Full formGovernment & Exams
PJYstands forPradhan Mantri Jeevan Yojana
Full Form of PJY
What is PJY?
Pradhan Mantri Jeevan Yojana (PJY) is a government-backed life insurance scheme in India, often used interchangeably with the formal Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY). Launched in 2015, it offers affordable term life insurance coverage of ₹2 lakh for individuals aged 18 to 50 years, with a renewable annual premium of ₹436 (including GST). The scheme aims to provide financial security to the families of subscribers in case of death due to any cause. It is administered through banks and post offices, making it accessible to both rural and urban populations. PJY is part of the broader Jan Suraksha Yojana portfolio, which promotes social security through low-cost insurance. The scheme is particularly relevant for low-income households and informal sector workers who lack formal insurance coverage. For competitive exams like UPSC, State PCS, and banking exams, candidates are expected to know the key features, eligibility, and premium details of PJY as part of Indian social welfare schemes. The scheme also encourages financial inclusion by linking insurance with bank accounts.
PJY का फुल फॉर्म
प्रधानमंत्री जीवन योजना
Example
My father enrolled in the Pradhan Mantri Jeevan Yojana through our bank to ensure our family has financial cover in case of any unfortunate event.
PJY — frequently asked questions
What is the full form of PJY?
The full form of PJY is Pradhan Mantri Jeevan Yojana, a term often used for the Pradhan Mantri Jeevan Jyoti Yojana (PMJJBY), a life insurance scheme by the Government of India.
Who is eligible for PJY scheme?
Individuals aged 18 to 50 years with a bank account are eligible for PJY. The scheme provides life coverage of ₹2 lakh for a one-year renewable period.
What is the premium for PJY?
The annual premium for PJY is ₹436 (including GST), which is auto-debited from the subscriber's bank account. The scheme offers affordable term insurance to common citizens.