Pradhan Mantri Jivan Jyoti Bima Yojana

1. Nature of the scheme

This scheme will provide one year cover which will have to be renewed every year. This insurance scheme will provide life insurance cover in case of death due to any reason. 

2.Eligible participating

All savings bank account holders in the age group of 18 to 50 years of the bank will be entitled to join it. Here the primary KYC will be for opening an Aadhaar bank account. Till the age of 55, the member will get the facility of life insurance, provided it is renewed by that year. (However, entry after the age of 50 is not possible.)

The account holder can avail insurance for himself and other family members. 

3. Premium

Rs. 330 Annual per member / share payer This premium will be deducted from the account holder's bank account by the debit process itself. Members will also have to give an ordinance to this effect once every year for the scheme to be effective. 

4. Risk Coverage:

 In case of death due to any reason, the nominee of the contribution is Rs. 2 lakh will be paid.