Pradhan Mantri Jeevan Jyoti Bima Yojana

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rdf:langString Pradhan Mantri Jeevan Jyoti Bima Yojana (Prime Minister Jeevan Jyoti Insurance Scheme) is a Government-backed Life insurance scheme in India. It was originally mentioned in the year 2015 Budget speech by the then-Finance Minister, late Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number. Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of ₹436 (US$5.50). The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount will be automatically debited from the account on or before 31 May every year. Period for which insurance covered is 12 months i.e, from 1 June till 31 May. Those who register for auto debit facility will have auto renewal up to 55 years. However, a person over age 50 cannot register to this scheme. There is no need for a person to submit health report or certificate while joining to this scheme. In case of death due to any cause, the payment to the nominee will be ₹2 lakh (US$2,500). In order to avail of the benefits offered by the Pradhan Mantri Jeevan Jyoti Bima Yojana policy, it is mandatory to link your Aadhaar Card to the participatory bank account. This scheme will be linked also to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The Government aims to reduce the number of such zero balance accounts by using this and related schemes. Now all bank account holders can avail this facility through their net-banking service facility or filling a form at the bank branch at any time of the year. The premium is deducted automatically from the insured's bank account. Insured's family members will receive a sum insured of ₹2 lakh after insured's death.