Question
Download Solution PDFWhich of the following schemes is available to people in the age group of 18 to 50 years and provides risk coverage of ₹2 lakh in case of death of the insured, due to any reason, at an annual premium of ₹436?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Key Points
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
- The government of India launched Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) on 09 May 2015.
- It was proposed by the Finance(Arun Jaitley) Minister in the 2015 budget speech.
- It comes under the Ministry of Finance.
- It was a government-backed life insurance scheme in India
- In case of the death of the insured person, the next eligible beneficiary is provided with a death benefit including a death coverage of Rs. 2,00,000.
- Aim - PMJJBY was launched to increase the reach of life insurance among citizens.
Additional Information
- Other details of PMJJBY;
|
Primary KYC |
Aadhaar will be the primary KYC |
|
Entry age |
Min – 18 yrs (on the date of enrollment), Max- 50 yrs(Age near Birthday) |
|
Maximum maturity age |
Completion of 55 years (Age near Birthday) |
|
Coverage terms |
1 year (renewable) – June 1 to May 31 each year |
|
Sum assured |
Maximum coverage of Rs. 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme. The cover of Rs 2 lakh comes at less than one rupee per day. |
|
Premium |
Rs. 436 |
| Premium payment mode | Annual. However, the 1st-year premium depends on the quarter in which the scheme is opted for. |
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