PMJJBY & PMSBY 2026 — ₹436 & ₹20 Government Insurance (₹2 Lakh Cover)
Verified July 2026 · General information, not insurance advice — confirm current terms with your bank or on jansuraksha.gov.in.
- PMJJBY: ₹2 lakh life cover (any cause), ₹436/year, ages 18–50.
- PMSBY: ₹2 lakh accident cover (₹1 lakh partial), ₹20/year, ages 18–70.
- Both need a bank account and auto-debit consent; cover year runs 1 June–31 May.
- Enrol via bank / post office / net banking; add a nominee.
- Together ~₹456/year for ₹4 lakh of protection — remarkable value.
- These supplement, not replace, a proper term-insurance plan.
Two of the cheapest insurance policies in India
Most people massively overpay for peace of mind, or have no cover at all — yet two government schemes offer real protection for the price of a snack. PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) and PMSBY (Pradhan Mantri Suraksha Bima Yojana) are designed to bring basic life and accident cover to every bank-account holder in the country. They won't replace a full term-insurance plan, but for ₹456 a year combined, they're some of the best-value cover you can buy.
PMJJBY — ₹2 lakh life cover for ₹436
PMJJBY is a term life insurance scheme. If the insured person dies — from any cause, illness or accident — the nominee receives ₹2 lakh. The details:
| Feature | PMJJBY |
|---|---|
| Cover | ₹2 lakh on death (any cause) |
| Premium | ₹436 per year |
| Age | 18–50 to join (renewable to 55 with auto-debit) |
| Need | Savings bank account + auto-debit consent |
One thing to know: there's typically a short waiting period (around 45 days) from enrolment during which only accidental death is covered; after that, death from any cause is covered. So it pays to enrol early rather than "when you need it".
PMSBY — ₹2 lakh accident cover for ₹20
PMSBY is a personal-accident scheme. It covers death or disability caused by an accident:
| Event | Payout |
|---|---|
| Accidental death | ₹2 lakh |
| Total permanent disability (e.g. both eyes/hands/feet) | ₹2 lakh |
| Partial permanent disability (e.g. one eye/hand/foot) | ₹1 lakh |
At ₹20 a year for ₹2 lakh of accident cover, it's almost free. The age band is wider than PMJJBY — 18 to 70 — so it suits older family members too. Note it only pays for accident-related events, not illness (that's what PMJJBY covers).
Together: ₹4 lakh of cover for ~₹456 a year
The smart move for most working adults is to take both. For a combined premium of about ₹456 a year, you get ₹2 lakh life cover + ₹2 lakh accident cover. If death is accidental and you hold both, the nominee can claim from both schemes — up to ₹4 lakh in total. For a family's first, foundational layer of protection, that's exceptional value.
How to enrol
- Use the bank or post office where you hold a savings account.
- Give consent for auto-debit of the annual premium (₹436 and/or ₹20) — usually a one-page form or a net-banking / mobile-banking option.
- Provide Aadhaar as KYC and name a nominee.
- The premium is auto-debited each year, and cover runs from 1 June to 31 May.
Because it's auto-renewing, keep enough balance in your account around 1 June each year — if the auto-debit fails, the cover can lapse. One person can hold one policy per scheme; taking multiples doesn't multiply the payout.
How the nominee claims
This is the part families most need to know, so tell your nominee now: on the insured's death, the nominee approaches the bank where the scheme was taken, fills the claim form, and submits the death certificate (plus, for a PMSBY accident claim, an FIR/post-mortem or disability certificate as applicable). The bank forwards it to the insurer, which pays ₹2 lakh into the nominee's account. The single biggest reason these claims fail is that the family didn't know the policy existed — so write it down with your other documents.
Where these schemes fit — and where they don't
Be clear-eyed about the limits. ₹2 lakh is a safety net, not a family's full financial security. If you're the main earner with dependants, a home loan, or children's education ahead, you need a proper term-insurance plan covering many times your annual income — PMJJBY is a supplement to that, not a substitute. Think of these schemes as the base layer: cheap, universal, and better than nothing for people who have no cover at all, and a low-cost top-up for those who do.
| Need | Right product |
|---|---|
| Basic, cheap safety net for any account holder | PMJJBY + PMSBY |
| Full income replacement for dependants | Proper term insurance (₹50L–₹1cr+) |
| Accident-only top-up | PMSBY (or a personal-accident policy) |
Practical tips
- Enrol both — the combined ₹456 is trivial for ₹4 lakh of cover.
- Keep the account funded near 1 June so auto-debit doesn't fail and lapse your cover.
- Name and inform your nominee — claims fail when families don't know.
- Don't rely on these alone if you have dependants — add real term insurance.
- Encourage family members (especially PMSBY up to age 70) to enrol too.
Related guides
Building proper cover? See our guides on health insurance waiting periods and, for TN residents, the CMCHIS health scheme. For claims trouble, the insurance complaint / ombudsman guide.
Frequently asked questions
What's the difference between PMJJBY and PMSBY?
PMJJBY is life cover (₹2 lakh, any cause, ₹436/yr, 18–50); PMSBY is accident cover (₹2 lakh, ₹20/yr, 18–70).
How much do they cost?
₹436 (PMJJBY) + ₹20 (PMSBY) ≈ ₹456/year for ₹4 lakh of combined cover.
How do I enrol?
Through your bank/post office with auto-debit consent, Aadhaar KYC and a nominee.
Who is eligible?
PMJJBY: ages 18–50 (renewable to 55). PMSBY: ages 18–70. Both need a bank account.
How does the nominee claim?
At the bank, with the claim form and death (or accident/disability) proof; the insurer pays ₹2 lakh to the nominee.
About the author. Written by Dinesh Kumar S, Chennai — B.Sc. Mathematics, M.Sc. IT — who runs Finance Guided and ComplyKraft to explain Indian money and insurance rules in plain language.
Disclaimer: General information, verified July 2026. Premiums, cover and eligibility are set by the government/insurers and can change — confirm current terms with your bank or at jansuraksha.gov.in before enrolling.
Dinesh Kumar S
Founder & AuthorDinesh is an accounts & GST compliance professional with 5+ years inside the Indian tax-compliance machinery at a Chennai-based IT services company. He writes a regulation-reader's column on Indian personal finance — every claim anchored to the actual Act, regulation, or circular it comes from. No product sales, no commissions, no paid placements.