• India Post Payments Bank (IPPB) has launched a low-cost insurance scheme ‘Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)’ for its customers to bring large sections of the underserved and unserved population into the financial mainstream.
• IPPB has collaborated with PNB MetLife India Insurance Company for this product.

PMJJBY :

• Objective: To provide protection and financial security to the poor and underprivileged, especially in unbanked and remote areas of India, in the unforeseen and unfortunate event of the loss of a family member who is primarily the breadwinner.
• Who can be the beneficiary? Anyone who has a savings account with IPPB.
• Age limit: Minimum age 18 years and a Maximum  age 50 years
• Sum assured: the maximum coverage of Rs 2,00,000 per life irrespective of multiple accounts/multiple certificates of insurance held under the PMJJBY scheme.
• Premium: Rs 330 to be paid annually
• Maximum maturity age : Completion of 55 years (Age near Birthday).