Pradhan Mantri Jeevan Jyoti Bima Yojana

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Pradhan Mantri Jeevan Jyoti Bima Yojana
Pradhan Mantri Jeevan Jyoti Bima Yojana.png
Prime Minister(s)Narendra Modi
Launched9 May 2015; 5 years ago (2015-05-09)

Pradhan Mantri Jeevan Jyoti Bima Yojana (english translation: Prime Minister Jeevan Jyoti Insurance Scheme) is a government-backed Life insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015.[1] It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata.[2] As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number.[3]

Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of 330 (US$4.60). The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount will be automatically debited from the account. In case of death due to any cause, the payment to the nominee will be 2 lakh (US$2,800).[1][2]

This scheme will be linked also to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.[3]

Now all Bank account holders can avail this facility through their net-banking service facility or filling a form at the bank branch at any time of the year.[4]

The premium is deducted automatically from the insured's bank account. Insured's family members will receive a sum insured of 2 lac Rupees after insured's death.


As of 31 March 2019, 5.92 crore people have already enrolled for this scheme. 1,35,212 claims have been disbursed amounting to a total of ₹2,704.24 crore.[5]


The banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a [group insurance]scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.

See also[edit]


  1. ^ a b "Jan Suraksha: Social security for masses, pricing woes for insurers". Business Standard. 9 May 2015. Retrieved 9 May 2015.
  2. ^ a b "Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out". Live Mint. 8 May 2015. Retrieved 9 May 2015.
  3. ^ a b "'Jan Suraksha schemes to help eliminate Jan Dhan's zero balance accounts'". Business Standard. 8 May 2015. Retrieved 9 May 2015.
  4. ^ "'Pradhan Mantri Suraksha Bima Yojana: Accidental death, disability cover@Rs 12 p.a'". Economic Times. 22 September 2016. Retrieved 22 September 2016.
  5. ^ [ -claims-in-flagship-life-ac cident-insurance-schemes-6158854/ "Telling Numbers: Enrolment and claims in flagship life, accident insurance schemes"] Check |url= value (help). Jan Suraksha. Retrieved 30 April 2017. line feed character in |url= at position 58 (help)