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    Question

    Which of the following statements is/are correct about “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)”?

          I.        The PMJJBY is available to people in the age group of 18 to 50 years having a bank account.

        II.        The life cover of Rs. 5 lakhs shall be for the one-year period stretching from 1st June to 31st May and will be renewable. 

       III.        Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. 

    The premium is Rs. 436 per annum which is to be auto-debited in one instalment 

    A I, III and IV only Correct Answer Incorrect Answer
    B II and III only Correct Answer Incorrect Answer
    C I and IV only Correct Answer Incorrect Answer
    D All of the above Correct Answer Incorrect Answer

    Solution

    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. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason. The premium is Rs. 436 per annum which is to be auto-debited in one instalment from the subscriber’s bank account.

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