Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme launched on 9th May 2015 by PM Narendra Modi in Kolkata. This is a life insurance scheme that was first introduced by Arun Jaitley, the Finance Minister of India on his 2015 Budget Sheet. Pradhan Mantri Jeevan Jyoti Bima Yojana is implemented by the Life Insurance Corporation of India.
Who can apply for PM Jeevan Jyoti Bima Yojana?
PM Jeevan Jyoti Bima Yojana was established to provide life insurance security to the poor and low-income section of the society. This scheme can be availed by people aged between 18 years to 50 years. They must have a bank account to be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana. Anyone who joins the scheme before completing of 50 years, will have the risk of life cover up to the age of 55 years subject to payment of premium. It is also mandatory for the beneficiary to link their adhaar card to their bank accounts while availing this scheme.
Premium for Jeevan Jyoti Bima Yojana
The premium of Pradhan Mantri Jeevan Jyoti Bima Yojana can be affordable by people belonging to almost all income groups including EWS and BPL. It is just Rs. 330 per annum which will be auto-debited from the saving account of subscriber in the month of May every year. The insurance cover will commence from 1st June of the same year and will stretch to 31st May of the next year.
Total Premium: Rs. 330/- per annum per member