PMJJBY explained: 436 rupee premium, age limit, benefits and claim

Pradhan Mantri Jeevan Jyoti Bima Yojana, or PMJJBY, is the government’s low-cost life cover. For 436 rupees a year, your family gets 2 lakh rupees if you die from any cause. It is plain term insurance: one year at a time, no savings part, nothing back if you survive.

The scheme is run by LIC and other life insurers through banks and post offices. The government’s 9 May 2026 release says more than 27.43 crore people have enrolled since 2015, and 21,512.50 crore rupees has been paid on 10,75,625 claims (as on 29 April 2026).

Premium, cover and age limits

• Premium. 436 rupees a year, taken by auto-debit in one go. It has been 436 rupees since 1 June 2022, when it rose from 330 rupees.
• Cover. 2 lakh rupees on death from any cause.
• Who can join. Savings account holders aged 18 to 50, through one account only. Joint account holders can each join.
• When cover ends. At 55, if you keep renewing. It also stops if the account is closed or lacks balance on the renewal date.

Cover year. The cover runs from 1 June to 31 May. If you join mid-year, you pay less for the first year:

An illustration. Asha, 32, joins in November 2026. She pays 342 rupees for cover until 31 May 2027. On 1 June 2027, 436 rupees is debited for the next year. That is about 1.19 rupees a day for 2 lakh rupees of cover.

The 30-day waiting rule

New joiners face a lien period, a form of waiting period. For the first 30 days after enrolment, death from anything other than an accident is not covered. Accidental death is covered from day one. The same rule applies if you drop out and rejoin, or if the cover lapsed because your balance was short on the renewal date.

So keep enough money in the account in late May. A missed debit restarts the 30-day clock.

How to enrol

Use the four steps above. You can enrol at your branch, through a bank business correspondent, at the post office, or online. The government says its Jan Suraksha portal now lets people enrol without visiting a branch; its March 2026 reply said all 12 public sector banks and 28 regional rural banks were on it. If you have a Jan Dhan account, it qualifies.

How a claim works

Your nominee goes to the branch or post office that held the account, fills the claim form and attaches the death certificate. Under government instructions, the bank sends the claim to the insurer within seven days, and the insurer settles within seven days of getting the papers. The payout goes to the nominee’s bank account. The Lok Sabha was told in March 2026 that the claim settlement ratio was 99.95% since launch.

Did you know? PMJJBY pays even if you already hold other life insurance. The scheme’s FAQ says the cover is in addition to any other policy, so it can top up a private term plan.

The takeaway. PMJJBY is cheap, simple life cover, but 2 lakh rupees will not replace years of income. Treat it as a base layer. To size your real need, read how much term cover you need. For accidents, the 20 rupee PMSBY adds a separate 2 lakh rupees.

More to read: PMSBY explained, Ayushman Bharat PM-JAY, term vs endowment: the real cost, and Atal Pension Yojana.