Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme initiated by the government that offers life insurance cover to savings bank account holders aged 18 to 50 years and pays a lump sum of Rs 2 lakh on death.

Objective of the Scheme: This scheme provides financial assistance to the family in case of death.   

Eligibility: All savings bank account holders between 18 to 50 years of age.

Cover: Life insurance coverage of Rs 2 lakh.

Premium: The premium of Rs 436 is paid every year, deducted from the savings account by auto-debit.

 Benefit:
• Payment of Rs 2 lakh in case of death.
• No medical examination is required to enter the scheme.
• The scheme is simple to join and can be renewed annually.

How to join:
• By going to your bank branch or online application.
• You must have a savings bank account in order to join the scheme.
• You may also avail details on Bank of Baroda website .
Additional Information:
•The scheme was introduced on May 9, 2015.
•For further details, you may visit Jan-Dhan Se Jan Suraksha website.
•Or you can call toll free number 18001801111.