Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Aadhar is the primary KYC for the bank account. The life cover of Rs. 2 lakh is for the one year period stretching from 1st June to 31st May and is renewable. Risk coverage under this scheme is for Rs. 2 lakh in case of death of the insured, due to any reason. The premium is Rs. 330 per annum which is to be auto-debited in one installment from the subscriber’s bank account as per the option given by him on or before 31st May of each annual coverage period under the scheme. The scheme is being offered by the Life Insurance Corporation and all other life insurers who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose. As on 31st March, 2017, cumulative gross enrollment reported by banks subject to verification of eligibility, etc. is over 3.10 crore under PMJJBY. A total of 62166 claims were registered under PMJJBY of which 59118 have been disbursed.
Customers can also enroll for PMJJBY from their registered mobile no by sending SMS ‘PMJJBY (last 4 digit of account number) Y’ to 8422009988
- Nominee must be as per the savings bank account. Lien clause of 45 days will be applicable.
- A small investment for a secure future Invest just Rs. 330 per annum for Life Insurance work Rs. 2 lakh.
- Age Eligibility: 18-50 years
- Period of Insurance : 1st June to 31st May.
- Annual Premium through ‘auto debit’ facility from bank account.
- It is desirable to present your claim within 30 days of the accident & claim settlement with 60 days of intimation.
- The customers already enrolled in these two schemes should maintain sufficient balance in their account as on 31st May, 2018 to avoid discontinuation of insurance coverage.
- Contact your nearest branch for details
- Secure yourself from accident risk, like 13.25 crore people have already done !
- Rs. 286.28 crore worth claims already settled !
- More than 5.22 crore people have secured the future of their loved ones. You can too !
- 79,485 families supported so far with claim settlements worth Rs. 1589.70 crores!
Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme. The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
The scheme is offered / administered by Bank of Baroda through M/s India First Life Insurance Company.
The salient features of the scheme are given below:
Eligibility: All Savings Bank Account holders in the age 18 to 50 years can join this scheme. 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.
Policy period: From 1st June to 31st May of subsequent year
Premium: Rs.330/- per annum per member for insurance upto Rs 2 Lacs. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health.
Enrollment Mode: An account holder can enroll for PMJJBY by any of the following methods
- Visiting the branch
- Visiting the BC
- Through Baroda Connect (Internet banking)
Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa.
Insurance Benefits
The details of insurance benefit are given below.
- Particulars Sum assured
- Death 2 lacs
- Termination of Assurance
The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:
- On attaining age 55 years (age neared 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 of multiple coverage under the scheme, insurance cover will be restricted to Rs. 2 Lac and the premium shall be liable to be forfeited.
Other important terms and conditions
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of UC / insurance company concerned.
- 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.
Exclusions and other details can be viewed in Master Policy
Dedicated Toll free no. for Pradhan Mantri Jan Dhan Yojana (PMJDY) customers and other Financial Inclusion scheme. 1800 102 77 88(06.00 a.m. to 10.00 p.m. IST)
For more Information on Pradhan Mantri Jeevan Jyoti Bima Yojana click here
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