PMJJBY :- Pradhan Mantri Jeevan Jyoti Bima Yojana is a one year renewable group term insurance scheme that provides life cover at low cost to the members who has savings bank account.
Benefits payable:
Death Benefit: In case of death of the Insured Member, the fixed Sum Assured of Rs. 2,00,000 will be payable to the Nominee/ Beneficiary subject to lien period.
In case a member under Pradhan Mantri Jeevan Jyoti Bima Yojana is covered through more than one bank account and premium is received by the Insurance Company, the Insurance Cover is restricted to Rs.2,00,000 across all schemes and premium shall be liable to be forfeited.
Lien Period :- The assurance granted under the scheme is subject to an initial lien period of 45 days from the date of enrollment into the scheme by the Insured Member. No claim is admissible for deaths during the first 45 days from the date of enrollment into the scheme by the Insured Member. However the Lien Period is not applicable in case of death due to Accident.
Eligibility Criteria:-
|
Entry Age |
Min: 18 years last 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: |
*Account holders can enroll in the scheme at a later stage (post 31st August of any policy year) through payment of pro-rata premium. Minimum premium amount of Rs 86/- for one quarter is required to be paid even if a person enrolls under the scheme one or two months before the end of the policy year (i.e. if he enrolls in March, April or May).
Thus, if the enrolment takes place during the months of –
(A). June, July & August – Annual premium of Rs. 330/- is payable.
(B). September, October & November – 3 quarters of premium @ ₹86.00 i.e. Rs. 258/- is payable.
(C). December, January & February – 2 quarters of premium @ ₹86.00 i.e. Rs. 172/-is payable.
(D). March, April & May – 1 quarter premium @ ₹86.00 is payable. Lien period of 45 days shall be applicable from date of enrollment.
