The Pradhan Mantri Jeevan Jyoti Bima Yojana is a government scheme launched on 9th May 2015 by PM Narendra Modi in Kolkata. This is a life insurance scheme introduced by the Finance Minister of India in the 2015 budget. The scheme is implemented by the Life Insurance Corporation of India (LIC).
PMJJBY was established to provide life insurance security to the poor and low-income sections of society. The scheme can be availed by people aged between 18 years to 50 years. Applicants must have a bank account to enroll in this scheme.
Anyone joining the scheme before the age of 50 years will receive life cover up to the age of 55 years subject to payment of premium. It is also mandatory for the beneficiary to link their Aadhaar card with their bank account.
The premium of this scheme is affordable for almost all income groups including EWS and BPL. The premium amount is automatically debited from the subscriber’s savings account every year in the month of May.
The insurance cover will commence from 1st June of the same year and remain valid until 31st May of the following year.
Total Premium: Rs. 436/- per annum per member
Source:
https://financialservices.gov.in/beta/en/faqs/pradhan-mantri-jeevan-jyoti-bima-yojana-pmjjby