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June 14, 2026
The Dispatch

Definition

PMJJBY

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government-backed term life insurance scheme offering low-cost cover to bank account holders.

PMJJBY provides a fixed life cover for a very low annual premium auto-debited from the subscriber's bank account, available to account holders within a specified age band. It is a pure-term scheme paying the sum assured to the nominee on death from any cause, administered through banks tied up with life insurers.

Launched in 2015 alongside PMSBY and the Atal Pension Yojana, it aims to extend basic protection to the financially underserved. The cover renews annually with the premium auto-debited, and there is a short waiting period for non-accidental death claims after enrolment.

Related terms

  • PMSBYPradhan Mantri Suraksha Bima Yojana is a government accident insurance scheme offering accidental death and disability cover for a nominal annual premium.
  • Atal Pension YojanaAtal Pension Yojana is a government-backed pension scheme for workers, mainly in the unorganised sector, offering a guaranteed minimum pension after age sixty.
  • Term InsuranceTerm insurance is pure life cover that pays your family a large sum if you die during the policy term, in exchange for a low premium.

Plain-English explainer from The Dispatch Investors Encyclopedia. General information, not financial advice.