Are high premiums stopping you from getting life insurance?
With SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana, you get ₹2 lakh life cover at a nominal premium, ensuring your family’s financial security without burdening your budget.
This is a Government of India-backed, one-year renewable, non-linked, non-participating, pure risk premium life insurance product, specially designed to offer simple, affordable protection for everyone.
Why Choose This Plan?
Security
Protect your family’s future from financial uncertainty with a guaranteed ₹2 lakh life cover.
Simplicity
- Easy enrollment
- No medical examination
- Swift, paper-light process
- Acceptance based only on simple health declarations
Affordability
- Extremely low premium for all age groups
- Automatic renewal every year
- Premium auto-debited from your bank/Post Office account
Plan Highlights
- Term Plan
- Traditional Plan
- Group Protection Plan
- Government of India Life Insurance Scheme
- Offered under SBI Life – PMJJBY
Key Features
Pure Protection Plan
Get financial safety for your family in case of the insured’s unfortunate demise.
Streamlined Enrollment
Simplified proposal form for quick registration through participating banks or post offices.
Fixed Sum Assured
A reliable ₹2 lakh life cover at a very reasonable annual premium.
Advantages at a Glance
Security
A safety net for your family against income loss or sudden financial stress.
Simplicity
- Easy onboarding
- No medical tests
- Immediate policy activation based on your consent form
Affordability
- Nominal yearly premium
- Auto-debit ensures uninterrupted coverage
- Additional tax benefits under the Income Tax Act (as applicable)*
Coverage Term & Renewal
The insurance cover begins on the later of:
- 1st June, or
- The date of enrolment
Coverage lasts till 31st May each year.
Renewal
- Auto-renewed every 1st June via auto-debit
- Full-year premium must be paid
- Pro-rata premiums allowed only for new enrolments after 1st June
Eligibility & Enrollment Process
Who Can Enroll?
- Customers of participating banks or post offices
- Aadhaar is the primary KYC document
- Only one enrollment allowed per individual (even if multiple bank accounts exist)
Enrollment Steps
- Fill the simple proposal/consent form
- Provide health declaration
- Premium auto-debited from your bank/Post Office account
- Policy activates immediately or on 1st June
Exclusions (Important)
For new members, non-accidental death within the first 30 days (Lien Period) is not covered.
The same applies if a member exits the scheme and re-joins later.
Benefits Not Available
Maturity Benefit: Not applicable
Surrender Benefit: Not applicable
This is a pure protection plan.
Tax Benefits
You may avail tax deductions/exemptions as per the prevailing Income Tax laws of India.
(Tax laws are subject to change; consult your tax advisor.)
Who Should Opt for This Plan?
- Anyone seeking low-cost life insurance
- Families needing security against sudden loss
- Individuals with limited financial resources
- Anyone wanting government-backed protection
Who can buy?
Disclaimer: This page provides a summary of the features and benefits of SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana, a Government of India group life insurance scheme. All benefits, terms, conditions, premium amounts, tax rules, and eligibility criteria are subject to change as per government notifications and regulatory guidelines. Please read the official sales brochure and consult your financial or tax advisor before making any decision.