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?
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)
Understanding the Insurance Scheme Features
The question asks us to identify a specific insurance scheme based on its features: an age group of 18 to 50 years, a risk coverage of \(\text{\textuncia{₹}}\)2 lakh in case of death due to any reason, and an annual premium of \(\text{\textuncia{₹}}\)436. We need to examine the provided options to see which scheme aligns with all these characteristics.
Analyzing the Scheme Options
Let's briefly look at each of the options provided:
- Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY): This scheme is a life insurance plan. It typically covers death due to any reason. We need to check its age limit, coverage amount, and premium to see if it matches the question's description.
- Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM): This scheme is a pension plan aimed at unorganized workers. It provides a monthly pension after attaining a certain age. This does not match the description of a life insurance scheme covering death risk.
- Pradhan Mantri Vaya Vandana Yojana (PMVVY): This scheme is a pension scheme for senior citizens. It provides assured pension payments. This also does not match the description of a life insurance scheme for the specified age group covering death risk.
- Pradhan Mantri Suraksha Bima Yojana (PMSBY): This scheme is an accident insurance plan. It covers death or disability due to accidents, not death due to any reason. The coverage and premium structure are also different from the question's description.
Matching Features with Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY)
Let's compare the features of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) with the details given in the question:
- Age Group: The question specifies 18 to 50 years. PMJJY is available to people in the age group of 18 to 50 years. This matches.
- Risk Coverage: The question states \(\text{\textuncia{₹}}\)2 lakh in case of death due to any reason. PMJJY provides a life cover of \(\text{\textuncia{₹}}\)2 lakh in case of death of the insured person due to any reason. This matches.
- Annual Premium: The question mentions an annual premium of \(\text{\textuncia{₹}}\)436. PMJJY requires an annual premium payment (the premium amount has been revised over time, but \(\text{\textuncia{₹}}\)436 was the applicable premium for this scheme corresponding to the coverage and age bracket mentioned in the question). This matches.
Based on the comparison, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) perfectly matches all the features described in the question: age group 18-50 years, death cover of \(\text{\textuncia{₹}}\)2 lakh for any reason, and an annual premium of \(\text{\textuncia{₹}}\)436.
Therefore, the scheme being referred to is the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY).
Revision Table: Comparing Schemes
| Scheme Name | Scheme Type | Age Group | Coverage/Benefit | Premium/Contribution | Matches Question? |
|---|---|---|---|---|---|
| Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) | Life Insurance | 18 - 50 years | \(\text{\textuncia{₹}}\)2 lakh (death any reason) | \(\text{\textuncia{₹}}\)436 (annual, as per question) | Yes |
| Pradhan Mantri Shram Yogi Maan-Dhan Yojana (PM-SYM) | Pension Scheme | 18 - 40 years | \(\text{\textuncia{₹}}\)3000/month pension (after 60) | Age-specific contribution | No |
| Pradhan Mantri Vaya Vandana Yojana (PMVVY) | Pension Scheme | 60 years & above | Assured pension | One-time investment | No |
| Pradhan Mantri Suraksha Bima Yojana (PMSBY) | Accident Insurance | 18 - 70 years | \(\text{\textuncia{₹}}\)2 lakh (accidental death/disability) | \(\text{\textuncia{₹}}\)20 (annual, revised) | No |
Additional Information on Social Security Schemes
The schemes discussed, including Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY), are part of the Indian government's initiative to provide affordable insurance and pension coverage to the masses, especially the economically weaker sections. These schemes aim to enhance financial inclusion and social security.
PMJJY offers a simple and accessible way for individuals to get life insurance coverage, providing financial security to their families in case of the policyholder's unfortunate death. The enrollment process is typically linked to bank accounts.
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