PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is a one year Life insurance scheme, auto renewed every year, offering coverage for death due to any reason.
The PMJJBY scheme is available to anyone between 18 and 50 years of age and with a CSB Savings bank account. The scheme offers a sum assured of Rs. 2 lakh on death of the insured member due to any reason at an annual premium of Rs. 330 per annum. The amount will be automatically debited from the linked savings account.
An individual is allowed to take this scheme up only once, even though he may have multiple savings accounts.