Eligibility: Available to people in the age group of 18 to 50 and having a bank account. People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.

Premium:  ₹ 330 per annum.  It will be auto-debited in one instalment.

Payment Mode:  The payment of premium will be directly auto-debited by the bank from the subscribers account.

Risk Coverage: ₹ 2 Lakh in case of death for any reason.

Terms of Risk Coverage: A person has to opt for the scheme every year.  He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

Who will implement this Scheme?: The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Government Contribution:

(i)  Various other Ministries can co-contribute premium for various categories of their beneficiaries out of their budget or out of Public Welfare Fund created in this budget out of unclaimed money.  This will be decided separately during the year.

(ii)  Common Publicity Expenditure will be borne by Government.

Life insurance cover under PMJJBY: automatic bank-debit premium enrolment with annual opt-in and fixed death benefit. The scheme makes persons aged eighteen to fifty with a bank account eligible, allows extension of cover to fifty-five for those who join before fifty, requires an annual premium collected by auto-debit in a single instalment with an option for recurring yearly debits, and provides a fixed death benefit while enrolled. Implementation is by LIC and willing life insurers tied to banks; the Government may co-contribute premiums for certain beneficiaries and will fund common publicity.