Over 21 Crore Beneficiaries Enrolled Under PMJJBY: Finance Ministry

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), a flagship life insurance scheme of the Indian government, has extended its benefits to more than 21 crore people, the Ministry of Finance stated. Launched in May 2015, the scheme provides a life insurance cover of ₹2 lakh to the insured’s family in the event of their death, regardless of the cause.

“Pradhan Mantri Jeevan Jyoti Bima Yojana #PMJJBY has provided Rs 2 lakh life insurance coverage to over 21 crore beneficiaries, ensuring financial security for families in times of uncertainty,” the ministry noted in a social media post on X.

As of October 20, the scheme recorded a cumulative enrolment of 21.67 crore beneficiaries, with 860,575 claims settled, amounting to ₹17,211.50 crore. Eligible participants include individuals aged 18-50 years holding a bank or post office account. The annual premium for the scheme is ₹436.

The Finance Ministry also highlighted the achievements of other social security schemes, such as the Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jan Dhan Yojana (PMJDY), in its 2024 financial review.

Under the PMSBY, which offers accident insurance coverage of ₹2 lakh, a total of 47.59 crore enrolments have been recorded as of November 20. The scheme has settled 147,641 claims out of 193,964 received.
“Nearly 48 crore individuals have enrolled in Rs 2 lakh accident insurance coverage through the Pradhan Mantri Suraksha Bima Yojana,” the ministry said on X.

Meanwhile, the PMJDY, aimed at promoting financial inclusion, has drawn over 54 crore beneficiaries. As of August 14, 2024, the total number of PMJDY accounts stood at 53.13 crore.
“With more than 54 crore beneficiaries, Pradhan Mantri Jan Dhan Yojana #PMJDY has become a cornerstone of #FinancialInclusion, empowering unbanked citizens nationwide,” the ministry posted.