The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has demonstrated significant success since its launch in May 2015, according to LIC CEO R Doraiswamy. The scheme has cumulatively enrolled 27.43 crore individuals and settled 8.8 lakh claims, resulting in disbursements of ₹17,600 crore to families of deceased subscribers. The claim settlement ratio stands at 99.95 per cent, meaning families receive payments in nearly every case when they present death certificates and claim forms at banks.
PMJJBY operates as a one-year term assurance scheme providing ₹2 lakh life cover to bank account holders aged 18 to 50 years. The annual premium is ₹436, equivalent to approximately ₹1.20 per day. The scheme requires no medical examination, separate KYC documentation, or medical history checks, making it accessible to individuals regardless of pre-existing health conditions. Coverage extends to death from any cause, whether natural or accidental, with no exclusions based on pre-existing health conditions.
According to LIC CEO R Doraiswamy, the scheme addresses a critical gap in India's insurance coverage, which stood at only 20 per cent of the population at the time of PMJJBY's launch. The government's financial inclusion journey began with Pradhan Mantri Jan Dhan Yojana in 2014, providing banking services to every citizen, particularly focusing on rural populations. On May 9, 2015, three schemes were launched together - PMJJBY for life cover, PM Suraksha Bima Yojana for accident and disability cover, and Atal Pension Yojana for unorganised sector workers - forming what he termed the Jan Suraksha trinity.
LIC maintains a central role in PMJJBY distribution, 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 enrolled in PMJJBY through LIC's partner banks. Cumulatively since inception, LIC has enrolled 21.49 crore subscribers and paid 4.70 lakh claims, amounting to ₹9,414 crore in disbursements. The corporation is among 13 life insurance companies currently distributing the scheme through partner banks.
The scheme aligns with the government's 'Insurance for All by 2047' vision, with LIC steadily deepening bank partnerships to extend coverage to more citizens within this timeline. As reported by LIC, every new enrollment adds one more household to the network of formal financial protection. The scheme's success demonstrates the effectiveness of combining insurance coverage with existing banking infrastructure to reach previously uninsured populations at affordable rates.
