This is a non-linked, non-participating, one year renewable group term insurance product. This product has been designed to meet the requirements of Government of India’s “Pradhan Mantri Jeevan Jyoti Bima Yojana” (PMJJBY) scheme. The scheme will be administered by Banks and be guided by the scheme rules as specified by the Government of India from time to time.
The insurance cover under this product will start from the date of debit of premium from the insured member’s account for joining the scheme
|Age at Entry||Minimum: 18 years (Age last birthday)
Maximum: 50 years (Age nearest birthday)
|Maximum Maturity Age||55 years (Age nearest birthday)|
|Policy Term||One year renewable|
|Sum Assured||Rs. 200,000 (Two lakhs only)|
|Premium Amounts||Rs. 330 /- (Exclusive of Service tax* and inclusive of Rs. 41 towards administrative charges of participating banks).|
|Lien Period||45 days from the date of enrolment into the scheme (entry date/date of commencement of insurance cover)|
Death Benefit: In the unfortunate event of death of the insured member during the period of cover, the sum assured will be paid. The death benefit for a member under Pradhan Mantri Jeevan Jyoti Bima Yojana cannot exceed Rs. 200,000 even in case the member is covered through multiple bank accounts or through multiple insurers. In such an event, the claim will be payable for the first application (based on the date of enrolment) and the premium on the subsequent covers is liable to be forfeited.
Maturity/ Surrender Benefit: There is no maturity or surrender benefit under this plan.
Enrolment: 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 up to 31st May of the subsequent year. Thereafter, the cover can be renewed on the 1st of 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.
Exclusions: 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
Tax Benefits: Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details