If you're enrolled in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), it's time to check your bank balance. The annual renewal deadline for this government-backed life insurance scheme is approaching fast, and failure to maintain the required minimum balance could cost you your coverage.
To ensure uninterrupted benefits under PMJJBY, policyholders must keep at least ₹436 in their bank accounts by May 31, 2025. This amount is the annual premium for the plan and is automatically debited from the linked bank account. If the funds are insufficient on the due date, the policy will lapse, and the subscriber will no longer be covered.
Due to this, several banks have started issuing alerts via SMS and emails to remind customers to maintain the necessary balance.
Launched in 2015, the Pradhan Mantri Jeevan Jyoti Bima Yojana is an affordable life insurance scheme aimed at increasing insurance penetration across India. For an annual premium of just ₹436, it offers a life insurance cover of ₹2 lakh. The policy covers death due to any cause, making it a valuable safety net for policyholders and their families.
This is a one-year term insurance plan, and coverage is renewed annually. The premium is auto-debited from the subscriber’s account once a year, typically before May 31.
To be eligible for the PMJJBY scheme:
The individual must be aged between 18 and 50 years.
Once enrolled, the subscriber can remain covered until the age of 55, as long as the premium is paid annually without fail.
Enrollment is easy and can be done through bank branches, Business Correspondent (BC) centers, bank websites, or even the post office.
This makes the plan accessible to both rural and urban populations, helping extend financial security to millions of Indian families.
Alongside PMJJBY, the government also offers the Pradhan Mantri Suraksha Bima Yojana (PMSBY). This scheme provides accident insurance coverage of up to ₹2 lakh for an annual premium of just ₹20.
Key features of PMSBY include:
Eligibility: 18 to 70 years of age
Coverage: ₹2 lakh in case of accidental death or permanent disability
Affordable premium: Only ₹20 per annum
Easy enrollment: Similar to PMJJBY, enrollment can be done through banks or post offices
As the deadline nears, it's crucial to ensure you have the required ₹436 in your bank account if you wish to continue your life insurance under the PMJJBY scheme. A small annual investment can offer significant financial protection to your loved ones during difficult times.
Stay alert to bank notifications and act on time to avoid any disruption in coverage.
