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CS Professional · Banking and Insurance - Laws and Practice · Various Government Schemes

Meena, aged 45, enrolled in the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) through her savings bank account in May 2024 with auto-debit. Which statement about her cover is correct?

PMJJBY is a one-year renewable group term life policy giving Rs 2 lakh on death due to any cause, with premium auto-debited from the bank account each year. It is not limited to accidental death and offers no maturity benefit.

  1. AThe cover is for one year, renewable annually, with a sum assured of Rs 2 lakh on death due to any causeCorrect
  2. BThe cover is lifelong with a single premium paid at enrolment
  3. CThe cover pays Rs 2 lakh only on accidental death
  4. DThe cover is for five years with a fixed premium and a maturity benefit

Explanation

PMJJBY is a one-year renewable term life cover for ages 18-50 giving Rs 2 lakh on death from any cause, with premium auto-debited annually. The accidental-only option describes PMSBY. The lifelong and maturity options do not fit a pure term scheme.

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