Pradhan Mantri Jeevan Jyoti Bima Yojana is one the most affordable insurance policies available. It has an annual premium of Rs 436, and a per day premium of less than Rs 4. 

This insurance policy aims to offer insurance coverage to people at a minimal cost. In the unexpected event of death of policy holder, the family receives up to Rs 2 lakh. 

The minimum age for this policy is 18 years and the maximum age is 55 years. One must have a bank account to avail this policy. 

Pradhan Mantri Jeevan Jyoti Bima Yojana offers one-year life insurance coverage and it needs to be renewed annually. 

Before availing this policy, one must declare any serious health conditions. 

The annual premium for PMJJBY is Rs 436, with the insurance period beginning from 1st June of a year to the 31st May of next year.