Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), Rules, Terms and Conditions for the Pradhan Mantri Jeevan Jyoti Bima Yojana, PMJJY

Pradhan Mantri Jeevan Jyoti Bima Yojana (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 HDFC 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.
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.

Click here For - Consent-cum-Declaration Form

Click here For - Claim Form

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance) are:

Eligibility: Between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by May 31, 2015, extendable up to August 31, 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 a form acceptable to Us.
Premium: Rs. 330 (per annum).
Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ savings bank account. This is the only mode available currently.
Risk Coverage: Sum Assured of Rs. 2 Lakh on death of the Insured member for any reason is payable to the Nominee.

Termination of assurance:
Account holder attains age of 55 years
Closure of account with the Bank or insufficiency of balance for debiting premium.
In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

Terms & Conditions:
Customer should not be insured under Pradhan Mantri Jeevan Jyoti Bima Yojana under any other Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrollment in the scheme.
Customer will have to pay full annual premium even if he/she join the Scheme after the commencement of the Group Policy.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same.
The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings Account shall be debited on or before May 31, 2015.
The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima scheme will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 000022773 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.

FAQs on Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Q1. What would be the benefits under the scheme and premium payable?
Rs.2 lakhs is payable on a subscriber's death due to any reason. The premium payable is Rs.330/- per annum per subscriber.

Q2. Who will be eligible to subscribe?
All savings bank account holders in the age 18 to 50 years in participating banks 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.

Q3. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

Q4. When can the assurance on life of the member terminate?
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:
On attaining age 55 years (age near birth day), 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.
In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

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