In the recent Union Budget 2015-16, Finance Minister, Arun Jaitley announced the Pradhan Mantri Jeevan Jyoti Bima Yojana. This will provide life insurance cover.
1. Individuals with minimum age limit 18 years and maximum 50 years with a bank account are eligible to open.
2. Individuals who are planning to 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.
3. The premium payment to be made each year is Rs 330. It will be auto-debited in one instalment.
4. The payment of premium will be directly auto-debited by the bank from the subscribers account.
5. This scheme will cover Rs 2 Lakh in case of death for any reason.
6. At the time of opening the account, there would be two options that would be available. One would be the option to go for auto renewal evety year or just an annual option. The choice remains with the individual.
7. 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.