Launched: 9 May 2015
Main Objective: Provide life insurance cover to all Indian citizens

Pradhan Mantri Jeevan Jyoti Bima Yojana is a government backed life insurance scheme in India aimed at increasing the penetration of life insurance cover in India. The scheme is open and available to all Indian citizens between the age of 18 to 50 years.

Under the scheme, the policy holder can get a life insurance cover of Rs. 2 Lakh with an annual premium of just Rs. 330 excluding service tax. All the Indian citizens between 18-50 years of age with a saving bank account are eligible to avail the scheme.


  1. The banks have complained that revenue received will be very low.
  2. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs.
  3. Since this is a group insurance scheme, banks have not received instruction regarding cases where excessive claims are in a year.
  4. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining.

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