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Question

Difficulty: EasySocial Sector Initiatives, Welfare Schemes, and Social Security Architecture

With reference to the core provisions of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), which of the following statements are correct?

  1. It offers a life insurance cover of ₹2 Lakh in the case of death due to any cause.Answer
  2. It is available to individuals in the age group of 18 to 50 years having a savings bank account.Answer
  3. C
    Enrollment under this scheme is mandatory for all citizens opening a new savings bank account.
  4. D
    The risk cover provided under the scheme remains active up to the age of 70 years.

Answer

The correct statements are that PMJJBY offers a life insurance cover of ₹2 Lakh in case of death due to any cause, and that it is available to individuals in the age group of 18 to 50 years having a savings bank account.
The statement regarding the ₹2 Lakh death cover for death due to any cause and the statement specifying entry age between 18 and 50 years for savings account holders are both factual features of PMJJBY.

Step-by-Step Solution

1
Analyze the sum assured and coverage terms of PMJJBY.
PMJJBY provides a basic term insurance cover of ₹2 Lakh upon death due to any reason.
This establishes the financial payout and scope of coverage provided under the scheme.
2
Evaluate the target entry age and eligibility parameters.
Individuals between 18 and 50 years with an active savings account are eligible to enroll.
The entry age bracket is restricted to 18-50 years, though life cover continues up to 55 years subject to regular premium payment.
3
Assess the voluntary nature and exit age rules of the scheme.
The scheme is completely voluntary (not mandatory) and risk coverage terminates at age 55, not 70.
Confusing PMJJBY exit age (55 years) with PMSBY exit age (70 years) or assuming compulsory enrollment are common misconceptions.

Key Concept

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Eligibility and Benefits
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Topics

Social Sector Initiatives, Welfare Schemes, and Social Security Architecture