PMJJBY Calculator India — Free (2026)
Calculate your PMJJBY premium and life cover under Pradhan Mantri Jeevan Jyoti Bima Yojana, check eligibility, and compare it against term insurance.
PMJJBY Details
Eligible for PMJJBY
You can enroll until age 50. Policy coverage continues until age 55.
PMJJBY BenefitsGovt of India Scheme
Annual Premium
₹330
Life Coverage
₹2,00,000
Total Premium (till 55)
₹8,250
Over 25 years
Cost per Lakh
₹165
Annual cost per ₹1L cover
Scheme Breakdown
PMJJBY vs Term Insurance
PMJJBY is approximately 1x cheaper than a comparable term plan for the same coverage amount.
Cumulative Premium Over Years
Comparison by Entry Age
| Entry Age | Years Till 55 | Total Premium | Coverage | Cost/Lakh |
|---|---|---|---|---|
| 25 Yrs | 30 | ₹9,900 | ₹2,00,000 | ₹165 |
| 30 Yrs | 25 | ₹8,250 | ₹2,00,000 | ₹165 |
| 35 Yrs | 20 | ₹6,600 | ₹2,00,000 | ₹165 |
| 40 Yrs | 15 | ₹4,950 | ₹2,00,000 | ₹165 |
| 45 Yrs | 10 | ₹3,300 | ₹2,00,000 | ₹165 |
| 50 Yrs | 5 | ₹1,650 | ₹2,00,000 | ₹165 |
Eligibility & Key Features
Eligibility Criteria
Age 18 - 50 Years
Any Indian resident in this age group can enroll.
Bank Account Required
Must have a savings bank account for auto-debit.
Auto-Renewal
Premium is auto-debited every year from your bank account.
What is Covered
Death Coverage
₹2,00,000 is paid to the nominee on death due to any reason.
No Maturity Benefit
Pure risk cover. No amount is returned if the policyholder survives.
About this calculator
Comprehensive Guide to PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)
How to Use the PMJJBY Calculator | Pradhan Mantri Jeevan Jyoti Bima Yojana
Follow these simple steps to calculate your figures accurately:
- Primary Input Value (₹): Enter the core financial base amount relevant for PMJJBY | Pradhan Mantri Jeevan Jyoti Bima Yojana in Indian Rupees.
- Applicable Percentage / Rate (% p.a.): Specify the statutory rate, interest rate, or growth rate percentage.
- Tenure / Duration: Select the time horizon in years or months.
- Tax / Category Options: Choose the applicable tax regime, tax slab, or entity classification.
- View Instant Results: Inspect the detailed summary card, breakdown chart, and year-wise schedule generated instantly.
The PMJJBY Premium & Pro-Rata Formulas
PMJJBY operates on a annual coverage cycle from June 1 to May 31. For subscribers joining mid-year, pro-rata premium rates apply:
Annual Premium = Rs 436 (Deducted via auto-debit annually in May)
Death Claim Benefit = Rs 2,00,000 (Paid to registered nominee)
Pro-Rata Premium Structure by Enrollment Quarter:
June to August Enrollment = Rs 436 (Full Premium)
September to November Enrollment = Rs 342 (Pro-rata Premium)
December to February Enrollment = Rs 228 (Pro-rata Premium)
March to May Enrollment = Rs 114 (Pro-rata Premium)
Practical PMJJBY Calculation Examples
Example 1: Full Annual Renewal (Enrolled in May)
A 32-year-old individual maintains an active PMJJBY policy linked to their bank account.
- Auto-Debit Date: Between May 25 and May 31
- Annual Premium Deducted: ₹436
- Total Life Insurance Cover: ₹2,00,000 for 1 full year (June 1 to May 31).
Example 2: Mid-Year Enrollment in October
A 40-year-old enrolls in PMJJBY at a bank branch during October.
- Applicable Pro-Rata Premium: ₹342
- Cover Period: October 1 to May 31
- Subsequent Annual Renewal: ₹436 in May for the next full insurance year.
Key Features & Statutory Rules of PMJJBY
- Eligibility Age Limit: Open to all savings bank account holders aged 18 to 50 years. (Coverage continues up to age 55 provided annual renewal premiums are paid).
- 30-Day Initial Lien Period: For new enrollments, death claims due to natural causes/illness within the first 30 days are not payable. Accidental death claims are covered from Day 1.
- One Cover Per Individual: Individuals with multiple bank accounts can hold only one PMJJBY policy (maximum claim payout ₹2 Lakhs across all banks).
Practical Example: PMJJBY | Pradhan Mantri Jeevan Jyoti Bima Yojana Calculation
Suppose a user in India evaluates a standard financial transaction for PMJJBY | Pradhan Mantri Jeevan Jyoti Bima Yojana:
- Base Financial Value: ₹5,00,000
- Applicable Rate / Factor: 8.50% p.a.
- Period / Horizon: 5 Years
- Calculated Outcome: Using standard compounding/amortization formulas, the total projected output equals ₹7,51,830, representing a net yield/cost value tailored to current Indian tax and statutory guidelines.
Common Pmjjby Calculator Mistakes to Avoid
- Confusing PMJJBY Life Cover with PMSBY Accident Insurance: Assuming Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) covers accidental disability alone, when PMJJBY provides ₹2 Lakh pure life insurance death benefit due to any cause.
- Failing to Maintain Auto-Debit Savings Bank Account Balance Before May 31st: Missing the annual May 31st auto-debit deadline for the ₹436 annual premium, causing policy lapse and loss of life cover.
- Attempting Multiple PMJJBY Subscriptions Across Different Bank Accounts: Opening PMJJBY insurance under multiple savings accounts, forgetting that maximum life coverage is legally capped at ₹2 Lakhs across all accounts combined.
- Enrolling After Age 50 Cap Limit: Attempting new PMJJBY enrollment after age 50, when entry is strictly restricted to individuals aged 18 to 50 (with cover continuing up to age 55).
- Ignoring the Initial 30-Day Lien Period for Non-Accidental Demise: Expecting full ₹2 Lakh death claim payout within the first 30 days of new enrollment for natural/illness deaths (accidental death is covered from Day 1).
- Failing to Update Nominee Details on Savings Bank Records: Omitting nominee nomination details at bank branches, causing prolonged legal heir documentation delays during death claim settlement.
Frequently Asked Questions
What does the PMJJBY Calculator help me understand?
The calculator helps you assess the cost-effectiveness of the scheme by comparing the annual premium you pay against the ₹2 lakh death benefit provided. It can also help you see how PMJJBY fits alongside your existing life insurance coverage when planning your overall protection needs.
Who is eligible to enrol in PMJJBY?
PMJJBY is open to savings bank account holders between the ages of 18 and 50 years who give their consent for auto-debit of the premium. The scheme provides coverage up to the age of 55, provided it was enrolled by age 50 and renewals are uninterrupted.
What does PMJJBY cover and what does it exclude?
PMJJBY provides a ₹2 lakh death benefit for death due to any cause — natural or accidental. It does not cover disability. If you need accidental disability cover, PMSBY (Pradhan Mantri Suraksha Bima Yojana) is designed to complement PMJJBY for that purpose.
How is the PMJJBY premium paid and renewed?
The premium is auto-debited from the subscriber's savings account once a year, typically in May. The cover period runs from 1 June to 31 May each year. If auto-debit fails due to insufficient balance and is not rectified, the coverage lapses and can only be reinstated after paying arrears and meeting any health requirements set by the insurer.
Is PMJJBY sufficient as a standalone life insurance plan?
PMJJBY provides minimal coverage at a very low cost and is best suited as a safety net for those who lack any other life insurance. For individuals with dependants and significant financial liabilities, a ₹2 lakh sum assured is generally insufficient. The calculator can help you quantify the coverage gap so you can plan additional term insurance accordingly.
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.
Conclusion
Using the Pmjjby Calculator provides accurate, data-backed estimates tailored to Indian financial and tax regulations, helping you optimize your financial planning.
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Tax & Regional Disclaimer
Tax laws, social security contribution tiers, and statutory withholding rules vary by jurisdiction and change periodically. Calculated figures are estimates based on standard statutory rates. Please verify results with a licensed tax advisor or official regional tax authority before filing taxes.
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