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.
Similar Questions
People above the age of _______ years are NOT eligible for the Pradhan Mantri Shram Yogi Mandhan Yojana.
___________ project is an ambitious Union Government Project which integrates the efforts to clean and protect the Ganga river in a comprehensive manner.
Which among the following is national water animal of India?
Pradhan Mantri Surakshit Matritwa Abhiyan provides facility of free health check-up and required treatment on _____ day of every month.
In which month of 2021 was the All India Survey on Migrant Workers under the overall guidance of an Expert Group came into effect?
The Prime Minister in August 2021 announced the fortification of rice distributed under various government schemes including the Public Distribution System (PDS) and Mid-Day-Meal scheme by the year __________.
Which organisation launched the Agricultural Marketing and Farmer Friendly Reforms Index (AMFFRI) in 2016?
Who among the following has launched the US Startup SETU programme?
Medisep is a unique and comprehensive social insurance scheme. This scheme was implemented by which state government?
The Government of India launched the ________ Initiative on 16 January 2016, with the objective of supporting entrepreneurs, building a robust start-up ecosystem and transforming India into a country of job creators instead of job seekers.
Important Questions from Government Policies and Schemes
What does PMGY stands for?
PM SVANidhi Scheme aims to empower ______.
Which state has launched the Cyber Safe Woman Campaign in January 2020 ?
From which of the following places was the ‘Suposhit Maa Abhiyan’ launched on 29th February 2020?
People above the age of _______ years are NOT eligible for the Pradhan Mantri Shram Yogi Mandhan Yojana.
