What is the accidental insurance cover on the RuPay card of a PMJDY account opened after 28 August 2018?

The correct answer is B, 28 August 2014. PMJDY, the National Mission for Financial Inclusion, was launched on 28 August 2014 with the aim of giving every unbanked household a bank account, a RuPay debit card, an overdraft facility and access to insurance and pension. Option A is wrong because 15 August 2014 is the date on which the scheme was announced from the Red Fort in the Independence Day address, and it is also the opening date of the first enrolment phase, but the launch itself came thirteen days later. Option C is wrong because 8 April 2015 is the launch date of the Pradhan Mantri MUDRA Yojana. Option D is wrong because 5 April 2016 is the launch date of Stand Up India. Mixing these three dates is the commonest error in this topic.

The correct answer is C, Rupees 436. PMJJBY gives a one-year renewable life cover of two lakh rupees payable on death from any cause, and its premium is four hundred and thirty-six rupees a year, auto-debited from the subscriber's bank account for a cover year that runs from 1 June to 31 May. Option A is wrong because twenty rupees a year is the premium of the Pradhan Mantri Suraksha Bima Yojana, the accident cover, which is the scheme most often confused with this one. Option B is wrong because three hundred and thirty rupees was the earlier premium of PMJJBY, charged until the rates were revised with effect from 1 June 2022, so it is the stale figure that older study material still carries. Option D is wrong because no Jan Suraksha scheme charges a premium of twelve hundred rupees.

The correct answer is D, 18 to 70 years. PMSBY is a one-year renewable personal accident insurance scheme open to savings bank account holders aged eighteen to seventy who consent to the auto-debit of the twenty rupee annual premium. It pays two lakh rupees on accidental death or permanent total disability and one lakh rupees on permanent partial disability. Option A is wrong because eighteen to forty years is the entry age band for the Atal Pension Yojana, which must allow at least twenty years of contribution before the pension begins at sixty. Option B is wrong because eighteen to fifty years is the entry age band for the life insurance scheme PMJJBY, whose cover continues up to the age of fifty-five. Option C is wrong because sixty is the age at which the Atal Pension Yojana pension starts, not an entry limit under PMSBY.

The correct answer is C, Pension Fund Regulatory and Development Authority. The Atal Pension Yojana is administered by the PFRDA through the architecture of the National Pension System, and it guarantees a monthly pension of one thousand to five thousand rupees from the age of sixty to subscribers who join between the ages of eighteen and forty. Option A is wrong because the Reserve Bank regulates banks and the payment system and only directs banks to enrol customers; it does not run the pension scheme. Option B is wrong because the IRDAI regulates insurers and therefore oversees the insurance companies behind PMJJBY and PMSBY, not the pension scheme. Option D is wrong because SEBI regulates the securities market, mutual funds and stock exchanges, and has no role in any of the three Jan Suraksha schemes.

The correct answer is B, Above Rupees 50,000 and up to Rupees 5 lakh. MUDRA loans are classified purely by size, and Kishore is the middle rung meant for an enterprise that is already working and needs working capital or a modest expansion. Option A is wrong because loans up to fifty thousand rupees fall under Shishu, the first rung, meant for very small or early-stage activity. Option C is wrong because loans above five lakh and up to ten lakh rupees fall under Tarun, for an enterprise scaling up its operations or buying equipment. Option D is wrong because loans above ten lakh and up to twenty lakh rupees fall under Tarun Plus, the category created after the ceiling was raised in the Union Budget of 2024-25, and it is open only to borrowers who have already taken and repaid a Tarun loan.