BANKING AFFAIRS

Detailed explanation-1: -The PM Jeevan Jyoti Bima Yojana is a one-year life insurance scheme, renewable every year, offering coverage for death due to any reason and is available to people in the age group of 18-50 years (life cover up to 55 years).

Detailed explanation-2: -The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar would be the primary KYC for the bank account. The life cover of Rs. 2 lakhs shall be for the one year period stretching from 1st June to 31st May and will be renewable.

Detailed explanation-3: -PMJJBY and PMSBY are two government-backed insurance schemes in India. PMJJBY, or Pradhan Mantri Jeevan Jyoti Bima Yojana, is a life insurance scheme that provides coverage of INR 2 lakh in case of the policyholder’s death due to any reason.

Detailed explanation-4: -People with more than one Savings account can only enrol for one PMJJBY policy. The premiums will be refunded to policyholder’s account if such a case is discovered.

Detailed explanation-5: -330 per annum per member, and is renewable every year. If someone has a joint account, all the account holders can join the scheme, provided they meet its eligibility criteria and agree to pay the premium at the rate of Rs. 330 per person.