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Schemes for Shareholders

Kalyan Janata Sahakari Bank allocate funds from it’s each year’s profit towards implementing welfare schemes for the members of the bank as per permissible under applicable rules. These schemes are reviewed every year to meet the requirements of members of the bank. Wellbeing of the members (shareholders) has always been focus area for the bank, for which bank has formulated various schemes. The detailed terms and conditions governing the schemes are given hereunder. Members are requested to contact bank’s share department to know the latest changes / modifications or any improvements in the said schemes.

Eligibility for being shareholder :
  • Minimum shareholding: ₹ 1,000/-
  • Member should hold minimum deposit of ₹ 500/- or should have opted minimum loan facility of ₹ 1,00,000/- (as on 31st March of immediate preceding financial year)
  • Member should comply KYC requirements as per RBI guidelines.
  • Member should not invite disqualification under bye laws.
1. Financial assistance for Medical tests and operations :
2. Financial assistance to Nominee / Legal heir of the Shareholder, upon shareholder’s demise :
3. VidyarthiPravinyaPuraskar :
4. General terms & conditions :
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.
Important terms :
  • 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
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.
  • Copy of proof of date of birth of the nominee, attested by branch
  • Copy of proof of date of birth of the insured, 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.