About Pradhan Mantri Jeevan Jyoti Bima Yojana:
- It is a flagship life insurance scheme launched by the Government of India to provide affordable life insurance coverage to the economically weaker sections of society.
- It was launched in May 2015 under the Ministry of Finance.
- It aims to increase access to life insurance across the country. It offers a one-year life insurance policy, renewable every year.
- Features of Pradhan Mantri Jeevan Jyoti Bima Yojana:
- Life Cover: Under PMJJBY, a life insurance cover of ₹2 lakh is provided in case of death of the insured due to any reason, natural or accidental.
- Premium Amount: ₹436 per annum (auto-debited from bank account).
- Eligibility: Indian citizens aged between 18 and 50 years.
- Renewal: Annual renewal up to the age of 55 years.
- Risk Coverage: Covers death due to both natural and accidental causes.
- Implementing Agencies: Public and private sector life insurance companies in tie-up with banks.
