Recently in News: The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has completed eight years. There are 16.2 crore people enrolled in the scheme as a whole.
Pradhan Mantri Jeevan
JyotiBima Yojana (PMJJBY): On May 9, 2015, Prime Minister Narendra Modi launched the Pradhan Mantri Jeevan Jyoti Bima Yojana in Kolkata.
Objectives: The objective of this programme is to provide eligible people, especially the poor and underprivilaged, access to affordable life insurance coverage for any cause of death. To increase the level of insurance penetration among citizens.
Ministry: Ministry of Finance
Implementing Agency: Life Insurance Corporation
Eligibility: Anyone with a savings bank account or a post office account in the age range of 18 to 50 is eligible to enroll in the programme.
Features:
- In the event of the insured person's death for any reason, this policy provides risk coverage up to Rs. 2 Lakh.
- The 2-lakh-rupee life insurance policy is renewable and is valid for a 12-month period starting on 1 June and ending on 31 May.
- The annual premium is Rs. 436, and it must be auto-debited from the subscriber's bank account on or before May 31st of each annual coverage term, based on the choice he/she chooses.
Other Important Schemes
