1) The Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government life insurance scheme that provides Rs. 2 lakhs of life coverage for one year at an annual premium of Rs. 330. 2) It is available to people between 18-50 years of age with a bank savings account, with premiums automatically deducted each year. 3) While the scheme aims to provide affordable coverage, limitations include the maximum coverage of Rs. 2 lakhs being inadequate and no coverage past age 55.