New Enroll for RBI, PFRDA & NABARD Intro Class! April 18 at 9:15 PM

    Question

    Which of the following statements is true regarding the

    renewal of the PMJJBY scheme?
    A The scheme offers a life cover of Rs. 2 lakhs for a two-year period. Correct Answer Incorrect Answer
    B The premium for the scheme is Rs. 436 per month. Correct Answer Incorrect Answer
    C The renewal period for the scheme is from 1st June to 31st May of each year. Correct Answer Incorrect Answer
    D Renewal of the scheme requires the subscriber's consent to join and enable auto-debit. Correct Answer Incorrect Answer
    E The scheme is exclusively offered by the Life Insurance Corporation and no other insurers are involved. 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 is the primary KYC for the bank account. The life cover of Rs. 2 lakh is for the one year period stretching from 1st June to 31st May and is 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 installment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by the 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.

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