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Consider the following statements related to the Pradhan Mantri Jeevan Jyoti Bima Yojana. 1. The age limit for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is minimum of 18 years and maximum of 60 years. 2. The annual premium for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is Rs 550. The premium could vary depending on the prevailing tax rates, age and location. 3. This scheme is implemented under the Ministry of Finance. Which of the above statement is/are correct?

Consider the following statements related to the Pradhan Mantri Jeevan Jyoti Bima Yojana. 1. The age limit for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is minimum of 18 years and maximum of 60 years. 2. The annual premium for PMJJBY (Pradhan Mantri Jeevan Jyoti Bima Yojana) is Rs 550. The premium could vary depending on the prevailing tax rates, age and location. 3. This scheme is implemented under the Ministry of Finance. Which of the above statement is/are correct? Correct Answer 3 only

The correct answer is 3 only.

Key Points

  • Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
    • Ministry/Department:  Ministry of Finance
    • Provides: Life Insurance
    • Eligibility: Available to people in the age group of 18 to 50 and having a bank account. Hence, Statement 1 is incorrect.
    • People who join the scheme before completing 50 years can, however, continue to have the risk of life cover up to the age of 55 years subject to payment of premium.
    • Premium:  Rs. 330 per annum.  It will be auto-debited in one installment. Hence, Statement 2 is incorrect.
    • Payment Mode: The payment of premium will be directly auto-debited by the bank from the subscriber's account.
    • Risk Coverage: Rs. 2 Lakh in case of death for any reason.
    • Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.
    • The scheme will be offered by Life Insurance Corporation and all other life insurers who are willing to join the scheme and tie-up with banks for this purpose.

Related Questions

Which of the following schemes are covered under Jan Suraksha Yojana? A. Pradhan Mantri Jan Dhan Yojana B. Pradhan Mantri Suraksha Bima Yojana C. Pradhan Mantri Jeevan Jyoti Bima Yojana D. Atal Pension Yojana Choose the correct answer:
Consider the following statements: 1. Pradhan Mantri Fasal Bima Yojana - 'Per Drop More Crop'. 2. Pradhan Mantri Krishi Sinchayi Yojana - Providing insurance cover to crops. 3. Pradhan Mantri Gram Sadak Yojana - All-Weather Road connectivity to unconnected villages. 4. Pradhan Mantri MUDRA Yojana - Aims to provide formal access of financial facilities to non-corporates, small businesses. Which of the statements given below is/are correct? 
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Which of the following components are true about tax planning?
1. Tax planning is the process of analyzing a financial plan or a situation from a tax perspective.
2. The objective of tax planning is to make sure there is tax efficiency. With the help of tax planning, one can ensure that all elements of a financial plan can function together with maximum tax-efficiency.
3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
Given below are quantities named A,B and C. Based on the given information, you have to determine the relation between the quantities. You should use the given data and your knowledge of mathematics to choose among the possible answer. Akash’s present age is six years less than Badshah’s age after nine years. The ratio of present age of Badshahand RAFTAAR is 5:9. Raftaar is 21 years younger than Denny and Denny is three years older than Honey. Square of the Honey’s present age is 1350 more than 15 times of Honey’s present age? Quantity A: What is the difference between AKASH’s present age and HONEY’s age after 16 years? Quantity B: After 6 years Mankirat’s age is twice that of Akash’s present age. Diljeet’s present age is 3.5 times of 25% of sum of present age of Mankirat and A. What is the present age of Diljeet? Quantity C: Twice of A’s present age is eight years more than that of Babbu’spresent age, then find the Babbu’s present age?
What is the annual premium (in Rs) of Pradhan Mantri Jeevan Jyoti Bima Yojana?
With reference to the Pradhan Mantri Awas Yojana (URBAN), consider the following statements. 1. It is launched by the Ministry of Housing and Urban Poverty Alleviation (MoHUPA) in Mission mode. 2. Pradhan Mantri Awas Yojana (Urban) Mission has completed its 7th anniversary this year on 25th June. 3. This scheme intends to provide housing for all in urban areas by the year 2025. Which of the statements given above is/are correct?
On January 15, 2021, the Government of India launched the third phase of Pradhan Mantri Kaushal Vikas Yojana. Which of the following points is/are INCORRECT related to this phase? 1. This scheme launched in 600 districts across all states of India. 2. This scheme envisages training of 1 crore Indian youth over a scheme period of 2020-2021 with an outlay of Rs. 120 billion. 3. The third phase was spearheaded by the Ministry of Skill Development and Entrepreneurship (MSDE). 4. Around 729 Pradhan Mantri Kaushal Kendras, empanelled non-PMKK training centres and over 200 ITIs will be rolling out training under this phase. Select the correct answer using the code given below. (A) 1 only (B) 2 only (C) 3 and 4 (D) 4 only
Consider the following statements regarding Pradhan Mantri Kisan Maan Dhan Yojana (PM-KMY): Which of the following statements is/are correct?
1. It is a Central Sector Scheme administered by the Department of Finance, Ministry of Finance.
2. The Life Insurance Corporation of India (LIC) is the Pension Fund Manager for the scheme and responsible for Pension pay out.
Select the correct answer:
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