Every year around May, many savings account holders notice a small debit of ₹436 or ₹20 and wonder what it is. In most cases it is the renewal of PMJJBY or PMSBY, the two government-backed insurance schemes that give ₹2 lakh of cover for less than the price of a family dinner. For a household with little or no other insurance, these two schemes can make the difference between a crisis and a manageable loss.
PMJJBY, the Pradhan Mantri Jeevan Jyoti Bima Yojana, is a life cover. PMSBY, the Pradhan Mantri Suraksha Bima Yojana, is an accident cover. Both were launched on 9 May 2015 under the Jan Suraksha programme. This guide explains the premium, cover, age limits, how auto-debit works, what is and is not covered, and how your family can claim.
PMJJBY and PMSBY at a glance
| Feature | PMJJBY (life cover) | PMSBY (accident cover) |
|---|---|---|
| What it covers | Death due to any cause | Accidental death and disability |
| Sum insured | ₹2 lakh | ₹2 lakh for death or total disability; ₹1 lakh for partial disability |
| Annual premium | ₹436 | ₹20 |
| Age to join | 18 to 50 years | 18 to 70 years |
| Cover ends | At age 55 | At age 70 |
| Cover year | 1 June to 31 May | 1 June to 31 May |
| Offered through | LIC and other life insurers, via banks and post offices | Public sector and other general insurers, via banks and post offices |
Both are one-year covers, renewed every year. Both are open to individual account holders of participating banks and post offices, and each person can join through only one account. Joint account holders can each join if they meet the conditions and pay their own premium.
PMJJBY: life cover of ₹2 lakh for ₹436 a year
PMJJBY is pure term insurance. If the insured person dies during the cover year from any cause, the nominee gets ₹2 lakh. The Department of Financial Services (DFS) says this includes death from illness, natural calamities, suicide and murder. There is no maturity amount and no surrender value, which is why the premium is so low.
Premium if you join mid-year
The full premium is ₹436. If you join for the first time partway through the cover year, you pay a lower pro-rata amount:
- June, July or August: ₹436
- September, October or November: ₹342
- December, January or February: ₹228
- March, April or May: ₹114
The full ₹436 is payable on renewal each year. Of the full premium, DFS says ₹395 goes to the insurer, ₹30 is commission to business correspondents and agents on new enrolments, and ₹11 is the bank’s administrative expense.
The 30-day waiting period
For a first-time member, or someone who rejoins after leaving, there is a lien period of 30 days from enrolment. A death in that period is not covered unless it is due to an accident. After that, full cover applies.
When PMJJBY cover stops
You can join only up to age 50, but if you keep renewing, cover continues until age 55. It also ends if you close the linked account or if there is not enough balance for the auto-debit. If premium is accidentally collected through more than one account, cover is still limited to ₹2 lakh and the extra premium can be forfeited.
PMSBY: accident cover for ₹20 a year
PMSBY pays only if death or disability results from an accident, which DFS defines as a sudden, unforeseen and involuntary event caused by external, violent and visible means. The benefits are:
- ₹2 lakh on accidental death;
- ₹2 lakh for total and irrecoverable loss of both eyes, or of the use of both hands or both feet, or loss of sight of one eye together with loss of use of a hand or foot;
- ₹1 lakh for total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.
Deaths and disabilities from natural calamities are covered, and so is death by murder. Death by suicide is not covered. PMSBY does not reimburse hospital bills, and partial disability that does not involve the losses listed above gets nothing.
Unlike PMJJBY, there is no pro-rata premium; late joiners pay the full ₹20, and cover starts from the date the premium is debited. Cover ends at age 70, on closure of the account, or if the balance is too low for renewal. Only one claim is payable even if premium was debited in more than one bank.
Who can join and how to enrol
Any individual account holder of a participating bank or post office in the right age band can join, by giving consent for auto-debit. Institutional accounts are not eligible. NRIs with an eligible account at a bank branch in India can also join, though any claim is paid only in Indian rupees.
You can enrol at your branch or post office, through your bank’s internet or mobile banking, or through the online Jan Suraksha portal, which the Finance Ministry says lets citizens enrol without visiting a branch. Fill in a nominee when you enrol. It decides who gets the money and makes the claim much simpler for your family.
The schemes are in addition to any other insurance you hold. Having a term plan or a group policy at work does not stop you from joining, and the claim under PMJJBY or PMSBY is paid on top.
How auto-debit and renewal work
Both schemes run on auto-debit. When you enrol, you give a standing consent for the bank to deduct the premium every year, until you tell it otherwise. The bank collects the premium in one instalment around the renewal date and passes it to the insurer. The bank or post office is the master policy holder.
This convenience has a catch. If your account does not have enough money when the debit falls due, your cover can lapse. Before the end of May, check that the account carries at least ₹456 if you hold both schemes. If the debit fails, you can rejoin by paying the premium, but under PMJJBY the 30-day waiting period applies again for non-accidental death.
DFS also notes that premiums may be revised in future based on claims experience, and the enrolment form lets the bank debit any revised amount it informs you about.
How to file a PMJJBY or PMSBY claim
A claim starts at the bank or post office branch where the insured person held the account. The PMJJBY claims procedure dated 10 June 2021 lays out the steps:
- The nominee submits the claim-cum-discharge form, preferably within 30 days of death. If the nominee is a minor, the appointee named in the form files it.
- Attach proof of death, Aadhaar of the deceased and the nominee (PAN is desirable but not mandatory), KYC documents of the nominee, and the first pages of the nominee’s passbook or a cancelled cheque.
- The bank checks the auto-debit records, fills in the insured person’s details, certifies the form and forwards it to the insurer within seven days.
- The insurer verifies the premium and pays within seven days of receiving the claim, directly into the nominee’s account.
- The insurer sends a status alert to the bank and an SMS to the claimant, whether the claim is paid or rejected.
If there is no nominee, or the nominee died before the insured, legal heirs can claim, but they need a succession certificate or legal heir certificate. That is another reason to keep the nomination up to date.
For PMSBY, DFS says road, rail and similar accidents, drowning and deaths involving a crime must be reported to the police, so keep a copy of the FIR. For incidents such as a snake bite or a fall from a tree, an immediate hospital record should back up the cause. If a person is missing and death is not confirmed, no PMSBY claim is paid until there is documentary evidence. Disability claims are credited to the insured person’s own account.
Why PMJJBY and PMSBY claims get stuck
Most rejected or delayed claims trace back to a handful of avoidable problems. Go through this list once a year:
- Lapsed cover. The renewal debit failed because the balance was low, so there was no cover on the date of death.
- Waiting period. A new or rejoining PMJJBY member died of illness within 30 days of enrolment.
- No nominee. Heirs then need a succession or legal heir certificate, which takes time and money.
- Family unaware. Nobody knew the scheme existed, so no claim was filed. Tell your spouse or adult children which account carries the cover.
- Missing police papers. For a road accident or drowning under PMSBY, the FIR is needed.
- Duplicate enrolment. Premium debited in two banks does not double the cover; only one claim is paid.
As an illustration of what is at stake, take a 35-year-old shop owner who holds both covers. If he dies in a road accident, his nominee can claim ₹2 lakh under PMJJBY and another ₹2 lakh under PMSBY, since PMJJBY covers death from any cause and PMSBY covers accidental death. If he dies of an illness, only the PMJJBY ₹2 lakh is payable. If an accident leaves him without the use of one hand, PMSBY pays him ₹1 lakh into his own account.
How many families have used these schemes
As on 29 April 2026, the Finance Ministry reported more than 27.43 crore cumulative enrolments under PMJJBY, with ₹21,512.50 crore paid on 10,75,625 claims. PMSBY had more than 58.09 crore enrolments, with ₹3,667.52 crore paid on 1,84,662 claims. Those payouts went to families who, in many cases, had no other insurance.
These schemes are not a substitute for adequate life cover if you have dependants and loans. ₹2 lakh will not replace years of income. Think of PMJJBY and PMSBY as a base layer that costs ₹456 a year together, on top of which you build cover sized to your family’s needs.
Key takeaways
- PMJJBY gives ₹2 lakh life cover for death from any cause at ₹436 a year; join between 18 and 50, cover runs to 55.
- PMSBY gives ₹2 lakh for accidental death or total disability and ₹1 lakh for partial disability at ₹20 a year, for ages 18 to 70.
- Both renew every 1 June by auto-debit, so keep enough balance in the linked account.
- PMJJBY has a 30-day waiting period for non-accidental death; PMSBY does not cover suicide.
- Name a nominee and tell your family the scheme exists; claims start at the branch.
If you are planning bigger savings goals alongside this basic cover, the RD calculator and SIP calculator show how small monthly amounts add up. This guide is general information, not insurance advice.
