PM Narendra Modi on 9 May 2015 launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) in Kolkata, West Bengal. The scheme is intended to provide for life insurance cover to the eligible subscribers.
Key Features of PMJJBY
• It provides for an annual life insurance of 2 lakh rupees and covers death due to any reason.
• A premium of 330 rupees per annum is paid by the subscribers to enroll in the scheme.
• People in the age group of 18 to 50 years having a bank account are eligible to join the scheme.
• It will be administered through Life Insurance Corporation (LIC) and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with banks for this purpose.
• The coverage period is of one year duration starting from 1 June to 31 March of the succeding year.
• The Union Government will spend 50 crore rupees per annum between 2015 and 2020 for creating awareness about the PMJJBY and the Pradhan Mantri Suraksha Bima Yojana (PMSBY) launched on the same day to provide insurance cover for disabilities due to accidents.
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