New Delhi, May 8 (NationPress) A decade ago, the government under Prime Minister Narendra Modi initiated a significant financial transformation with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).

Intended to make life insurance affordable for India’s economically weaker sections, this program has grown into an essential safety net for millions of families nationwide over the last ten years.

Launched on May 9, 2015, the PMJJBY aimed to confront the stark reality that merely about 20 percent of India’s populace had any form of insurance coverage. Therefore, the scheme was created to ensure life insurance is not only economical but also accessible, eliminating conventional hurdles such as exorbitant premiums, extensive paperwork, or medical assessments.

Fundamentally, PMJJBY provides a coverage of Rs 2 lakh in the event of the subscriber’s demise, whether due to natural causes or accidents, for a minimal annual premium of merely Rs 436. This policy is available for individuals aged 18 to 50 with a savings bank or post office account, and coverage extends until the age of 55. Enrolment is straightforward, as beneficiaries do not require a medical examination and can sign up through banks, post offices, or online.

For many Indians, PMJJBY transcends being just a policy—it has brought dignity, security, and hope during challenging personal times.

One poignant story involves a woman who unexpectedly lost her husband, a daily-wage worker. With no savings or financial backing, her future appeared bleak—until she discovered that her husband had enrolled in PMJJBY for a modest premium of just Rs 330. This allowed her to claim a Rs 2 lakh insurance payout, enabling her to reconstruct her life with dignity. Her story mirrors that of countless families across India who have received timely assistance from the scheme since its inception. Their lives have been transformed, families safeguarded, and futures rejuvenated.

As of March 19, 2025, PMJJBY has registered 23.36 crore individuals. Throughout the decade, the program has processed 9,37,524 claims, with 9,05,139 claims successfully settled, totaling Rs 18,102.78 crore. The impact is astonishing, showcasing the scheme’s expansive reach and operational efficacy.

Notably, PMJJBY's inclusivity is commendable. Among the total beneficiaries:

Over 53 percent are women, highlighting the increasing financial involvement of women in households.

Over 72 percent are from rural India, emphasizing the scheme’s success in closing the urban-rural insurance gap.

As this scheme embarks on its second decade, it remains a symbol of trust, protection, and resilience. This initiative demonstrates how a modest, well-targeted intervention of Rs 436 annually, or about Rs 1.20 daily, can provide citizens with not just insurance, but also peace of mind.

In a diverse and populous nation like India, scalable and inclusive financial initiatives such as PMJJBY are foundational elements of social security and economic empowerment. Covering over 23 crore individuals, it stands today as a testament to what compassionate governance can accomplish.

As India moves forward, PMJJBY continues to be not merely a success narrative but a beacon of protection, dignity, and a second chance amidst life’s unpredictable challenges.