Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme for the age group of 18-50 covering both natural and accidental death risk of Rs. 2 lakh for a premium of Rs. 330 per year (less than Rs. 1/day). i.e. it will cover all the savings account holders of the age group 18-50 for death due to any cause.
This scheme is offered through LIC of India or other Life Insurance companies that are willing to offer life insurance on similar terms.
The scheme was launched in simultaneous functions held at 115 venues across the country on 9 May 2015. This is different from the Pradhan Mantri Suraksha Bima Yojna (PMSBY) scheme launched on the same day covering all the savings account holders of the age group 18 to 70 for accidental disability or death of Rs.2 Lakh for a premium of just Rs. 12 per year (i.e. Rs 1/month as premium).
More details may be seen here.