LIC's PMJJBY Contributes to Government's Ambitious Goal of Universal Insurance Coverage by 2047: CEO

Government's Vision of 'Insurance for All by 2047' Takes Shape

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), launched by Prime Minister Narendra Modi in 2015, has played a critical role in fostering the government's vision of 'Insurance for All by 2047'. The scheme, which provides life cover to bank account holders, has been a key component of the government's financial inclusion efforts.

At the time of the scheme's launch in May 2015, only about 20 per cent of India's population was covered under any kind of insurance. The government's response was built in deliberate stages, beginning with the Pradhan Mantri Jan Dhan Yojana in 2014, which aimed to provide banking services to every citizen, with a particular focus on the rural poor.

The Jan Suraksha trinity, comprising PMJJBY, Pradhan Mantri Suraksha Bima Yojana, and Atal Pension Yojana, was launched on May 9, 2015, to raise the structure of financial security for low-income households. Each scheme addresses a distinct dimension of the risk that a low-income household faces.

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PMJJBY Scheme Details

PMJJBY is a one-year term assurance scheme providing a life cover of Rs 2 lakh to bank account holders within the age group of 18 to 50 years. The cover is available for death due to any cause, whether natural or accidental, with no exclusions based on pre-existing health conditions. The account holder submits a consent cum declaration form to join, and no medical examination or separate KYC documentation is required.

The annual premium is Rs 436, approximately Rs 1.20 per day. For this sum, a subscriber's family receives Rs 2 lakh upon their death during the policy year.

Scheme Performance

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As of now, PMJJBY has cumulatively enrolled 27.43 crore individuals, settled 8.8 lakh claims, and disbursed Rs 17,600 crore to the families of deceased subscribers. The claim settlement ratio stands at 99.95 per cent, as reported by the participating insurance companies to the government.

LIC's Contribution to PMJJBY

LIC occupies a central position in promoting PMJJBY, with active tie-ups with 808 banks across the country. During the current policy year from June 2025 to May 2026, 3.61 crore bank account holders have enrolled in PMJJBY with banks tied up with LIC. Cumulatively since inception, LIC has enrolled 21.49 crore subscribers under PMJJBY and paid 4.70 lakh claims to the families of deceased subscribers, amounting to Rs 9,414 crore.

Government's Programme of Insurance for All by 2047

The PMJJBY operates within the larger vision of the government's programme of Insurance for All by 2047. LIC is steadily deepening its bank partnerships and extending the scheme's footprint to cover more citizens within this timeline. Every new enrolment adds one more household to the network of formal financial protection.