PMJJBY stands for Pradhan Mantri Jeevan Jyoti Bima Yojana. It is a life insurance scheme launched by the Government of India in 2015. The scheme aims to provide life insurance coverage to individuals in the age group of 18-50 years, with an annual premium of just INR 330 (which is roughly equivalent to $4.5).
The scheme provides a life insurance cover of INR 2 Lakh (which is roughly equivalent to $2700) to the nominee of the subscriber in the event of death due to any reason. The scheme is available to all savings bank account holders and is offered through participating banks. The scheme is implemented through the Life Insurance Corporation of India (LIC) and other insurance companies.
The scheme is voluntary and can be enrolled through the bank account holder’s savings account. The scheme provides an opportunity to the uninsured population of the country to get coverage at an affordable premium. This scheme is expected to benefit a large number of people, especially those who are economically weaker sections of the society and do not have access to life insurance coverage.
The scheme is also linked with the Pradhan Mantri Jan Dhan Yojana, which is a flagship financial inclusion scheme of the Government of India. The scheme aims to provide affordable insurance to the unbanked population of the country, and it is expected to reach out to millions of people who do not have access to insurance coverage.
In conclusion, PMJJBY is a government-backed life insurance scheme launched in 2015, which aims to provide affordable coverage to individuals aged between 18-50 years in India. It is implemented through the Life Insurance Corporation of India and other insurance companies, and it is offered through participating banks. The scheme is aimed to provide financial protection to the economically weaker sections of the society and the unbanked population of the country.