Pradhan Mantri Bima Yojana: Affordable Insurance for India’s Masses
What is Pradhan Mantri Bima Yojana?
The Pradhan Mantri Bima Yojana refers to two transformative social security schemes launched in 2015 by Prime Minister Narendra Modi: the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and the Pradhan Mantri Suraksha Bima Yojana (PMSBY). These government-backed insurance schemes aim to provide affordable life insurance and accident insurance to millions, promoting financial inclusion. As of July 2024, PMJJBY has enrolled over 20.62 crore individuals, with 8.19 crore claims disbursed, while PMSBY covers millions with a low premium of ₹20 annually.
Key Components of Pradhan Mantri Bima Yojana
1. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
PMJJBY is a life insurance scheme offering ₹2 lakh coverage for death due to any reason. It is a one-year renewable plan with a premium of ₹436 per annum, auto-debited from the subscriber’s bank account.
2. Pradhan Mantri Suraksha Bima Yojana (PMSBY)
PMSBY is an accident insurance scheme providing ₹2 lakh for accidental death or total disability and ₹1 lakh for partial disability. The annual premium is ₹20, auto-debited annually.
Features of PMJJBY and PMSBY
- Affordable Premiums: PMJJBY at ₹436/year and PMSBY at ₹20/year, making insurance accessible to all.
- Auto-Debit Facility: Premiums are deducted automatically from linked bank accounts, ensuring seamless renewals.
- Wide Coverage: PMJJBY covers death due to any cause, while PMSBY includes accidental death, total, and partial disability.
- Flexible Enrollment: New entrants and those who exit can rejoin by paying the premium, subject to eligibility.
- Tax Benefits: Premiums qualify for deductions under Section 80C of the Income Tax Act.
- [](https://www.policybazaar.com/pradhan-mantri-suraksha-bima-yojana-pmsby/)
- Simple Claims Process: Administered by banks and insurance companies like LIC and PSGICs for quick settlements.
Eligibility for PMJJBY and PMSBY
How to Enroll in Pradhan Mantri Bima Yojana
Enrolling in PMJJBY or PMSBY is straightforward:
Delayed enrollment is possible with pro-rata premiums for PMJJBY (e.g., ₹114 for March–May).
Benefits of Pradhan Mantri Bima Yojana
These schemes empower Indians by:
Recent Updates (2025)
In 2023–24, the government allocated ₹1.5 crore for awareness campaigns for PMJJBY and PMSBY, boosting enrollment. A 2023 campaign targeted Gram Panchayats to enhance micro-insurance coverage. As of 2025, efforts continue to simplify claim processes and integrate technology for faster settlements.
Why Choose Pradhan Mantri Bima Yojana?
With low premiums, wide coverage, and a focus on financial inclusion, PMJJBY and PMSBY ensure peace of mind for millions. These schemes align with the vision of ‘Sabka Saath, Sabka Vikas,’ securing India’s future. Enroll today to safeguard your family!
- PMJJBY: Individuals aged 18–50 years with a savings bank account. Coverage extends to age 55 with annual renewals.
- PMSBY: Individuals aged 18–70 years with a savings bank account.
- Common Requirements: Aadhaar is the primary KYC, though not mandatory. Only one bank account can be linked per scheme.
- Visit a participating bank, post office, or access internet banking (e.g., jansuraksha.in).
- Download the enrollment form from jansuraksha.gov.in or collect it from a bank.
- Submit the form with Aadhaar details (if not linked) and consent for auto-debit.
- Premiums (₹436 for PMJJBY, ₹20 for PMSBY) are auto-debited annually before May 31.
- Receive confirmation via SMS or banking portal.
- Providing financial security to families in case of untimely death or disability.
- Promoting financial inclusion by linking with Pradhan Mantri Jan Dhan Yojana accounts.
- [](https://en.m.wikipedia.org/wiki/Pradhan_Mantri_Suraksha_Bima_Yojana)
- Offering coverage for natural calamities (e.g., floods, earthquakes) under PMSBY, though suicide is excluded.
- [](https://financialservices.gov.in/beta/en/pmsby)
- Ensuring quick claim settlements, with a 7-day limit for PMJJBY claims.
