(3) The Pradhan Mantri JeevanJyoti Bima Yojana (PMJJBY)offers a renewable life insurancecover of Rs 2 lakhwith just a mere premium ofRs 330. Any Indian residentwithin the age group of 18 to50 years is eligible to avail thescheme, provided he or shehas a saving bank accountwith which the scheme wouldbe attached.