Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme launched by the Government of India. Designed to be affordable, it offers a life insurance cover of ₹2 lakh with an annual premium of just ₹330 for individuals aged between 18 to 50 years. The scheme is available to people with a savings bank account who give their consent to join and enable auto-debit. PMJJBY provides a death benefit to the nominee in case of the insured's demise, ensuring financial support to the family. The initiative aims to extend insurance coverage to a larger section of the Indian population, especially those who might not have access to or the means for conventional insurance products.