Introduction:
The Pradhan Mantri Jan Dhan Yojana (PMJDY) is a financial inclusion program launched by the Indian government in 2014. It aims to provide access to basic financial services such as banking facilities, remittance services, credit, insurance, and pension to the unbanked population of the country. The PMJDY Life Insurance Scheme is one of the components of this program, which offers life insurance coverage of Rs. 30,000 to eligible individuals.

Explanation:
Under the PMJDY Life Insurance Scheme, certain categories of individuals are not covered. Let's discuss each option mentioned and see why they are not covered:

a) Employees of Central / State Govt. / Public Sector Undertakings / Banks:
Employees of Central and State Government, Public Sector Undertakings (PSUs), and Banks are excluded from the PMJDY Life Insurance Scheme. These employees usually have access to other insurance schemes provided by their respective employers, such as group insurance or employee welfare schemes. Therefore, they are not eligible for the life insurance coverage under PMJDY.

b) Income Tax Payee:
Income tax payees are individuals who are liable to pay income tax to the government based on their income. The PMJDY Life Insurance Scheme does not cover income tax payees because they are expected to have the financial means to purchase their own insurance coverage. The scheme primarily targets economically weaker sections of society who may not have access to such financial resources.

c) Aam Aadmi Bima Yojana beneficiaries:
The Aam Aadmi Bima Yojana (AABY) is a social security scheme provided by the government of India. It offers life and disability insurance coverage to rural landless households and marginalized sections of society. Individuals who are already beneficiaries of the AABY scheme are not covered under the PMJDY Life Insurance Scheme. This is to avoid duplication of benefits and ensure that different government schemes cater to different target groups.

d) All of the above:
The correct answer is option 'D' - All of the above. The individuals mentioned in options a, b, and c (employees of Central/State Govt./ PSUs/Banks, income tax payees, and AABY beneficiaries) are not covered under the PMJDY Life Insurance Scheme. The scheme is primarily focused on providing insurance coverage to economically weaker sections of society who do not have access to such benefits through their employment or other schemes.

In conclusion, the PMJDY Life Insurance Scheme does not cover employees of Central/State Govt./PSUs/Banks, income tax payees, and AABY beneficiaries. These exclusions are in place to ensure that the scheme reaches the intended target group of economically weaker sections of society.