Consider the following Statements about Pradhan Mantri Jeevan Jyoti Yojana and choose the option with correct Statements.

I- The scheme is being offered by Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

II- Aadhar would be the primary KYC for the bank account.

III- 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

Solution

Date of Launching            9th May 2015 PM Jeevan Jyoti Bima Yojana was established to provide life insurance security to the poor and low-income section of the society. This scheme can be availed by people aged between 18 years to 50 years. They must have a bank account to be eligible for Pradhan Mantri Jeevan Jyoti Bima Yojana. Anyone who joins the scheme before completing of 50 years, will have the risk of life cover up to the age of 55 years subject to payment of premium. In case of the death of the insured person, the next eligible beneficiary is provided with a death benefit including a death coverage of Rs. 2,00,000. Being a pure term insurance scheme, the Pradhan Mantri Jeevan Jyoti Yojana does not offer any maturity.