Jharkhand: PMJJBY proving to be a boon for poor in Koderma, 1.31 lakh people enrolled

Koderma (Jharkhand), May 14 The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is emerging as a lifeline for economically weaker sections in India, offering life insurance coverage of Rs 2 lakh for an annual premium of just Rs 436.

In the Koderma district of Jharkhand alone, around 1.31 lakh people have enrolled under this affordable insurance scheme.

PMJJBY, launched by Prime Minister Narendra Modi, provides a fixed sum assured to the family of the insured in case of death due to any cause.

Talking to IANS, several beneficiaries from the district praised the scheme, calling it one of the most impactful initiatives by the Central government for the poor.

“Incidents and accidents are beyond anyone’s control. But when a family loses its earning member, the entire household plunges into uncertainty,” said a local resident.

“That’s why life insurance becomes essential—to ensure the family does not suffer financially in the absence of a loved one. PMJJBY is the most dependable insurance plan available at such a nominal premium. For many of us, this is the biggest gift from Prime Minister Modi.”

Another local added, “Though life insurance is available from many private companies and also from the Life Insurance Corporation of India, none offer a fixed insurance guarantee of Rs 2 lakh at just Rs 436 per year. Only the PMJJBY and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) offer such benefits.”

A third resident emphasised the broader financial inclusion goals linked with the scheme, stating, “PMJJBY was launched with the vision that every citizen should have a bank account. Benefits like PMJJBY, PMSBY, and insurance-linked Rupay cards are accessible only through such accounts. The scheme has created financial awareness and security among the poor.”

Lead District Manager of Koderma, Nivas Kumar, highlighted the ease of accessing multiple government schemes through a single bank account.

“If someone passes away in an accident, their family can avail benefits from all three schemes—PMJJBY, PMSBY, and the RuPay card insurance—through one bank account,” he added.

He further emphasised the importance of spreading awareness about PMJJBY.

“This scheme is truly a boon for the poor and the middle class. It is crucial to promote it so that more citizens can benefit from this low-cost life insurance cover,” he said.

PMJJBY offers life insurance coverage for death due to any reason and is designed to be extremely affordable, costing less than Rs 2 per day. It is a one-year cover, renewable annually, and is administered by the Life Insurance Corporation of India (LIC) and other participating life insurers, in collaboration with banks and post offices.

All individual account holders aged between 18 and 50 years who consent to the auto-debit of the premium from their accounts are eligible to enrol. An individual can join the scheme through only one bank or post office account, even if they hold multiple accounts.

The insurance cover is valid for a one-year period from June 1 to May 31, and interested individuals must submit their consent and opt for auto-debit by May 31 each year. The premium amount of Rs 436 per annum is debited in a single instalment.

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