Prime Minister Jeevan Jyoti Bima Yojana

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Prime Minister Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana is an administration sponsored Life insurance scheme in India. It was initially referenced in thePrime Minister Jeevan Jyoti Bima Yojana year 2015 Budget discourse by Finance Minister Arun Jaitley in February 2015. It was officially dispatched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, just 20% of India’s populace has any sort of insurance, this scheme intends to expand the number.

Pradhan Mantri Jeevan Jyoti Bima Yojana is accessible to individuals somewhere in the range of 18 and 50 years old with financial balances. It has a yearly premium of ₹330 (US$4.40). The GST is excluded on Pradhan Mantri Jeevan Jyoti Bima Yojana. The sum will be consequently debited from the record prior to the 31st of May each year. The period for which insurance cover is a year i.e, from first June till 31st May. The individuals who register for auto-debit office will have auto restoration up to 55 years. Be that as it may, an individual over age 50 can’t enlist in this scheme. There is no requirement for an individual to submit a wellbeing report or certificate while joining this scheme. In the event of death because of any reason, the instalment to the candidate will be ₹2 lakh (US$2,700). In a request to profit from the advantages presented by the Pradhan Mantri Jeevan Jyoti Bima Yojana strategy, it is compulsory to interface your aadhaar card to the participatory ledger.

This scheme will be connected additionally to the financial balances opened under the Pradhan Mantri Jan Dhan Yojana scheme. The greater part of these records had zero equilibrium at first. The government plans to diminish the quantity of such zero equilibrium accounts by utilizing this and related schemes.

Presently all Bank account holders can benefit from this office through their net-banking administration office or filling a structure at the bank office whenever of the year.

The premium is deducted naturally from the safeguarded’s financial balance. Protected’s relatives will get an aggregate guarantee of 2 lac Rupees after safeguarded’s demise.


As of 31 March 2019, 5.92 crore individuals have effectively enlisted for this scheme. 1,35,212 cases have been dispensed adding up to a sum of ₹2,704.24 crores. According to a news report from 2021, the scheme has explicitly fizzled during the COVID-19 emergency where the nation experienced an abnormally big number of deaths. The article refers to some potential purposes behind this disappointment:

  • There is a tiny window of 30 days post-demise to apply for the case, consequently, most cases are dismissed whenever got following 30 days
  • There is no approach record or some other archive is given under PMJJBY, which is the reason families don’t realize that there is such a strategy under which they can guarantee insurance, which is one justification for why they are denied scheme’s advantages. There is the nonappearance of a clear “direction manual” on the best way to apply for claims. Consequently, countless chosen people and relatives of the perished who had taken the PMJJBY strategy don’t know about it as likewise if the premium was paid.
  • It is unreasonable to orchestrate a few archives such as passing confirmation, release slip from medical clinic, a premium proclamation from the bank within 30 days
  • There is an enormous number of records wherein the chosen one isn’t connected. In such a circumstance, the family needs to go through an extensive lawful cycle independently, which takes ages. Subsequently, it is important to improve on the case interaction and increment the case sum so the candidate and the family can get some prompt assistance out of the profound monetary emergency.
  • There is no observing framework explicitly for PMJJBY set up by the Central Govt. No complaint redressal instrument has been made

So, there is less attention to the scheme, no direction or strategy manual, tight limitations and the less instructed and helpless recipients need to run from one place to another to exploit the scheme’s advantage.

FAQs for Prime Minister Jeevan Jyoti Bima Yojana

What is the benefit of Pradhan Mantri Jeevan Jyoti Bima Yojana?

The Pradhan Mantri Jeevan Jyoti Bima Yojana offers a yearly life inclusion of Rs. 2 lakh if there should be an occurrence of the end of the policyholder during the arrangement term. The arrangement can profit at the most minimal premium pace of Rs. 330 for every annum.

What is the premium amount for Pradhan Mantri Jeevan Jyoti Bima Yojana?

Risk coverage under this scheme is intended for Rs. 2 Lakh if there should arise an occurrence of death of the safeguarded, because of any explanation. The premium is Rs. 330 for every annum which is to be auto-charged in one portion from the supporter’s ledger according to the choice given by him at the very latest 31st May of every yearly inclusion period under the scheme.

When was Pradhan Mantri Jeevan Jyoti Yojana launched?

Hon’ble Prime Minister launched PMJJBY scheme nationally in Kolkata on 9th May 2015.