18 to 50 years holding an active savings bank or post office account with an active auto-debit consent mandate. Good health self-declaration required at joining.

✦ Application, Enrollment & Claims Process

1. Visit your bank branch or log in to net-banking / mobile banking app (SBI YONO, PNB One, IPPB, etc.). 2. Navigate to 'Government Social Security Schemes' -> 'PMJJBY'. 3. Select savings account, nominate beneficiary, and submit auto-debit authorization of ₹436. 4. Acknowledgement slip / policy certificate is generated instantly.

Official Government / PSU Portal

Apply or verify on the official administrative domain

Official Portal