• 9964432222
  • Mail Us
  • Appointment
  • Locate Us
  • Chat Now
  • Courses
  • Login
  • Register
Manifest IAS
JournalsOfIndia
Manifest Learning Academy
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
  • Home
  • SNIPPETSfor Prelims
  • ARTICLESfor Mains
  • BROWSEBY SOURCE
  • DOWNLOADS
No Result
View All Result
JournalsOfIndia
No Result
View All Result
Home Law & Policy

Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)

February 4, 2021
in Law & Policy
Reading Time: 2 mins read
0
Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY)
219
VIEWS
Share on WhatsAppShare on TelegramShare on Facebook
image_pdfMake PDF

In news : Around 40 prisoners in Odisha have been covered under PMJJBY

About the Pradhan Mantri Jeevan Jyoti Bima Yojana

  • It is a government-backed Life insurance scheme in India. 
  • It was formally launched by the Prime Minister in 2015 
  • As of May 2015, only 20% of India’s population has any kind of insurance, this scheme aims to increase the number
  • The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. 
  • The amount will be automatically debited from the account
  • This scheme has been linked to the  bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme.
  • Now 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.
  • For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder. 

Who is eligible? 

The PMJJBY is available to people in the age group of 18 to 50 years( life cover upto age 55)  having a bank account who give their consent to join / enable auto-debit. 

KYC

Aadhar would be the primary KYC for the bank account. 

Insurance coverage and Premium

  • 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. 

Termination of the scheme

The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under: 

  • On attaining age 55 years (age near birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years)
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force. 
  • A person can join PMJJBY with one Insurance company with one bank account only.

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.

image_pdfMake PDF
Source: Ministry of Finance
Tags: News PaperPrelims

Related Posts

India’s nuclear liability law

India’s nuclear liability law

April 29, 2023
Right to to Default Bail is a Fundamental Right

Right to to Default Bail is a Fundamental Right

April 29, 2023
Triple tests for Altruistic surrogacy

Triple tests for Altruistic surrogacy

April 29, 2023
National Medical Devices Policy- 2023

National Medical Devices Policy- 2023

April 28, 2023
SUPREME initiative

SUPREME initiative

April 28, 2023
The National Health Accounts Estimates report for India (2019-20)

The National Health Accounts Estimates report for India (2019-20)

April 27, 2023
50 years of Kesavananda Bharati case

50 years of Kesavananda Bharati case

April 24, 2023
Animal Birth Control(ABC) Rules, 2023

Animal Birth Control(ABC) Rules, 2023

April 22, 2023
Sangathan Se Samridhhi campaign of DAY-NRLM

Sangathan Se Samridhhi campaign of DAY-NRLM

April 20, 2023
UGC’s National Credit Framework

UGC’s National Credit Framework

April 14, 2023
Please login to join discussion

Our Offline Classroom Student

CONGRATULATIONS TO 2021 TOPPERS !!!

Rank 171 Kumar Shivashish
Rank 250 Sahithya
Rank 263 Sumit Kumar Thakur
Rank 311 Deepak Ramachandra Shet
Rank 455 Ravinandan B M

July 2025
MTWTFSS
 123456
78910111213
14151617181920
21222324252627
28293031 
« May    

Browse by Category

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tags

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News Newspaper News Paper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana
JournalsOfIndia

Our vision is to orient the readers to grasp the facts objectively and analyse critically. In the rush of reaching first to the readers, the websites miss the balanced opinion, which is the need of the hour. We aim to reach the readers with more crispness, preciseness and relevance. We bring the articles in UPSC way for the civil services aspirants and the Wisest Way for general readers.

Categories

  • Agriculture
  • Disaster Management
  • Economy
  • Environment
  • Ethics
  • Foreign Affairs
  • Geography
  • Governance
  • History
  • Law & Policy
  • Opinion
  • People in News
  • Places in News
  • Science & Tech
  • Security
  • Society
  • Sports
  • Uncategorized

Browse by Tag

AIR All India Radio BBC Business Line Business Standard dow Down to Earth DownToEarth DTE Economic Times ET FAO Financial Express GS-1 GS-2 GS-3 GS-4 Hindustan Times IE India & the world Indian express Indiatoday India today Kurukshetra Livelihoods portal LiveMint Mains News Newspaper News Paper PIB Prelims PRS India RSTV Science Reporter Survey The Hindu The India Express The Indian Express The Print the wire Times of India TOI TOPPERS Yojana

Newsletter

The most important UPSC news and events of the day.

Get Journals daily newsletter on your inbox.

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

  • Login
  • Sign Up
  • Home
  • SNIPPETS
  • ARTICLES
  • BROWSE
  • DOWNLOADS
No Result
View All Result

© 2020 JournalsOfIndia - A free initiative by Manifest Team.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In