Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a one-year life insurance strategy, renewable from year to year, offering coverage for passing.The cover under PMJJBY is for passing only and therefore benefit will accrue only to the nominee. PMJJBY is a pure term insurance plan, which covers just mortality with no investment element.
Enrolment period :
The pay period is 1st June of every year to 31st May of following calendar year. For the cover period 1st June 2018 to 31st May 2019, readers must enrol and provide their auto-debit approval by 31st May 2018. Those linking subsequently would be able to do so with payment of total yearly premium for potential cover.
According to May 14, 2018, almost 5.35 crore people had registered under PMJJBY, and the complete number of claims received till date were almost 1,02,849.
PMJJBY is available to individuals in the age group of 18 to 50 years ( life cover up to age 55) with a savings bank accounts that give their approval to join and empower auto-debit.
Under PMJJBY scheme, life cover of Rs. two lakhs is available at a premium of Rs.330 per annum each member and is renewable each year. In the case of a joint account, all holders of the said account may join the scheme provided they meet its eligibility criteria and pay the premium in the rate of Rs.330 per person per annum.
With effect from September 1, 2018, Ministry of Finance has revised the premium payment arrangement on quarterly basis based on the petition date of the Account holder into the plan.
The revised arrangement is as follows:
The premium amount will be determined basis the date of request of the Account holder to the scheme and not in accordance with the date of debit from the account.
For e.g. if an Account holder has placed a request for PMJJBY scheme on August 31, 2018 that the yearly premium of Rs 330 will be applicable to him/ her for the full one year. Even though the debit in hisor her account will be finished in the month of September 2018.
At exactly the exact same time, if Account holder has asked for PMJJBY plot on September 1, 2018 the pro rata premium of Rs 258 will be applicable to him/ her according to revised structure.
Payment Mode: The premium will be directly auto-debited from the lender from the Account holder's Savings Account held with the Bank. This is the only mode available now. For renewal of the coverage, it is going to be auto debited between May 25 and May 31, unless the client has given the cancellation request to the lender for the coverage.
Risk Coverage: Sum assured of Rs 2 lakh on death of the Insured member for any reason is payable to the Nominee. .
Termination of confidence:
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Terms and conditions:
Below is the revised Premium Structure:
Policy shall not be issued if cellular number isn't updated in Savings Bank Account. The bank shall offer no individual intimation for the same.
The client response received through their registered mobile number will be deemed as their approval for auto-debit in their Savings Bank Account.
The private details, as required, regarding entrance into the Pradhan Mantri Jeevan Jyoti Bima Yojana will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 00002273 certifying coverage according to the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
Any information given by client if found to be untrue, the membership to the scheme shall be treated as cancelled by the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
Renewal Premium of Rs 330 including Goods and Services Tax (GST) will be auto debited in the Savings Account between May 25 and May 31 of every year. Customers who want to cancel the auto renewal have to submit such petition prior to the year. Renewal premium will be debited before the eligible age of the insured according to the scheme norms.
Joint account holders may register for the PMJJBY scheme by submitting another request for enrolment in ICICI Bank branch only.
Enrolment period :
The pay period is 1st June of every year to 31st May of following calendar year. For the cover period 1st June 2018 to 31st May 2019, readers must enrol and provide their auto-debit approval by 31st May 2018. Those linking subsequently would be able to do so with payment of total yearly premium for potential cover.
According to May 14, 2018, almost 5.35 crore people had registered under PMJJBY, and the complete number of claims received till date were almost 1,02,849.
PMJJBY is available to individuals in the age group of 18 to 50 years ( life cover up to age 55) with a savings bank accounts that give their approval to join and empower auto-debit.
Under PMJJBY scheme, life cover of Rs. two lakhs is available at a premium of Rs.330 per annum each member and is renewable each year. In the case of a joint account, all holders of the said account may join the scheme provided they meet its eligibility criteria and pay the premium in the rate of Rs.330 per person per annum.
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)-{SBI,ICICI}Bank Insurance Full Details
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY -- Strategy 2 -- for Life Insurance) are:With effect from September 1, 2018, Ministry of Finance has revised the premium payment arrangement on quarterly basis based on the petition date of the Account holder into the plan.
The revised arrangement is as follows:
- June, July and August -- Annual Premium of Rs 330 is payable
- September, October and November -- Premium of Rs 258 is payable
- December, January and February -- Premium of Rs 172 is payable
- March, April and May -- Premium of Rs 86 is payable.
The premium amount will be determined basis the date of request of the Account holder to the scheme and not in accordance with the date of debit from the account.
For e.g. if an Account holder has placed a request for PMJJBY scheme on August 31, 2018 that the yearly premium of Rs 330 will be applicable to him/ her for the full one year. Even though the debit in hisor her account will be finished in the month of September 2018.
At exactly the exact same time, if Account holder has asked for PMJJBY plot on September 1, 2018 the pro rata premium of Rs 258 will be applicable to him/ her according to revised structure.
Payment Mode: The premium will be directly auto-debited from the lender from the Account holder's Savings Account held with the Bank. This is the only mode available now. For renewal of the coverage, it is going to be auto debited between May 25 and May 31, unless the client has given the cancellation request to the lender for the coverage.
Risk Coverage: Sum assured of Rs 2 lakh on death of the Insured member for any reason is payable to the Nominee. .
Termination of confidence:
- Account holder attains age of 55 years
- Closure of account with the lender or insufficiency of equilibrium for debiting premium.
- In the event of multiple coverage under the scheme, the cover will be limited to Rs two lakh and other insurance covers are terminated and superior shall be forfeited.
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Terms and conditions:
- If a client is having multiple Savings Account with the bank, then just 1 PMJJBY policy will be issued. If multiple policies are found to exist, the premium(s) of these multiple coverages shall be reimbursed to the client's individual account and no claims could be compensated for such additional policy asks.
- For many enrolments from June 1, 2016, the risk cover will commence only after completion of 45 days from the plot enrolment date from the customer. Death due to injury will be exempted in the 45 days cooling interval.
- Customer will need to pay premium according to the scheme requirement.
Below is the revised Premium Structure:
- June, July and August -- Annual Premium of Rs 330 is payable
- September, October and November -- Premium of Rs 258 is payable
- December, January and February -- Premium of Rs172 is payable
- March, April and May -- Premium of Rs 86 is payable.
Policy shall not be issued if cellular number isn't updated in Savings Bank Account. The bank shall offer no individual intimation for the same.
The client response received through their registered mobile number will be deemed as their approval for auto-debit in their Savings Bank Account.
The private details, as required, regarding entrance into the Pradhan Mantri Jeevan Jyoti Bima Yojana will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 00002273 certifying coverage according to the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
Any information given by client if found to be untrue, the membership to the scheme shall be treated as cancelled by the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
Renewal Premium of Rs 330 including Goods and Services Tax (GST) will be auto debited in the Savings Account between May 25 and May 31 of every year. Customers who want to cancel the auto renewal have to submit such petition prior to the year. Renewal premium will be debited before the eligible age of the insured according to the scheme norms.
Joint account holders may register for the PMJJBY scheme by submitting another request for enrolment in ICICI Bank branch only.
Releted schemes :
-{SBI,ICICI}Bank Insurance){kind=link}
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