The Government of India has introduced Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) as part of its Social Security initiatives. The scheme provides Life Insurance Cover of Rs. 2,00,000/- at an affordable annual premium of Rs. 436/-.
All Savings Bank account holders in the age group of 18 to 50 years years will be entitled to join this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
| Enrollment Period | Premium Payable |
|---|---|
| June, July & August | Rs. 436/- |
| September, October & November | Rs. 342/- |
| December, January & February | Rs. 228/- |
| March, April & May | Rs. 114/- |
Rs. 2 Lakh payable on death of the insured due to any reason.
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