PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
The Finance Minister, in the budget announcement for 2015-2016, launched the social security scheme with the poor and underprivileged as its target group. The scheme will be implemented through banks collaborating with Insurance Companies / PFRDA. In compliance with in the directives of Govt. of India, our bank has entered into an MOU with the Life Insurance Corporation of India (LIC) for PMJJBY.
Scheme Guidelines:
Plan Type | Group Term Insurance Plan Linked to Saving Bank Accoun | ||||||||||
Insurance Company | Life Insurance Corporation of India (LIC) | ||||||||||
Entry Age | Minimum – 18 Years Maximum – 50 Years | ||||||||||
Tenure of Policy | 1 Year, Renewal Every Year Renewability up to 55 years | ||||||||||
Sum Assured | Rs. 2 Lac | ||||||||||
Scheme Launch Date | 1st June 2015 | ||||||||||
Coverage Period | 1st June to 31st May (1 Year) | ||||||||||
Coverage | Death due to any cause, claims for deaths which occur during the first 30 days from the date of enrolment will not be paid, effectively meaning that the risk cover will commence only after the completion of 30 days from the date of enrolment into the scheme by the member, however ACCIDENTAL DEATH will be exempted from this guideline of 30 days. | ||||||||||
Benefits | In case of Death: Sum Assured Other Case: The scheme is a Pure Term Insurance Product, with No maturity benefit/bonus will be payable. | ||||||||||
Premium Rates |
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Claim Procedure | For detailed claim procedure and claim documents, please contact to the nearest bank branch. |
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.
- The scheme would be offered/administered through Life Insurance Corporation of India (LIC).
Scope of coverage:
- All savings bank account holders in the age group of 18 to 50 years in participating banks will be entitled to join.
- In case of multiple savings 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.
- Aadhaar would be the primary KYC for the bank account. However, it is not mandatory for enrollment in the scheme
- Coverage under this scheme is in addition to cover under any other insurance scheme, the subscriber may be covered.