The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY scheme is open to those aged 18 to 50 with an active bank account, provided they opt-in for auto-debit. Aadhar serves as the main identification for the account. Subscribers get a one-year life insurance of Rs. 2 lakh from 1st June to 31st May, which they can renew. This insurance offers a Rs. 2 lakh payout if the insured dies for any given reason. Subscribers are charged an annual fee of Rs. 436, directly withdrawn from their bank by 31st May each year. The Life Insurance Corporation, alongside other insurers who meet required conditions and collaborate with banks, presents this scheme. By 30.06.2022, banks have recorded over 13.11 crore enrollments in PMJJBY, after necessary checks. Out of 6,21,372 claims made, 5,92,192 have been paid out.
Information source
https://financialservices.gov.in/new-initiatives/schemes
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