Explanation:

 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY): Administered by the Ministry of FInance 

Launched on 9th May, 2015.
These schemes are offered/administered through both public and private sector insurance companies, in tie up with scheduled commercial banks, regional rural banks and cooperative banks.
PMJJBY:
It offers a renewable one-year term life cover of Rupees Two Lakh to all account holders in the age group of 18 to 50 years, covering death due to any reason, for a premium of Rs. 330/- per annum per subscriber, to be auto debited from subscriber’s bank account.
PMSBY:
It offers a renewable one-year accidental death cum disability cover to all subscribing bank account holders in the age group of 18 to 70 years for a premium of Rs. 12/- per annum per subscriber to be auto debited from subscriber’s bank account.
It provides a cover of Rs. Two Lakh for accidental death or total permanent disability and Rs One Lakh in case of permanent partial disability.
The above schemes are on self-subscription basis and involves no Government contribution.