Pradhan Mantri Jeevan Jyoti Bima Yojana - Wikipedia Pradhan Mantri Jeevan Jyoti Bima Yojana Pradhan Mantri Jeevan Jyoti Bima Yojana Country India Prime Minister ( s ) Narendra Modi Launched 9 May 2015 ; 3 years ago ( 2015 - 05 - 09 ) Pradhan Mantri Jeevan Jyoti Bima Yojana 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. Contents 1 Overview 2 Results 3 Criticism 4 See also 5 References Overview 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 $4.80 ). 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 $2,900 ). This scheme will be linked only 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. Results As of 30 MAY 2018, 5.33 crore people have already enrolled for this scheme. 60,422 claims have been disbursed against 63,767 claims received. Criticism The banks have complained that revenue received will be very low. Some bankers have claimed that amount they are receiving is not sufficient to cover the service costs. Since this is a group insurance scheme, banks have not received instruction regarding cases where excessive claims are in a year. Insurers have also pointed out that no health certificate or information of pre-existing disease is required for joining. See also Pradhan Mantri Jan Dhan Yojana, a financial inclusion scheme in India Pradhan Mantri Suraksha Bima Yojana, a related accident insurance scheme Atal Pension Yojana, a related pension scheme References ^ Jump up to : `` Jan Suraksha : Social security for masses, pricing woes for insurers ''. Business Standard. 9 May 2015. Retrieved 9 May 2015. ^ Jump up to : `` Banks advertise Pradhan Mantri Bima Yojana ahead of the roll out ''. Live Mint. 8 May 2015. Retrieved 9 May 2015. ^ Jump up to : `` ' Jan Suraksha schemes to help eliminate Jan Dhan 's zero balance accounts ' ''. Business Standard. 8 May 2015. Retrieved 9 May 2015. Jump up ^ `` ' Pradhan Mantri Suraksha Bima Yojana : Accidental death, disability cover@Rs 12 p.a ' ''. Economic Times. 22 September 2016. Retrieved 22 September 2016. Jump up ^ `` Pradhan Mantri Jeevan Jyoti Bima Yojana stats ''. Jan Suraksha. Retrieved 30 April 2017. 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You can help Wikipedia by expanding it. Retrieved from `` https://en.wikipedia.org/w/index.php?title=Pradhan_Mantri_Jeevan_Jyoti_Bima_Yojana&oldid=843643690 '' Categories : Modi administration initiatives Government schemes in India Social security in India Life insurance in India 2015 introductions 2015 in India India stubs Talk Contents About Wikipedia हिन्दी ଓଡ଼ିଆ తెలుగు Edit links This page was last edited on 30 May 2018, at 13 : 57 ( UTC ). About Wikipedia

Question: what is pradhan mantri jivan jyoti bima yojana (pmjjby)
Answer: a government-backed Life insurance scheme in India