Insurance PMJJBY

Insurance PMJJBY

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Overview

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) provides life insurance cover of ₹2 lakhs for an annual premium of ₹436/-. This Scheme is made available with an annual cover starting from June 1, 2015, renewable from year to year and provides cover for death due to any reason. The scheme would be administered through Life Insurance Corporation of India. All savings bank account holders in the age group of 18 to 50 years are entitled to join the scheme.

Eligibility & Features

  • Eligibility :
    • All savings bank account holders in the age 18 to 50 years will be entitled to join the Scheme.
  • Features :
    • ₹2 lakhs is payable on member’s death due to any reason.

Other Details

  • Premium :
    • Annual premium of ₹330/- only.
  • Enrolment Period :
    • Insurance period is from 01st June to 31st May, every year.
    • Enrolment possible on payment of full annual premium on any date.
  • Premium Payment :
    • Premium auto-debited from enrolled account centrally.
  • Scheme Validity :
    • Scheme validity will be till May 31, every year from the date of debit of premium from customers’ account.
  • Scheme Renewal :
    • In the month of May (before 31st May) every year.
  • Termination of assurance :
    • 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 inadvertently, insurance cover will be restricted to ₹ 2 Lakh and the premium shall be liable to be forfeited.
  • Enrolment mode :
    • The customers can enrolled for the scheme through Branches as offline mode, by giving a one page application form.

    • Due to insufficient balance on due date or any other administrative / technical issues if the insurance cover is ceased,the same can be continued after receiving of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and continuation of risk cover will be at the sole discretion of concerned insurance company.
    • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.
    • The summary of the amount payable under PMJJBY Scheme based on Date of Enrolment is furnished below for reference :
      • Date of Enrolment takes place in the months of
      (Coverage is up to immediately next 31st May)      		 Total Premium payable by the customer
      (A)      		 Premium payable to LIC of India
      (out of A)       		Bank’s share of incentive
      (out of A)      		 BC share of incentive
      (out of A)      		 Incentive to Bank for applications directly sourced by Branches
      (out of A)
      JUNE, JULY &AUGUST 330.00 289.00 11.00 30.00 41.00
      SEPTEMBER, OCTOBER & NOVEMBER 258.00 225.00 10.50 22.50 33.00
      DECEMBER, JANUARY & FEBRUARY 172.00 150.00 7.00 15.00 22.00
      MARCH, APRIL & MAY 86.00 75.00 3.50 7.50 11.00

Claim Process

  • Mandatory Documents :
    • Original PMJJBY Claim Form signed by nominee and branch.
    • Original PMJJBY Discharge Receipt duly filled in and signed by nominee signed across revenue stamp (₹ 1/-) affixed. Branch should also sign and certify.
    • Copy of enrolment form, attested by branch.
    • KYC of nominee attested by branch
    • KYC of the insured (deceased), attested by branch
    • Copy of Death Certificate in English, Hindi or Marathi, attested by branch.
    • Cancelled Cheque leaf / account statement / copy of front page of passbook of nominee.
  • Note :
    • If the document is not in English, Hindi or Marathi, a translated copy of the same attested by the branch shall also be submitted.
    • If the nominee is a minor, claim form shall be filled by the appointee on behalf of the minor. Contact and account details of appointee may be entered in the claim form and the claim portal.

FAQ

    • The annual premium to be paid would be ₹ 436/- only.

        If the enrolment takes place on any day during the months of –

      • a. June, July & August – Annual premium of Rs. 436/-is payable
      • b. September, October & November– 3 quarters of premium @ Rs. 114.00 i.e. Rs. 342 is payable
      • c. December, January & February – 2 quarters of premium @ Rs. 114.00 i.e. Rs. 228/-is payable
      • d. March, April & May – 1 Quarterly premium @ Rs. 114.00 is payable.
    • ₹2 lakhs is payable on a customer’s death due to any reason

    • The insurance cover under the scheme will be for one year, renewable every year, offering life insurance cover for death due to any reason.

    • All savings bank account holders of Federal Bank 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 onesavings bank account only.

    • The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment. Members may also give one-time mandate for auto-debit facility every year till the scheme is continued.

    • Insurance cover period of the scheme starts from 1st June for each year till 31 st May next year. For enrolments after 31st May, scheme validity will be till next year’s May 31 and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts.

    • Our insurance partner for PMSBY is Life Insurance Corporation of India.

    • Yes, the customer can avail this scheme though he / she already have been cover under any other insurance scheme.

    • Enrolment subsequent to this date will be possible prospectively on payment of full annual payment (as prescribed above in Q.1). For subsequent enrolments, the scheme validity will be till May, 31 next year only and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts.

    • Customers 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, irrespective of their date of enrollment.Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

    • Customer who had exited the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.

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 ₹2 Lakh and the premium shall be liable to be forfeited.

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