Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)
The PMJJBY is available to people in the age group of 18 to
50 years having a bank account who give their consent to join / enable
auto-debit. Aadhar would be the primary KYC for the bank account. The life
cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June
to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2
Lakh in case of death of the insured, due to any reason. The premium is Rs. 330
per annum which is to be auto-debited in one installment from the subscriber’s
bank account as per the option given by him on or before 31st May of each
annual coverage period under the scheme. The scheme is being offered by Life
Insurance Corporation and all other life insurers who are willing to offer the
product on similar terms with necessary approvals and tie up with banks for
this purpose.
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