How the PMJJBY Calculator Works
Enter your age (18 to 50) and choose the months in which you plan to join. The cover year runs from 1 June to 31 May.
If you join between June and August, you pay the full ₹436 for the first year. If you join later, the first-year premium is pro-rata: ₹342 for September to November, ₹228 for December to February and ₹114 for March to May.
From the first renewal, you pay the full ₹436 every year until cover ends at age 55. The calculator adds these up and shows the cost per month and per day, with a year-wise table.
Benefits of the PMJJBY scheme
- Very low cost: ₹2 lakh of life cover for ₹436 a year, which is about ₹36 a month or about ₹1.20 a day.
- Cover for death from any cause: the ₹2 lakh is paid to your nominee, subject to the scheme's terms and exclusions.
- No medical test at enrolment: you join through your bank or post office account with a simple form.
- Easy renewal: the premium is auto-debited from your account every year.
- Useful as a basic safety net: it can sit alongside a larger term insurance plan.
Formula Used
PMJJBY is one-year renewable cover with a fixed premium, so the total is easy to work out:
Cover Years = 55 − Age | Total Premium = First-Year Premium + (Cover Years − 1) × ₹436 | Cost per Day = ₹436 ÷ 365- AgeYour age when you join (18 to 50)
- First-Year PremiumPro-rata amount for your joining quarter: ₹436, ₹342, ₹228 or ₹114
- ₹436The full yearly premium paid at every renewal
Example Calculation
Suppose a 30-year-old joins between September and November and keeps renewing until cover ends at 55.
- Age30 years
- Joining MonthsSeptember – November
- First-Year Premium = ₹342, Cover Years = 25, Total Premium = ₹342 + 24 × ₹436 = ₹10,806, Life Cover = ₹2,00,000
Important Assumptions
- The calculator uses the PMJJBY premium of ₹436 a year and the pro-rata first-year amounts of ₹436, ₹342, ₹228 and ₹114 by joining quarter. The government can revise the premium or the terms, so confirm the current amounts with your bank or post office.
- Cover continues on annual renewal until age 55. The calculator counts one cover year for each age from your current age up to 54, with the first year at the pro-rata premium and every later year at ₹436.
- PMJJBY is pure life cover. There is no maturity amount and no money is returned if you live, so the total premium is a cost, not a savings amount.
- The premium is assumed to stay at ₹436 for all future years. If it is revised later, your total premium will change.
- Waiting periods, claim conditions and exclusions are not modelled. Only one PMJJBY policy is allowed for each person.