Short Note – Pradhan Mantri Jeevan Jyoti Bima Yojana



Hello and welcome to ExamPundit. Apart from Pradhan Mantri Suraksha Bima Yojana, Finance Minister Shri Arun Jaitley announced Pradhan Mantri Jeevan Jyoti Bima Yojana in the Union Budget 2015-16. 


Here are the highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana:


Eligibility:
  • Available to people in the age group of 18 to 50 and having
    a bank account. People who join the scheme before completing 50 years can,
    however, continue to have the risk of life cover up to the age of 55 years
    subject to payment of premium.

Premium: 
  • Rs.330 per annum.  It
    will be auto-debited in one installment.

Payment Mode: 
  • The payment of premium will be directly auto-debited by the
    bank from the subscribers account.

Risk Coverage:
  • Rs.2 Lakh in case of death for any reason.

Terms of Risk Coverage:
  • A person has to opt for the scheme every year.  He can also prefer to give a long-term option
    of continuing, in which case his account will be auto-debited every year by the
    bank.

Who will implement
this Scheme?
  • The scheme will be offered by Life Insurance Corporation and
    all other life insurers who are willing to join the scheme and tie-up with
    banks for this purpose.

Government
Contribution:

  • Various other Ministries can co-contribute premium for
    various categories of their beneficiaries out of their budget or out of Public
    Welfare Fund created in this budget out of unclaimed money.  This will be decided separately during the
    year.
  • Common Publicity Expenditure will be borne by Government.



More or less, it is quite similar to Pradhan Mantri Suraksha Bima Yojana. The differences are, premium, age eligibility, insurance cover & terms and finally the Pradhan Mantri Jeevan Jyoti Bima Yojana will be offered specifically by LIC and other Interested Life Insurance Companies.


It is very important for the Insurance and Banking Exams in 2015. The PDF is not given at this moment. It will be given later!!




Pradhan Mantri Suraksha Bima Yojana –


https://www.exampundit.in/2015/03/short-note-pradhan-mantri-suraksha-bima-yojana.html


Atal Pension Yojana –


https://www.exampundit.in/2015/03/short-note-atal-pension-yojana-2015.html

Regards

Team ExamPundit

Books For 2015 Banking/Insurance Exams