Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India that aims to provide life insurance coverage to people who are in the age group of 18 to 50 years old and have a savings bank account. The scheme was launched on May 9, 2015, by the Prime Minister of India, Narendra Modi. 

Under the PMJJBY scheme, a life insurance cover of Rs. 2 lakhs is provided to the policyholder at an affordable premium of Rs. 436 per year. The scheme is administered by Life Insurance Corporation of India (LIC) and other participating public and private sector insurance companies.

The main objective of the scheme is to provide life insurance coverage to people who are not covered by any other life insurance scheme and to encourage people to save money and secure their future. The PMJJBY scheme is available to all savings bank account holders who give their consent to join and agree to pay the annual premium.

The scheme is renewable on an annual basis and the premium is automatically deducted from the policyholder’s bank account. In case of the unfortunate death of the policyholder, the insurance amount of Rs. 2 lakhs is paid to the nominee of the policyholder.

Overall, the PMJJBY scheme is a great initiative by the government to provide life insurance coverage to people at an affordable cost and encourage people to save for their future.