PMJJBY and PMSBY: India's Low-Cost Insurance Schemes

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

A government-backed life insurance scheme:

• Cover: ₹2 lakh paid to the nominee if the insured person dies, for any reason, during the policy year.
• Premium: ₹436/year (raised from an earlier ₹330 in 2022), auto-debited from a linked bank account.
• Eligibility: age 18-50 at entry, with cover continuing up to age 55 as long as the premium is paid annually and consent is renewed.
• Renewal: annual - the cover lapses if the premium isn't auto-debited successfully and isn't renewed.

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

A government-backed accidental death and disability insurance scheme (not a general life insurance - it covers accidents specifically, not illness or natural death):

• Cover: ₹2 lakh for accidental death or full disability, ₹1 lakh for partial disability.
• Premium: ₹20/year (raised from an earlier ₹12 in 2022).
• Eligibility: age 18-70, same bank-account-linked auto-debit structure.

(Premiums, cover amounts, and age bands checked as of September 2026. Both schemes' terms are set by government notification and have been revised before - worth a quick check if you're reading this well after 2026.)

Why these are worth knowing about even if you have other insurance

At these premium levels, PMJJBY and PMSBY function as an extremely low-cost supplement to whatever other life/accident cover you already have - not a replacement for adequate term insurance (see our life-cover articles), but a nearly negligible-cost addition, especially useful for lower-income households where a full term policy's premium may not yet be affordable.

How to enrol

Typically through your bank's net banking, mobile app, or a branch visit - most major banks offer direct enrolment into both schemes for eligible account holders.