PM Jeevan Jyoti Bima Yojana

byPaytm Editorial TeamNovember 5, 2025

Meaning

PMJJBY is a government-backed life insurance scheme providing crucial financial security to low-income households.

Definition

PM Jeevan Jyoti Bima Yojana (PMJJBY) is an annual renewable life insurance plan. It offers a life cover of Rs. 2 Lakh to individuals aged 18 to 50 years, ensuring financial support upon the policyholder’s death due to any reason.

How It Works

Subscribers can enroll through participating banks and pay an affordable annual premium, typically auto-debited from their savings bank account. The policy renews each year.

Key Benefits

This scheme provides essential life insurance at a low cost, offering financial protection and peace of mind to the policyholder’s family in unfortunate circumstances.

You May Also Like

UPI Merchant ChargebackLast Updated: November 14, 2025

Meaning UPI Merchant Chargeback happens when a customer disputes a transaction, and the amount is reversed from the…

Cheque Truncation System (CTS)Last Updated: September 10, 2025

Definition CTS stands for Cheque Truncation System. It is a system where physical cheques are converted into electronic…

Rashtriya Swasthya Bima YojanaNovember 3, 2025

Meaning This government-backed health insurance scheme aimed to provide financial protection for hospitalization expenses to vulnerable sections of…

UPI Payment RetryLast Updated: October 21, 2025

Definition UPI Payment Retry allows users to reattempt failed transactions without starting over from scratch. Caution If the…

Credit Card TokenizationLast Updated: July 31, 2025

Meaning Credit Card Tokenization is a process where the actual card number is replaced with a unique digital…