PMJJBY at a glance
| Cover | ₹2 lakh on death from any cause |
|---|---|
| Premium | ₹436 a year, auto-debited |
| Cover year | 1 June to 31 May, renewed every year |
| Who can join | Ages 18–50, with a bank or post office savings account |
| Cover ends | At 55, or if the account is closed or lacks the premium |
| Waiting period | 30 days from joining, except for accidental death |
| Tax | Premium under 80C (old regime); claim amount tax-free |
| Insurer | LIC and other life insurers tied up with your bank |
Premium if you join mid-year
| You join in | Premium to 31 May |
|---|---|
| June, July, August | ₹436 |
| September, October, November | ₹342 |
| December, January, February | ₹228 |
| March, April, May | ₹114 |
From the following 1 June, the full ₹436 is debited each year.
Is ₹436 good value?
₹436 for ₹2 lakh works out to ₹2.18 per ₹1,000 of cover, the same at every age, with no medical test. Joining at 30 and renewing until 55 costs ₹10,900 over 25 years.
For a young, healthy person a private term plan is usually cheaper per lakh and covers far more (₹50 lakh to ₹1 crore). PMJJBY is best as a base layer: it is simple, needs no paperwork, and is valuable for anyone who cannot get or afford term cover. ₹2 lakh alone is rarely enough to replace an income for long.
How to enrol
Fill in the PMJJBY form (with a self-declaration of good health) at your bank or post office branch, or enrol through your bank’s net banking, mobile app or an SMS facility where offered. Name a nominee. The premium is then auto-debited every year by 31 May; keep enough balance in the account around that date, or the cover lapses for the year.
How the family claims
- The nominee informs the bank or post office where the subscriber held the account.
- They submit the claim form with the death certificate and their own bank details.
- The bank forwards it to the insurer, which pays ₹2 lakh into the nominee’s account.
Claim forms are available at branches and on the Jan Suraksha portal.
PMJJBY with other schemes
- PMSBY adds ₹2 lakh of accident cover for ₹20 a year; together the family gets ₹4 lakh on an accidental death.
- Jan Dhan accounts come with ₹2 lakh of accident cover on the RuPay card.
- Atal Pension Yojana adds a guaranteed pension through the same account.
Frequently asked questions
What is the PMJJBY premium in 2026?
₹436 a year for ₹2 lakh of life cover, auto-debited from your bank account by 31 May for the year from 1 June. If you join later in the year, you pay a lower pro-rata premium: ₹342, ₹228 or ₹114.
Who can join PMJJBY?
Anyone aged 18 to 50 with a savings account in a bank or post office who agrees to auto-debit. Once enrolled, the cover can be renewed every year until 55.
Does PMJJBY cover death from any cause?
Yes, death from any cause, including illness and accident, is covered for ₹2 lakh. The only exception is the first 30 days after you join, when only accidental death is covered.
How is a PMJJBY claim made?
The nominee submits the claim form with the death certificate and a cancelled cheque or passbook copy at the bank or post office where the subscriber had the account. The money is paid into the nominee’s account.
Can I have PMJJBY in more than one bank?
No. Cover is limited to ₹2 lakh per person, through one account only; premiums paid in other accounts are forfeited.
Is PMJJBY the same as PMSBY?
No. PMJJBY is life insurance (death from any cause, ₹436 a year, ages 18–50). PMSBY is accident insurance (accidental death or disability, ₹20 a year, ages 18–70). Many people take both.
Sources
- Jan Suraksha – Revised rules for PMJJBY (from 1 June 2022)
- Jan Suraksha portal – Department of Financial Services
Last checked on 6 October 2026. Premiums were last revised on 1 June 2022.