Pradhan mantri jeevan jyoti yojana (aka pradhan mantri jeevan jyoti bima yojana) is a life insurance plan backed by the Government of India. Launched by Pradhan Mantri narendra modi in the year 2015, it is a pure term plan that has so far settled 60,422 claims securing more than 60,000 households.

Features and benefits

• It is a pure life protection plan so coverage will be given in the event of death only.
• It is specially meant to protect the underprivileged from the unfortunate, untimely death.
• The policy period is 1 year (1^St june to 31^St may) which can be renewed every year by paying premium.
• The annual premium is Rs 330 which will directly be deducted from the savings account of the policyholder.
• In the event of death of the policyholder, the nominee stands to receive a sum assured of Rs 2 lakhs.
• Maximum age of maturity is 55 years.
• No service tax is levied on the amount received as coverage under this policy.

Eligibility

Individuals falling within the age bracket of 18 to 50 years are eligible to sign up for this plan. Also one must have a savings account in an authorized bank.