A social security scheme by the government
A social security scheme by the government
A social security scheme by the government.
Social Security Scheme : This product has been designed to meet the life insurance coverage
requirements under the provisions of “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)” scheme launched by Government of India.
Life Cover at a reasonable fixed rate : Get Life Coverage of Rs. 2 Lac at a flat premium of Rs. 330 p.a. only.
The product provides flexibility to add new members and eligible account holders can also join the scheme.
Easy enrolment process : The product ensures easy and quick process of enrolment with straight through issuance and no medicals are required.
Ease of premium payments as the premium amounts are directly auto debited by the bank from the member’s bank account.
Tax benefits : You can avail the tax benefits on the premiums paid and the benefits received subject to the prevailing provisions
under Income Tax Act, 1961. The tax benefits are subject to change as per change in Tax laws from time to time.
WHO CAN BUY?
|Minimum Entry Age||18 years (Age last birthday)|
|Maximum Entry Age||50 years (Age nearest birthday)|
|Maximum Maturity Age||55 years (Age nearest birthday)|
|Minimum/Maximum Sum Assured||Rs. 200,000 per life|
|Minimum/Maximum Premium*||Rs. 330. per annum|
|Policy Term||One year renewal|
|Lien Period||45 days from date of enrolment or re-entry into the scheme (entry date/date of commencement of insurance cover)|
* Any applicable taxes and/or any other statutory levy/ duty/ surcharge on your premiums, as notified by the Central and/or State Government from time to time as per the provisions of the prevalent tax law.
Death Benefit -
• In the event of death of the Life Insured, during the period of cover, the sum assured of Rs. 2,00,000 shall be payable to the nominee/beneficiary. The death benefit cannot exceed Rs. 200,000 in case a Member is covered through multiple bank accounts and / or with multiple insurers. In such an event, the coverage will be restricted to Rs. 200,000 (Rupees two lakhs) only by admitting the claim on the first application based on the Date of Enrolment. The premium on the subsequent covers shall be liable to be forfeited.
• In case, a death claim has already been settled by any other insurer in respect of any insured member, the Company shall not have any liability to admit any claim on the member and shall forfeit the premium(s) received in respect of the said deceased member.
• In case of death of the Member during the grace period, the death benefit would be payable to the nominee /beneficiary or legal heir, as the case may be, subject to deduction of unpaid due premium.
Lien Period -
For new Members enrolling into the scheme the risk will not be covered during the first 45 days from the Date of Enrollment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
For Members who exit and wish to rejoin the scheme, the risk will not be covered during the first 45 days from the Date of Enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
Maturity Benefit -
This plan does not offer any maturity or surrender benefit.
The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be upto 31st May of the subsequent year. Thereafter the cover can be renewed on the 1st June every year by debiting the premium to your bank account. The premium is subject to change as specified by the Government of India from time to time. In case the members wish to join the scheme post 1st of June, he/she can do so with the payment of full year’s premium and submission of requisite documents/declarations, if any, as specified by Scheme rules. The enrolment rules would be as specified by the Government of India from time to time.
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