New Delhi: The government led by Prime Minister Narendra Modi launched a quiet but powerful financial revolution ten years ago – Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
Designed to bring affordable life insurance within reach of India’s low-income population, the scheme has, over the past decade, evolved into a vital safety net for millions of families across the country.
In what turned out to be a blessing for millions, the PMJJBY was launched on May 9, 2015. The objective was to address the dark reality that only about 20 per cent of India’s population had any form of insurance coverage. So with this in view, this scheme was designed to make life insurance not only affordable but also accessible, doing away with traditional barriers such as high premiums, paperwork, or medical examinations.
At its core, PMJJBY offers a Rs 2 lakh life insurance cover in case of the subscriber’s death from any cause – natural or accidental – for an annual premium of just Rs 436. The policy is open to individuals aged 18 to 50 years with a savings bank or post office account, and coverage continues up to the age of 55. The process for enrolment under this scheme is quite simple. A beneficiary need not undergo any medical examination. It could be joined through banks, post offices, or even online.
For countless Indians, PMJJBY has become more than just a policy—it has offered dignity, security, and hope in times of personal loss.
One such story is that of a woman who lost her husband, a daily-wage labourer, without warning. Left with no savings or financial support, her future seemed uncertain—until she learned that her husband had enrolled in PMJJBY by paying a modest premium of just Rs 330. This made her eligible for a Rs 2 lakh insurance payout, giving her the means to rebuild her life with dignity. Her experience echoes that of lakhs of families across India who have received timely support through the scheme since its launch. Their lives have been transformed, families protected, and futures restored.
As of March 19, 2025, PMJJBY has enrolled 23.36 crore individuals. During the decade, the scheme processed 9,37,524 claims, of which 9,05,139 claims were successfully disbursed, releasing a total sum of Rs 18,102.78 crore. The scale of impact is remarkable and demonstrates the scheme’s wide reach and operational efficiency.
What stands out is the inclusivity of PMJJBY. Of the total beneficiaries:
Over 53 per cent are women, reflecting the growing financial participation of women in households.
Over 72 per cent are from rural India, underscoring the scheme’s success in bridging the urban-rural insurance gap.
With this scheme entering its second decade, it continues to symbolise trust, protection, and resilience. The initiative has shown how, with a small, well-targeted intervention, Rs 436 a year, or about Rs 1.20 per day, a government can provide its citizens not just insurance, but peace of mind as well.
In a country as diverse and populous as India, scalable and inclusive financial schemes like PMJJBY are essential pillars of social security and economic empowerment. With over 23 crore people covered, it stands today as a beacon of what governance with compassion can achieve.
As India looks to the future, PMJJBY remains not just a success story but a promise of protection, dignity, and a second chance, even in the face of life’s greatest uncertainties.
(IANS)
