PMJJBY Scheme Aims for Insurance for All by 2047, Says LIC CEO
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is crucial for achieving universal insurance coverage.
Source: GNews PM SchemeThe Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a key government initiative working towards the vision of 'insurance for all' by 2047. The LIC CEO highlighted the scheme's role in providing life insurance coverage to a large segment of the population, especially those in unorganised sectors. PMJJBY offers a renewable one-year life insurance cover, providing financial security to families in case of the policyholder's demise. This scheme is vital for increasing insurance penetration and promoting financial inclusion across India.
- PMJJBY provides a life insurance cover of Rs 2 lakh for one year, renewable annually.
- The scheme is available to people aged 18 to 50 years, with a bank account.
- The annual premium for PMJJBY is Rs 436, auto-debited from the subscriber's bank account.
- It covers death due to any cause, offering financial support to the nominee.
- The scheme is offered by Life Insurance Corporation (LIC) and other private life insurers.
A government-backed life insurance scheme in India launched in 2015. It provides a renewable one-year life insurance cover of Rs 2 lakh for death due to any cause, to individuals aged 18-50 with a bank account, at an annual premium of Rs 436.
An Indian state-owned insurance and investment corporation. Founded in 1956, it is headquartered in Mumbai. LIC is the largest life insurer in India and plays a significant role in implementing government insurance schemes.
The process of ensuring access to appropriate financial products and services needed by all sections of society, especially vulnerable groups such as weaker sections and low-income groups, at an affordable cost.
Exams frequently test the objectives, eligibility criteria, and benefits of major government social security schemes like PMJJBY, PMSBY, and APY.
PMJJBY: 'Jeevan Jyoti' means 'light of life'. It provides a light (security) for life (insurance) for a small premium.