PMJJBY Calculator India — Free (2026)

Understanding PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme designed to provide affordable life insurance to all Indians. It offers ₹2 lakh death benefit at a mere ₹330 per year.

Our PMJJBY Calculator helps you understand the scheme's benefits, calculate your coverage, and plan accordingly.

What is PMJJBY?

PMJJBY is a term life insurance scheme launched in 2015 by the Government of India.

Objective: Provide basic life insurance coverage to common people at minimal cost.

Key Features:

• Sum Assured: ₹2 lakh on death
• Premium: ₹330 per annum
• Tenure: 1 year (renewable until age 55)
• Coverage Age: 18-50 years
• Claim Settlement: ₹2 lakh paid to beneficiary

PMJJBY Eligibility

Who Can Apply:

• Age: Between 18-50 years
• Bank Account: Must have an active savings account
• Employment: Any employment status (salaried, self-employed, unemployed)
• Citizenship: Indian citizen

Who Cannot Apply:

• Age below 18 or above 50 years
• No active bank account
• Already covered under PMJJBY or similar scheme
• Government employee (covered under other schemes)

PMJJBY Benefits and Coverage

Death Benefit:

• Sum Assured: ₹2,00,000
• Payment: Automatic to nominee on proof of death

Claim Eligibility:

• Death from any cause (natural or accidental)
• No exclusions after policy inception
• No health check required

Claim Settlement Time:

• Typically 30-45 days from submission of documents
• Online portal for faster processing

PMJJBY Premium and Cost

Annual Premium:

• Amount: ₹330 per year
• Payment: Deducted automatically from bank account on enrollment anniversary
• Duration: Renewable yearly until age 55

Monthly Equivalent: ₹27.50/month

Cost Comparison:

• PMJJBY (₹2L cover): ₹27.50/month
• Private term plan (₹50L cover): ₹500-1,000/month
• PMJJBY is 98% cheaper!

Claim Calculation Example

Scenario: Applicant dies in Year 2

Premium Paid:

• Year 1: ₹330 paid
• Year 2: ₹330 paid (death occurred within coverage period)
• Total Premium Paid: ₹660

Claim Settlement:

• Death Benefit: ₹2,00,000 paid to nominee
• Return on Premium: 30,000% (₹2L return on ₹660 investment)

This illustrates the massive value of PMJJBY insurance!

How to Apply for PMJJBY

Online (Most Common):

1. Visit PMJJBY portal (pmjjby.gov.in)
2. Enter bank details and personal information
3. Accept terms and conditions
4. Submit application
5. Premium deduction authorization
6. Instant enrollment and certificate issuance

Offline (At Bank):

1. Visit participating bank with photo ID and bank book
2. Fill application form
3. Authorize premium deduction
4. Receive enrollment certificate

Banks Offering PMJJBY:

• ICICI, HDFC, Axis, Kotak, SBI, Bob, Canara, Union Bank, and many others
• Most public and private banks participate

Documents Required

For Enrollment:

• Aadhar or PAN
• Bank account details (IFSC code)
• Nominated person's details

For Claim:

• Death certificate (original or certified copy)
• Nominee ID proof
• Bank account details
• Medical report (if death due to accident/injury)

PMJJBY Coverage Timeline

Policy Year:

• Enrollment: Anytime (recommended within 45 days of account opening)
• Premium Deduction: On anniversary date
• Coverage: Entire year (next deduction date)
• Renewal: Automatic (till age 55)

Important: Coverage ends immediately if premium is not deducted. Reactivation possible within 30 days by paying arrears.

PMJJBY vs. Other Life Insurance Schemes

Scheme	Premium	Cover	Age	Better For
PMJJBY	₹330/year	₹2L	18-50	Basic protection, all ages
PMSBY	₹12/year	₹2L	18-70	Accidental death only
APY	₹29-291/month	₹9000-15000/month	18-40	Pension, retirement
Private Term Plan	₹500-1000/month	₹50L-1Cr	Any age	Large coverage, flexibility

Best Choice: PMJJBY for everyone, PMSBY for additional protection, and Term Plan if you need larger coverage.

Taxation of PMJJBY

Claim Amount:

• Tax Status: Completely tax-free
• Beneficiary: No income tax liability on ₹2 lakh received

Premium:

• Deduction: NOT deductible under Section 80C
• Cost: ₹330 is paid from post-tax income

Key Points to Remember

1. Always Update Nominee: Provide nominee's details for claim settlement
2. Keep Account Active: PMJJBY requires active bank account
3. Don't Miss Premium Deduction: Ensure account has minimum ₹330 balance
4. Coverage Ends at Age 55: Not renewable after 55 years
5. No Cash Value: No maturity benefit if you survive
6. Instant Claim Benefit: No waiting period, all deaths covered
7. Complementary to PMSBY: Combine with PMSBY for ₹4L accidental coverage

Formula

Calculation Formula

This calculator uses the following formula:

Result = (Input × Factor) + Adjustment

The specific calculation depends on:

• Input parameters you provide
• Applicable rates for the current period
• Any applicable adjustments or deductions

Understanding the Components

Each calculation component serves a specific purpose:

• Base Amount: The primary value being calculated
• Rate/Factor: The percentage or multiplier applied
• Adjustments: Additional items that affect the result
• Deductions: Amounts subtracted from the total

How to Use the Calculator

1. Enter the required input values
2. Select applicable options or rates
3. Review the detailed calculation breakdown
4. Check the final result

Frequently Asked Questions

What happens to PMJJBY after age 55?

Coverage automatically ends on the date you turn 55 years. However, government may extend the scheme age limit in future. You should have adequate individual term insurance by then.

Can I claim PMJJBY if I die due to suicide?

No, if death occurs due to suicide within 12 months of enrollment, PMJJBY will not pay. After 12 months, all causes are covered, including suicide.

What if my bank account is deactivated?

PMJJBY coverage is linked to your bank account. If account is dormant/closed, premium cannot be deducted and coverage lapses. Reactivate account within 30 days to continue coverage.

Can I buy PMJJBY if I already have a private term plan?

Yes, you can own both. However, check for the 'insurable interest' concept - excessive coverage on low income may face claim disputes.

Is there a waiting period for PMJJBY claims?

No waiting period for accidents. For natural causes, full coverage applies from day 1. Suicide has 12-month exclusion period.

Can I borrow against PMJJBY?

No, term insurance has no borrowing/cash surrender value. You cannot use it as collateral or borrow against it.

What if I have multiple bank accounts?

You can enroll in PMJJBY separately for each account, but insurance logic suggests one policy per person. Multiple policies are allowed but may face claim scrutiny.

How do I update my nominee after enrollment?

Visit your bank or the PMJJBY portal to update nominee details. You can change nominee anytime before claim.

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Disclaimer

This calculator is provided for informational purposes only. It is not financial, investment, tax, or professional advice. Results are estimates based on the assumptions and inputs you provide. Always consult with a qualified financial advisor or tax professional before making any financial decisions. Past performance is not a guarantee of future results.

Sources & References

The figures, formulas, and guidance behind this PMJJBY Calculator | Pradhan Mantri Jeevan Jyoti Bima Yojana draw on authoritative primary sources. For verification and further reading:

• Income Tax Department, Government of India
• Reserve Bank of India
• Securities and Exchange Board of India
• Association of Mutual Funds in India

Frequently Asked Questions