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What is the Full Form of PMJJBY

PMJJBY: Pradhan Mantri Jeevan Jyoti Bima Yojana

PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. It refers to a lifelong welfare program funded by the government. It was brought up in the 2015 budgeting addressed by Arun Jaitley, who served as the finance leader back then. PM Narendra Modi officially started this scheme on May 9 in Calcutta of the same year. However, the scheme is available to all eligible people in the nation.

PMJJBY Full Form

People in the age group of 18 to 50 years having bank accounts are eligible for the above consideration of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). It carries an approximately 436 rupees yearly charge. The amount is automatically debited from the applicant's given bank account in advance or on May 31. The PMJJBY is excluded from the goods and services tax (GST).


Automatic renewing is available for up to fifty-five years when individuals sign up for such a smart billing feature. When signing up for such a program, the user is not required to provide a full health report and affidavit. However, an individual above fifty can't enrol in this program.

According to this scheme, if the person dies due to any reason, the family (or the nominee) will get Rs. 2 lakh. This is indirectly a kind of insurance program.

Individuals' bank details required for registration in the Pradhan Mantri Jan Dhan Yojana plan should also be connected to PMJJBY program. By implementing all that and comparable programs, our government promised to decrease the number of certain 0 balance bank accounts.


Approximately 5.90 crore persons have already signed up for this program since March 31, 2019. Approximately 1,35,211 requests totalling $2,704 crore have already been paid out. However, the scheme could not be utilized well by many people during the COVID-19 crisis, and there were many reasons behind this. All such reasons also proved this scheme to be a failure. They are:

  • Because there is a fairly narrow range of approximately four weeks to apply for the application after the death of the applicant, most requests are rejected if submitted after such a deadline.
  • Most families are not aware of the advantages of the Pradhan Mantri Jeevan Jyoti Bima Yojana. Since the minimum policy paper or any other document is given to the applicants, the families do not even get to know about the policy and claim process. A detailed instruction book on the procedure for submitting requests is missing. As a result, people are unaware of the existence of a scheme under that people may make a compensation claim.
  • Many accounts do not have a nominee with them. In such a case, the parents or family alone have to go through a long constitutional process, which usually takes a very long time. In order to get emergency assistance to the candidate or relatives to survive the extreme economic situation caused by Corona infection, it is indeed imperative that the process of claiming is simplified and even the amount claimed is increased.

Benefits and Limits

According to section 80C of the federal Income Tax Law, tax incentives are available for the PMJJBY scheme, and a price is only charged for coverage. Pradhan Mantri Jeevan Jyoti Bima Yojana offers a one-year risk guarantee. However, this can be renewed until the age of 50 years.

In addition to the risk coverage of Rs. 2 lakhs, which is issued to the nominee after the death of the applicant, the life cover of Rs. 2 lakhs for the one-year period stretching from 1st June to 31st May is also provided. The Life Insurance Company P&Gs Division and other insurers' sets are in charge of administering the plan.

Those who do not enrol within the plan during the first year may do so in later months by paying yearly premium rates as well as presenting a self-certification of healthy life.

To be an applicant for this scheme, one must have an active bank account and a valid, government-provided identity card.

Documents Required

If anyone wants an account in PMJJBY, they just need some documents for it. The major document needed is the Aadhar card to avail of the benefit of this scheme. Self-certification is also required if you have changed your address from the one mentioned in your Aadhar card. In case you don't have an Aadhar card, you can also use several other IDs like a pan card, passport, voter ID, and NREGA card.

The PMJJBY is a helpful program for those with modest incomes. It's a program of insurance subsidized by the government administration with the lowest health care premiums. By linking your identity card with your savings account in the bank, you can easily be eligible to apply for this scheme.

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