---
title: "PMJJBY: India's Life Insurance Scheme | Model Diplomat"
description: "PMJJBY gives Indian bank account holders aged 18-50 a one-year renewable Rs 2 lakh life cover for Rs 436. See how it differs from PMSBY and who runs it."
url: "https://modeldiplomat.com/learn/glossary/pradhan-mantri-jeevan-jyoti-bima-yojana"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- PMJJBY is a government-backed term life insurance scheme in India offering renewable one-year cover of two lakh rupees on death from any cause to subscribers aged 18 to 50.
- How does PMJJBY differ from PMSBY?
- Who is eligible to enrol in PMJJBY?
- Is there a waiting period before claims are payable?
- Why was the PMJJBY premium increased in 2022?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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## Timeline

1. 9 May 2015

   The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-administered term life insurance scheme launched by the Government of India on in Kolka…

2. 1 June 2022

   The annual premium was originally fixed at Rs 330 and was revised to Rs 436 with effect from to reflect actuarial experience.

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Example

On 9 May 2015 in Kolkata, Prime Minister Narendra Modi launched PMJJBY, enabling a Jan Dhan account holder to secure a Rs 2 lakh life cover for an annual premium then set at Rs 330.

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