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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Government of India — small savings · Government & Post Office Schemes

A low-cost term life cover of ₹2 lakh, renewed annually, with the premium debited from your bank account.

Terms set by notification Not published as a number here — it varies by provider, tenure or plan.

The official portal for the scheme, with current premium, eligibility and enrolment steps.

Check the official page

Source Jan Suraksha — official portal

www.jansuraksha.gov.in

The official portal for the scheme, with current premium, eligibility and enrolment steps.

How it works

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government schemes product from Government of India — small savings, in the conditional category: depends on terms being met. A low-cost term life cover of ₹2 lakh, renewed annually, with the premium debited from your bank account.

Because the return type is conditional, the questions that matter most are: Which conditions have to be true for me to get the stated return? What do I get if those conditions are not met?

  • Cheap life cover for a family's protection
  • A safety net alongside savings products

Key facts

Provider
Government of India — small savings
Source
Jan Suraksha — official portal ↗ https://www.jansuraksha.gov.in
Rate
Terms set by notification ↗
Category
Government & Post Office Schemes
Minimum investment
₹436 annual premium, debited automatically; the figure is revised periodically
Tenure
One year, renewable
Payout
Lump sum to the nominee on death
Eligibility
Account holders aged 18 to 50 who join before turning 50, with the premium auto-debited.
Getting your money back
There is no maturity value: this is insurance, not savings.
Protection
Backed by the participating bank or insurer under the scheme's terms.
Tax
The premium may qualify for a deduction; the payout to a nominee is generally exempt.

What can go wrong

  • No money comes back if you survive the term — it is pure protection.
  • Cover stops if the premium cannot be debited.
  • The premium and terms can be revised by the government.

Before you decide anything

  • The current premium for the enrolment year
  • The cut-off age for joining and renewing

These are questions to take to the provider, not a checklist that makes a product suitable. Whether something fits your situation is a decision only you — or an adviser you choose — can make.

Official sources

These link to the regulator or provider where the rules for this type of product are set out. They are the pages worth checking before you act, because they are the ones that get updated.

Other products in this category

The same rules and the same kind of trade-offs, described the same way.