Pradhan Mantri Jeevan Jyoti Bima Yojana

“One-year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason”


Pradhan Mantri Jeevan Jyoti Bima Yojana is a social security scheme launched by the Govt. of India that will help you secure your family’s future with a life cover amount of Rs. 2 lakhs.



  • Affordable premium
  • Easy enrolment process
  • 100% Paperless On-boarding
  • Non-medical product
  • Life cover for one year
  • Available for all Savings Bank account holders of India Post Payments bank in the age group of 18 years to 50 years
  • The life coverage available until the age of 55 years.




Enrolment Modality

The cover shall be for the one-year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the savings bank account in the prescribed format will be required to be given by 31st May of every year.

For customers who join on or after 1st of June, the cover would start from the date of account holder’s request and end on May 31st, next year.

In case of joint accounts, each account holder can take separate covers of Rs.2 Lakhs each by paying separate premium per life.


With effect from 1st of June 2022, Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the IPPB account holder into the scheme.


The revised premium structure for new enrolment:

Enrolment Period

Annual Premium payable by customer

Premium Appropriation Calculation

Premium to PNB MetLife

payable (For
new enrolments

Reimbursement of Administrative Expenses and Operational cost to Bank

June, July & August

₹ 436.00/-

₹ 395.00/-

₹ 30.00/-

₹ 11.00/-

September, October & November

3 quarters of premium 342.00/-

₹ 309.00/-

₹ 22.50/-

₹ 10.50/-

December, January & February

2 quarters of premium ₹ 228/-

₹ 206.00/-

₹ 15.00/-

₹ 7.00/-

March, April & May

1 quarter premium ₹ 114/-

₹ 103.00/-

₹ 7.50/-

₹ 3.50/-


The revised premium structure for policy renewal:

Enrolment Period

Renewal Premium payable by customer

Premium Appropriation Calculation

Premium to PNB MetLife

Reimbursement of Administrative Expenses to IPPB

Renewal (once in a year) on or before the last date of May

₹ 436.00/-

₹ 425.00/-

₹ 11.00/-


Note: If existing member does not renew the policy on due date i.e., on 1st June & later come back for enrolment then same will be treated as a fresh member & premium as per fresh enrolment will be collected & new member number will be allocated.


Waiting Period

Initial Waiting period of 30 days (from auto debit date of customer’s account) will apply for members enrolling for the first time during which sum assured will be paid for death due to accidental reasons only. This waiting period will not apply if the life renews the cover next year without any break.

Termination of assurance

The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:

  • On attaining age 55 years (age near birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered under PMJJBY with other insurer through more than one account and premium is received by other insurer, insurance cover will be restricted to ₹2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.

The product is being offered by India Post Payments Bank (IPPB) in partnership with PNB MetLife India Insurance Company Ltd. (PMLI).

India Post Payments Bank, as master policy holder for all eligible customers, ensures a simple and subscriber friendly administration & claim settlement process.

Rules and Claim Form Click here

For Terms & Conditions Click here


Disclaimer - The participation by IPPB’s customer in insurance products is purely on a voluntary basis. There is no ’linkage’ either direct or indirect between the provision of banking services offered by the bank to its customers and use of the insurance products.