PMJJBY
stands for Pradhan Mantri Jeevan Jyoti Bima Yojana, which is a
government-backed life insurance scheme in India. It was launched on May 9,
2015, by the Government of India as part of its social security initiatives.
The scheme is administered by the Life Insurance Corporation of India (LIC) and
other participating insurance companies.
PMJJBY provides life insurance coverage to
individuals between the ages of 18 and 50 years, who have a savings bank
account. The scheme offers a renewable one-year term life insurance policy with
a sum assured of ₹2 lakh (200,000 Indian Rupees)
in case of the insured's death due to any reason. The premium for PMJJBY is set
at a nominal rate of ₹ 436 per annum, which is
automatically deducted from the policyholder's savings bank account.
The main objective of PMJJBY is to provide
affordable life insurance coverage to the economically vulnerable sections of
society, particularly those who do not have access to formal insurance schemes.
The scheme aims to provide financial security and support to the families of
insured individuals in the event of their untimely demise. It is an important
component of the government's broader financial inclusion and social security
initiatives.
