There are many insurance beneficial schemes which can be chosen and Pradhan Mantri Jeevan Jyoti Bima yojana (PMJJBY) is one of them. It is non-inked, non-participating, one-year renewable group term insurance plan. Any person in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account who give their consent to join and enable auto-debit. 

According to the government website, under this scheme, life cover of Rs 2 lakh is available for a one year period stretching from 1st June to 31st May at a premium of Rs 330 per annum per member and is renewable every year. It is offered and administered through LIC and other Indian private Life Insurance companies. For enrolment, banks have tied up with insurance companies. Participating Bank is the Master Policyholder. 

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The premium paid deducts from the account holder’s bank account through the auto debit facility in one instalment, as per the consent to be given on enrolment.

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The cover under PMJJBY is for death only and hence benefit will accrue only to the nominee. PMJJBY is a pure term insurance policy, which covers only mortality with no investment component.