Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (english translation: Prime Minister Jeevan Jyoti Insurance Scheme) is a government-backed Life insurance scheme in India. It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015. It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. As of May 2015, only 20% of India’s population has any kind of insurance, this scheme aims to increase the number.Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts. It has an annual premium of ₹330 (US$4.60). The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The amount will be automatically debited from the account. In case of death due to any cause, the payment to the nominee will be ₹2 lakh (US$2,800). This scheme will be linked also to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.Now all Bank account holders can avail this facility through their net-banking service facility or filling a form at the bank branch at any time of the year.The premium is deducted automatically from the insured’s bank account. Insured’s family members will receive a sum insured of 2 lac Rupees after insured’s death.

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25 Important Schemes Launched by Modi Government

Cover Image For List : 25 Important Schemes Launched By Modi Government

In 2014, when the Bharatiya Janata Party in the country gave the responsibility of taking charge of the post of Prime Minister to Narendra Damodar Das Modi. After this, seeing the popularity of the Prime Minister, this government became known as Modi government. This government launched different schemes in the interest of the citizens of…