Pradhan Mantri Jeevan Jyoti Bima Yojana
Category of Plan :
Social Insurance (Group Term Plan)
About Jeevan jyoti Insurance Scheme:
The Jeevan Jyoti Bima Yojana will be a one year cover, renewable from year to year, This life Insurance Scheme offer risk cover for death due to any reason. Based on approval this scheme can be offered/administered through LIC and/or any other Life Insurance companies with the tie ups with Banks for this purpose.
Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers/account holders.
Scope of coverage under Jeevan Jyoti Bima Scheme:
All savings bank account holders in the age 18 to 50 years will be entitled to join ‘Jeevan Jyoti Bima Yojana’. 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.
‘Aadhar Card’ is mandatory for PMJJBY would be the primary KYC for the bank account.
Benefits of PMJJBY:
Rs.2 lakhs is payable to the nominee on member’s death due to any reason.
The savings bank account holders aged between 18 years (completed) and 50 years (age nearer birthday)
Rs.330/- per annum per member. (Auto Debit from Account is mandatory for renwal).
The premium would be reviewed based on annual claims experience.
Enrolment period under ‘Jeevan Jyoti Bima Yojana’:
Initially 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.
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:
1) On attaining age 55 years (age near birth day)
2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) If more than 1 enrollment is found under this plan (Multiple Bank Accounts), claim upto 2lakhs is payable
Nomination is allowed in this scheme
There will be no Surrender value or Maturity Value payable under the policy.
The benefits assured under the Scheme are strictly personal and cannot be assigned, charged or alienated in any way.
No loan can be granted on this life insurance policy