Prime Minister Jeevan Jyoti | Eligibility and Insurance Coverage - Renewable Annual Cover - Key Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Prime Minister Jeevan Jyoti Insurance Scheme Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India that was launched by the Government of India on 9th May 2015. It is one of the several social security insurance schemes launched under the financial inclusion agenda of the Modi government. Key Features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY): 1. Eligibility: Indian citizens aged between 18 and 50 years are eligible to join PMJJBY. 2. Affordable Premium: The premium for PMJJBY is very low, making it accessible to a wide range of people. As of my last update in September 2021, the annual premium was ₹330. 3. Insurance Coverage: The scheme provides a life insurance cover of ₹2,00,000 (two lakh rupees) in case of the insured person's death due to any reason. 4. Renewable Annual Cover: PMJJBY offers renewable one-year life insurance coverage. Participants need to renew their policy annually by authorizing their bank to debit...