<Tr> <Th> Prime Minister (s) </Th> <Td> Narendra Modi </Td> </Tr> <Tr> <Th> Launched </Th> <Td> 9 May 2015; 3 years ago (2015 - 05 - 09) </Td> </Tr> <P> Pradhan Mantri Jeevan Jyoti Bima Yojana is a government - backed Life insurance scheme in India . It was originally mentioned in the 2015 Budget speech by Finance Minister Arun Jaitley in February 2015 . It was formally launched by Prime Minister Narendra Modi on 9 May in Kolkata . As of May 2015, only 20% of India's population has any kind of insurance, this scheme aims to increase the number . </P> <P> Pradhan Mantri Jeevan Jyoti Bima Yojana is available to people between 18 and 50 years of age with bank accounts . It has an annual premium of ₹ 330 (US $4.80). The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana . The amount will be automatically debited from the account . In case of death due to any cause, the payment to the nominee will be ₹ 2 lakh (US $2,900). </P>

What is pradhan mantri jivan jyoti bima yojana (pmjjby)