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.

Author

Paytm Editorial Team

The Paytm Editorial Team is a collaborative group of writers, editors, and industry experts. We're dedicated to bringing you the latest insights, news, and guides on digital payments, financial services, and the technology that's shaping India's economy. We offer easy-to-follow guides and insights to help you explore Paytm’s products, features, and services. Our goal is to provide clear, reliable, and helpful information to empower you on your financial journey.