Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme. The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
Insurance Scheme offering life insurance cover for death due to any reason.
- Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility -
- All Savings Bank Account holders in the age 18 to 50 years can join this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
- Entry Age Min: 18 years last birthday Max: 50 years nearest birthday Policy Term One year renewable (Period of Insurance: 01st June to 31st May) Max Maturity Age 55 Years nearest birthday on annual renewal date Sum Assured Fixed Sum Assured of Rs.2,00,000 per Member Annual renewal Premium Rs. 330* + taxes, if any. Group Size Min: 10 members Max: No Limit.
- In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
- Aadhaar would be the primary KYC for the bank account. However, it is not mandatory for enrollment in the scheme.
- Coverage under this scheme is in addition to cover under any other insurance scheme, the subscriber may be covered.
- Pradhan Mantri Jeevan Jyoti Bima Yojana Policy period -
- From 1st June to 31st May of subsequent year.
Pradhan Mantri Jeevan Jyoti Bima Yojana Premium-
- Rs.330/- per annum per member for insurance upto Rs 2 Lacs.The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health.
Pradhan Mantri Jeevan Jyoti Bima Yojana Terms and conditions-
Surrender Benefit:No surrender benefit is payable under this plan to either the Master Policyholder or the Member. However In case of surrender of the Master Policy, Individual Members of the group, on such surrender, have an option to continue the policy as an individual policy till their coverage is terminated.
Grace Period: At the end of the one-year term, the Master Policy can be renewed within a grace period of 30 days by payment of the premium then payable and complying with the other terms and conditions specified by the Company. If the Master Policy is not renewed the policy lapses.
Suicide Claim: No exclusion on suicide death.
Termination of assurance -
The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
- On attaining age 55 years subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and submission of enrollment application in prescribed format.
- Participating Banks shall remit the premium to insurance companies in case of regular enrolment on or before 30th of June every year and in other cases in the same month when received.
