Which of the following schemes is available to people in the age group of 18 to 50 years and provides risk coverage of ₹2 lakh in case of death of the insured, due to any reason, at an annual premium of ₹436?
Show answer & explanation
Correct answer: A
Explanation
The correct answer is option 1 i.e. Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY).
The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is the scheme that provides a risk coverage of ₹2 lakh in case of death of the insured due to any reason, with an annual premium of ₹436.
- This scheme is available to individuals in the age group of 18 to 50 years.
- Launched: 1st June 2015
- Objective: To provide affordable life insurance coverage to people in the lower income bracket and those who do not have access to adequate insurance.
- Sum Assured: ₹2 lakh in case of death of the insured due to any reason.
- Premium: ₹436 per annum.
- Policy Term: 1 year, renewable annually.