Home » » Pradhan Mantri Jeevan jyoti Bima Yojna (PMJJBY) Details | Scope of Coverage | Benifits | Eligibility

Pradhan Mantri Jeevan jyoti Bima Yojna (PMJJBY) Details | Scope of Coverage | Benifits | Eligibility

Pradhan Mantri Jeevan jyoti Bima Yojna (PMJJBY)

Details of the scheme:

The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason.

Scope of coverage:

All savings bank account holders in the age 18 to 50 years in any Nationalized or Private Bank will be entitled to join. 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.

Enrolment period:

The Life Cover will be on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will be required to enroll and give their auto-debit consent by 31st May 2015. Late enrollment for prospective cover will be possible up to 31st August 2015, which may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015. Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.

Benefits:

Rs.2 lakhs is payable on member’s death due to any reason .If the Scheme Member dies during Insurable Membership, subject to Policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid and subject to any restrictions or qualifications referred to in these Clauses, the amount specified as the Sum Assured for such Scheme Member shall become due to the Nominee of the Scheme Member. No Maturity benefit is payable under the policy. No Surrender benefit is payable under the policy.

Premium:

Rs.330/- per annum per member. 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. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years. The scheme is liable to be discontinued prior to commencement of a new future renewal date, if circumstances so require.

Eligibility Conditions:

Any person who satisfies all of the following conditions shall be eligible to participate in the Scheme.
  • Person is not aged less than 18 years as set out in the Schedule,
  • Person is not aged more than 50 years as set out in the Schedule,
  • Person who has savings bank account with the Policyholder with sufficient balance,
  • Person who is not already insured under the PradhanMantriJeevanJyotiBimaYojana by any other insurer,
Death Claim:

The Insurer shall pay the Claim amount in relation to the Death Benefit in the name of the Nominee of the deceased Scheme Member.
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