PMJJBY & PMSBY 2026: ₹2 Lakh Insurance for ₹436 – Easy Apply Guide

PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is one of the cheapest life insurance plans in India. For just ₹436 a year, it gives your family ₹2 lakh if something happens to you. Along with its sister scheme PMSBY (Pradhan Mantri Suraksha Bima Yojana), which offers ₹2 lakh accident cover for only ₹20 a year, these government-backed schemes provide basic financial protection to crores of Indians who cannot afford expensive insurance policies.

This guide explains PMJJBY and PMSBY in simple language: benefits, eligibility, premium, how to enrol online and at the bank, how to check whether you are already covered, how to claim, and common questions. If you have a savings account, you can join in minutes.

PMJJBY and PMSBY at a Glance

What Is PMJJBY?

PMJJBY was launched in May 2015 as part of the Jan Suraksha schemes to bring life insurance to people who were uninsured. It is a one-year renewable term insurance plan. If the insured person dies due to any cause, including illness or accident, the nominee receives ₹2 lakh. The scheme is offered by Life Insurance Corporation of India (LIC) and other life insurers through banks and post offices.

The premium was revised from ₹330 to ₹436 per year in 2022 to keep the scheme sustainable. Even at ₹436, it costs less than ₹1.20 per day for ₹2 lakh life cover, which makes PMJJBY one of the most affordable protection options anywhere.

What Is PMSBY?

PMSBY is an accident insurance scheme offered by public sector general insurers and other insurers through banks. For ₹20 a year, it covers:

• ₹2 lakh for accidental death
• ₹2 lakh for total and irrecoverable loss of both eyes, both hands or feet, or one eye and one hand or foot
• ₹1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot

Since accidents can happen to anyone, PMSBY is a smart add-on even for people who already have life insurance.

PMJJBY Eligibility

• Age between 18 and 50 years at the time of joining
• Savings bank account or post office savings account
• Aadhaar as the primary KYC (recommended)
• Consent for auto-debit of premium

Those who join before age 50 can continue the PMJJBY cover until age 55 by paying the premium every year. A person can be covered under PMJJBY through only one bank account.

PMJJBY Premium for Mid-Year Joining

If you join after June, the first year’s premium is calculated proportionately:

From the next year, the full ₹436 is auto-debited every year before May 31.

How to Enrol in PMJJBY Online

Through Net Banking or Mobile Banking

1. Log in to your bank’s net banking or mobile app.
2. Look for Insurance, Social Security Schemes or Jan Suraksha.
3. Select PMJJBY (and PMSBY if you want both).
4. Choose the account for auto-debit, enter nominee details and accept the declaration.
5. Confirm. The premium is debited and you receive an acknowledgement.

Through the Jan Suraksha Portal

The government’s Jan Suraksha portal provides forms, information and, for participating banks, online enrolment. You can download the application-cum-declaration form in English and regional languages.

How to Enrol in PMJJBY at the Bank

1. Download or collect the PMJJBY form from your branch.
2. Fill in your name, account number, Aadhaar, mobile, nominee details and declaration of good health.
3. Sign and submit the form at the branch.
4. Ensure sufficient balance for the premium.
5. Collect the acknowledgement slip, which serves as the certificate of insurance.

Many people also enrol through Business Correspondents (Bank Mitras) in villages and through India Post Payments Bank.

How to Check If You Are Already Covered

• Check your bank passbook or statement for a debit labelled “PMJJBY” or “PMSBY” around May–June.
• Look for SMS alerts from your bank about the premium debit.
• Ask your branch for your certificate of insurance.
• Check the insurance section in your bank’s mobile app.

Many account holders are enrolled during campaigns and forget about it. Checking once a year makes sure your family knows about the cover.

PMJJBY Claim Process

In case of the death of the insured member, the nominee should follow these steps:

1. Contact the bank branch where the insured had the account.
2. Collect the claim form and discharge receipt.
3. Submit the filled form with the death certificate, a cancelled cheque or bank details of the nominee, and ID proof.
4. The bank verifies and forwards the claim to the insurance company.
5. The claim amount of ₹2 lakh is credited to the nominee’s bank account.

Under the scheme guidelines, banks and insurers are expected to settle claims within a fixed time frame, usually around 30 days after receiving complete documents.

Important: 30-Day Lien Period

For new enrolments, PMJJBY has a lien period of 30 days. Death due to illness within the first 30 days of joining is not covered, but accidental death is covered from day one. This rule prevents misuse by people joining only when seriously ill.

PMSBY Claim Process

1. Inform the bank as soon as possible after the accident.
2. Submit the claim form with the FIR or police report, post-mortem report (for death), death certificate, or disability certificate from a civil surgeon (for disability).
3. The bank forwards the claim to the insurer, which settles it after verification.

Benefits of PMJJBY

• Very low cost: ₹436 per year for ₹2 lakh cover.
• No medical test: A simple self-declaration of good health is enough.
• Easy enrolment: Online or at any bank branch.
• Auto-renewal: Premium is deducted automatically every year.
• Tax benefit: Premium may qualify for deduction under Section 80C in the old tax regime.
• Government backing: Run by trusted public sector insurers.

When Does the Cover Stop?

• When the member reaches the maximum age (55 for PMJJBY, 70 for PMSBY).
• When the bank account is closed.
• When there is insufficient balance on the renewal date.
• If the person is covered through more than one account, only one cover is valid.

If the cover stops due to low balance, you can rejoin later by submitting a fresh form, subject to eligibility and the lien period.

PMJJBY vs Regular Term Insurance

The government plan is excellent as a basic safety net, but ₹2 lakh may not be enough to replace the income of a family’s main earner. Financial planners often suggest a cover of 10 to 15 times your annual income. If you can afford it, combine the scheme with a private term plan. For low-income households, however, this cover can be the difference between crisis and stability.

Who Should Join These Schemes?

• Daily wage workers, farmers and small traders with no insurance
• Homemakers with a savings account
• Young earners who have just opened a salary account
• Self-employed people such as drivers, electricians and tailors
• Senior members up to age 70 (for accident cover)
• Anyone who wants an extra layer of protection at minimal cost

Real-Life Example

Suresh, a 38-year-old auto-rickshaw driver in Kozhikode, joined both schemes through his bank’s Business Correspondent for ₹456 a year. Two years later, he died in a road accident. His wife, who was the nominee in both schemes, submitted the claim forms with the FIR, post-mortem report and death certificate at the bank. She received ₹2 lakh from the life cover and another ₹2 lakh from the accident cover, a total of ₹4 lakh, which helped her clear debts and continue their children’s education. This is the kind of protection these low-cost schemes are designed to provide.

Documents Checklist for Nominees

• Claim form and discharge receipt (from the bank)
• Death certificate issued by the local authority
• Nominee’s ID proof and Aadhaar
• Nominee’s bank account details or cancelled cheque
• For accident claims: FIR, panchnama, post-mortem report
• For disability claims: certificate from a government civil surgeon
• Copy of the insured person’s bank passbook showing the premium debit (helpful)

What If There Is No Nominee?

If no nominee was registered, the claim is paid to the legal heirs after the bank verifies their claim, which may require succession documents. To avoid this delay, always add a nominee while enrolling and update it after marriage or other family changes. Our article on nominee vs legal heir explains the difference in detail.

Atal Pension Yojana: Complete the Social Security Trio

Along with the two insurance schemes, the government offers Atal Pension Yojana (APY), which provides a guaranteed monthly pension of ₹1,000 to ₹5,000 after age 60 for subscribers who join between 18 and 40 years. Together, these three schemes give basic life cover, accident cover and old-age income. Read our step-by-step guide on Atal Pension Yojana online registration to join.

Common Myths

• “Cheap insurance means claims are rejected.” Claims are settled when documents are in order; most rejections happen due to the lien period or missing papers.
• “I need to visit an insurance office.” Everything happens through your bank branch.
• “The cover lasts for life after one payment.” It is a yearly plan; premium must be paid every year.
• “Suicide is excluded.” The life cover pays on death due to any cause after the lien period, but rules may change, so check the latest terms with your bank.

Helplines and Grievances

For questions or complaints, contact your bank branch first. You can also use the national toll-free numbers listed on the Jan Suraksha portal (1800-180-1111 and 1800-110-001), or raise a grievance through the Centralised Public Grievance Redress and Monitoring System (CPGRAMS). State-wise toll-free numbers are also available on the portal.

Tips to Keep Your Cover Active

1. Keep at least ₹500 in your account during the last week of May.
2. Check your passbook in June to confirm the renewal debit.
3. Update your mobile number with the bank to receive alerts.
4. Inform family members about the cover and where the acknowledgement slip is kept.
5. Update nominee details after marriage or the birth of a child.

PMJJBY Through Post Office and IPPB

People who do not have a bank account can still join through a Post Office Savings Account or an India Post Payments Bank (IPPB) account. The postman or Gramin Dak Sevak can open an IPPB account at your doorstep using Aadhaar and then help you enrol in the insurance schemes. This makes PMJJBY accessible even in remote villages where bank branches are far away.

How Auto-Debit Works

When you enrol, you give the bank a standing instruction to deduct the premium every year. The bank usually debits the amount in May for the cover year starting June 1. If the balance is insufficient on that date, some banks try again for a few days, but if the debit fails, the cover lapses. You will then need to enrol again with a fresh declaration of good health, and the 30-day lien period may apply again. So keeping a small buffer balance in May is the simplest way to stay protected without interruption.

Is the Claim Amount Taxable?

Death benefits received from life insurance policies, including this scheme, are generally exempt from income tax under Section 10(10D) for the recipient. The accident insurance payout is also usually not taxed in the hands of the nominee. Premiums paid may be eligible for deduction under Section 80C if you choose the old tax regime. Consult a tax professional for your specific situation.

Role of Banks Under the Scheme

Banks act as the master policyholder on behalf of their customers. They collect premiums, maintain enrolment records, forward claims to insurers and pay the claim amount to nominees. If your bank does not respond to a claim within a reasonable time, you can escalate the issue to the branch manager, the bank’s nodal officer for social security schemes, and finally to the Banking Ombudsman under the RBI Integrated Ombudsman Scheme.

Enrolment Campaigns

The government regularly runs saturation campaigns at the gram panchayat level to enrol eligible people in social security schemes. During these camps, bank officials, Business Correspondents and local volunteers help residents fill forms, open accounts and update nominees. If you see such a camp in your area, it is a good opportunity to join or check your existing cover.

Quick Comparison: Which Scheme Do You Need?

If you are between 18 and 50 and earn an income that supports others, join both schemes. If you are above 50 but below 70, you can still join the accident scheme for just ₹20. Homemakers and students above 18 with a bank account can also benefit, because accidents can affect anyone. The combined cost of ₹456 a year is lower than a single family dinner at a restaurant, yet it can provide up to ₹4 lakh when your family needs it most. There is no reason to delay, especially if you have no other insurance.

Frequently Asked Questions on PMJJBY

What is the PMJJBY premium in 2026?

The annual premium is ₹436, auto-debited from your savings account before May 31 every year.

Is natural death covered under PMJJBY?

Yes. PMJJBY covers death due to any cause, subject to the 30-day lien period for new members.

Can I join both PMJJBY and PMSBY?

Yes. Together they cost ₹456 per year and give ₹2 lakh life cover plus ₹2 lakh accident cover, so a family could receive up to ₹4 lakh in case of accidental death.

Can NRIs join PMJJBY?

NRIs with an eligible Indian bank account can join, but claims are settled in Indian rupees subject to rules.

How do I cancel PMJJBY?

Submit a written request to your bank to stop auto-debit before the renewal date.

Conclusion

PMJJBY and PMSBY together offer meaningful protection at a price almost everyone can afford. If you have a savings account and are within the age limits, enrol today through net banking or your branch, add a nominee and tell your family about the cover. Keep enough balance in May for auto-renewal. Share this guide with friends and relatives, especially those without any insurance.

A few hundred rupees a year can protect your loved ones from financial hardship. It is one of the smartest and most responsible decisions any earning member of a family can make, and it takes only a few minutes to complete through your bank.