Context
Cumulative enrolments under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in Jammu and Kashmir have steadily increased since 2021, reaching 13.72 lakh as of 8 July 2026, according to the Finance Ministry.
About the Scheme
- Launch & Nodal Ministry: Launched on 9 May 2015 by the DFS (Department of Financial Services), Ministry of Finance.
- Primary Objective: Delivers affordable term life insurance to drive financial inclusion for unorganised and low-income workers.
- Scheme Type: A one-year renewable group term life insurance policy running from 1 June to 31 May.
- Implementation: Participating banks act as master policyholders, partnering with LIC (Life Insurance Corporation of India) and private life insurers.
Key Features & Eligibility
- Insurance Cover: ₹2 lakh on death due to any cause (natural or accidental).
- Premium: ₹436 per annum, auto-debited in a single instalment from the subscriber’s bank account.
- Eligibility: Indian citizens aged 18–50 years with an Aadhaar-linked bank or post office account.
- Renewal: Annually renewable, providing insurance risk cover up to 55 years of age.
- Lien Period: 45-day waiting period for non-accidental deaths for new subscribers; accidental death is covered from day one.
Related Social Security Schemes
- PMSBY (Pradhan Mantri Suraksha Bima Yojana): Accidental insurance providing ₹2 lakh for accidental death or full disability for ages 18–70 years at ₹20 per annum.
- APY (Atal Pension Yojana): Guaranteed monthly pension of ₹1,000–₹5,000 from age 60, open to ages 18–40 years.
- PMJDY (Pradhan Mantri Jan Dhan Yojana): Provides zero-balance bank accounts that enable easy enrolment and auto-debit of premiums.
Key Implementation Challenges:
- Policy Lapses: Caused primarily by insufficient bank balances at the time of auto-debit.
- Awareness Deficit: Low public awareness regarding claim settlement procedures.
- Inadequate Coverage: The ₹2 lakh cover remains insufficient against rising inflation.
Way Forward & Policy Reforms:
- Automated Tracking: Strengthen renewal tracking to prevent policy drop-outs.
- Grassroots Outreach: Leverage BCs (Business Correspondents) to spread awareness about scheme benefits and claims.
- Integrated Onboarding: Mandate bundled enrolment in PMJJBY, PMSBY, and APY at the time of opening PMJDY (Pradhan Mantri Jan Dhan Yojana) bank accounts.
FAQs
Q1. What is the main objective and insurance cover of PMJJBY?
Ans. To provide affordable term life insurance with ₹2 lakh cover on death due to any cause.
Q2. What is the annual premium under PMJJBY?
Ans. ₹436, auto-debited annually from the subscriber’s bank account.
Q3. What is the eligibility age for PMJJBY?
Ans. Indian citizens aged 18–50 years, with coverage renewable up to 55 years.
