23 JUNE 2025 FACT RECORDER
Business Desk: PM Jeevan Jyoti Bima: Empowering Over 185 Million Indians with Financial Security and Protection Launched a decade ago with the mission to make life insurance accessible, affordable, and inclusive for every Indian, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has transformed into a powerful movement, providing insurance coverage to over 185 million people across the country. What began as a financial safety net has now become a foundation of dignity, courage, and hope. In the last 10 years, PMJJBY has settled claims worth more than ₹17,200 crore, offering timely financial relief to families during their toughest times. For a minimal annual premium of just ₹436, the scheme provides life insurance cover of ₹2 lakh, acting as a lifeline for countless families by ensuring financial continuity and peace of mind.
Boosting Dreams Through Family Security With the assurance that their families are financially protected, beneficiaries feel empowered to dream bigger — whether it’s taking loans, starting a small business, educating their children, or migrating for better opportunities. This financial security not only safeguards lives but also expands possibilities and opportunities.
Transforming Rural Insurance Landscape India’s large rural population has historically faced challenges in accessing insurance due to factors like irregular income, informal employment, and lack of awareness. PMJJBY’s simple, seamless, and affordable model, which uses auto-debit from savings accounts and requires minimal documentation, has overcome these barriers effectively.Today, over 2.5 lakh members of Gram Panchayats across various states actively promote insurance awareness and help extend financial protection to underserved rural communities, reshaping the rural insurance scenario.
Enhancing Women’s Insurance Coverage A significant positive impact of the scheme has been the improvement in women’s life insurance coverage, addressing the growing demands and needs of women in rural India. As women’s contribution to the economy continues to rise, PMJJBY plays a crucial role in advancing financial inclusion and empowerment for them.
Protection Against Vulnerability and Exploitation Amit Jhingran, a former bank circle head, recalls witnessing families devastated by the loss of their sole earning member during rural outreach camps. PMJJBY’s assured claim payouts have provided these families with hope and vital protection against potential exploitation, highlighting the scheme’s real-life impact.
Driving Government Targets Through Capital Requirement Relaxation To increase insurance companies’ participation in PMJJBY, the Insurance Regulatory and Development Authority of India (IRDAI) reduced capital requirements for insurers offering the scheme in 2022-23. This move accelerated the reach of life insurance across India and supported the government’s ambitious financial inclusion goals.
Streamlined Process via Digital Portal The Jan Suraksha Digital End-to-End portal has simplified enrollment and claim settlement, enabling faster policy issuance and claim disbursal. By leveraging technology and collaborating with local authorities, banks, and insurers, the portal offers stakeholders a real-time dashboard to monitor and enhance scheme performance efficiently. PMJJBY’s decade-long journey stands as a testament to how accessible insurance can change millions of lives, providing security, hope, and empowerment to the nation’s underserved population.
