PMJJBY policy details

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed, one-year renewable term life insurance scheme that provides ₹2 lakh of life coverage for death due to any reason. Available to bank and post office account holders aged 18 to 50, it features a highly affordable annual premium of ₹436, which is auto-debited. 

Key Policy Details

• Coverage Amount: ₹2 Lakh (payable to the nominee upon the member's death from any cause).
• Annual Premium: ₹436 per member, automatically deducted in one installment from your savings account.
• Entry Age: 18 to 50 years. Coverage can be renewed up to the age of 55, as long as the policy was joined before turning 50.
• Policy Period: The insurance runs annually from June 1st to May 31st and auto-renews unless canceled.
• Lien Period: For fresh enrollments, death coverage (other than accidental) is not applicable during the first 30 days from the date of enrollment. 

How to Apply

• Eligibility: You must have an individual savings bank account or post office account linked to your Aadhaar (which serves as the primary KYC). 
• Enrollment: You can enroll by visiting your nearest participating bank or post office, or via mobile banking apps/SMS if your bank provides the facility (e.g., Bank of Baroda allows enrollment via SMS). 
• Pro-Rata Premium: If you join mid-year, the premium is calculated on a pro-rata quarterly basis (e.g., joining between Dec–Feb costs ₹228, while joining between Mar–May costs ₹114). 

You can check your local bank's specific portal or visit the official Jan Suraksha Portal for downloadable consent-cum-declaration forms and complete scheme guidelines.