Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a government-backed life insurance scheme in India. It was launched on May 9, 2015, by Prime Minister Narendra Modi in Kolkata. The scheme is administered through public sector insurance companies and is available to people between 18 and 50 years of age who have a bank account and give their consent to join or enable auto-debit). The annual premium for the scheme is ₹436 (US$5.50), and the amount is automatically debited from the account on or before May 31 every year). The scheme provides a renewable one-year term life cover of ₹2 lakh (US$2,500) to all subscribing bank account holders in the age group of 18-50 years, covering death due to any reason. The cover period is from June 1 to May 31 every year, and those who register for auto-debit facility will have auto-renewal up to 55 years. The scheme does not require a person to submit a health report or certificate while joining. The GST is exempted on Pradhan Mantri Jeevan Jyoti Bima Yojana. The scheme was launched to increase the number of people with insurance coverage, especially the poor and underprivileged sections of society.