Wednesday, June 3, 2015

Pradhan Mantri Jeevan Jyoti Bima Yojana.

Introduction:
 
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 1st June 2015 and shall be renewed annually.

 Key Highlights:

 •    Protection at an affordable cost

•   Instant processing: No medical examination required

•   Easy enrolment: Enrolment based on a simplified proposal form.
Plan at a Glance
Age at Entry
Min: 18 years (Age last birthday) 
Max: 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).



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 policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to your bank account. The premium amount of Rs. 330 is payable for the cover period of 1st June to 31st May. This premium is subject to change as specified by the Government of India from time to time.

In case members wish to join the scheme post policy commencement date, he/ she can do so with the payment of full year’s premium and submission of self certificate of good health. The enrolment rules would be as specified by the Government of India from time to time.

Exclusions:
No Exclusions.

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.


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