Pradhan Mantri Jeevan Jyoti Bima Yojan

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-sponsored life insurance scheme launched by the Prime Minister of India in May 2015. The scheme aims to provide life insurance coverage to individuals who are not covered under any other life insurance scheme.

The scheme is available to all Indian citizens between the ages of 18 and 50 years and provides a life insurance cover of Rs. 2 lakhs in case of the death of the insured person. The policy is renewable on a yearly basis and can be renewed by paying the annual premium of Rs. 330.

One of the significant advantages of PMJJBY is that it offers a low-cost life insurance option to people who cannot afford to pay high premiums. The annual premium of Rs. 330 is very nominal and is affordable for most people. Additionally, the policy can be purchased through any bank account, making it accessible to even those who do not have access to insurance agents.

To enroll in the scheme, individuals need to fill up a simple form and submit it to their bank, along with a self-certification of good health. The policy cover starts from the date of enrollment and is valid for a period of one year. In case of the death of the insured person, the nominee of the policyholder is entitled to receive the sum assured of Rs. 2 lakhs.