PMJJBY Disburses Rs 17,600 Crore Since 2015 Launch: LIC Report
Pradhan Mantri Jeevan Jyoti Bima Yojana provides life cover to millions of Indian families.
Source: GNews PM SchemeThe Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) has disbursed a significant amount of Rs 17,600 crore to families since its launch in 2015. This data was reported by the Life Insurance Corporation (LIC) of India. PMJJBY is a government-backed life insurance scheme aimed at providing affordable life cover to people in the age group of 18 to 50 years. It offers a life cover of Rs 2 lakh upon the death of the insured member due to any cause. The scheme plays a crucial role in enhancing financial security and inclusion for vulnerable sections of society across India.
- PMJJBY was launched on May 9, 2015, by Prime Minister Narendra Modi.
- The scheme provides a life insurance cover of Rs 2 lakh upon the death of the insured.
- The annual premium for PMJJBY is Rs 436, which is auto-debited from the subscriber's bank account.
- Individuals aged between 18 and 50 years with a bank account are eligible to enroll in the scheme.
- The scheme is offered by LIC and other private life insurance companies through participating banks.
A government-backed life insurance scheme in India, launched in 2015, offering a Rs 2 lakh life cover for an annual premium of Rs 436 to individuals aged 18-50 years with a bank account. It aims to provide affordable financial security.
An Indian state-owned insurance and investment corporation. Founded in 1956, its headquarters are in Mumbai. It is the largest life insurer in India and plays a key role in implementing government insurance schemes.
The process of ensuring access to appropriate financial products and services, needed by all sections of society, at an affordable cost, in a fair and transparent manner. PMJJBY contributes to this by providing insurance.
Exams frequently test the launch year, premium amount, cover amount, and age eligibility criteria of major government social security schemes like PMJJBY.
Remember PMJJBY as 'PM's Jeevan Jyoti' (Life Light) 'Bima Yojana' (Insurance Scheme) bringing light and security to lives with a Rs 2 lakh cover.