The Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people in the age group of 18 to 50 years (life cover up to age 55) having a bank account who give their consent to join / enable auto-debit. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one instalment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. In case an individual has multiple accounts with one or different banks, then he/she would be eligible to join the scheme through one savings bank account only.
The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.