Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a social security initiative created by the Government of India to assist you ensure your family’s future with a life cover of Rs. 2 lakh.
The coverage will be for a one-year term beginning on June 1st and ending on May 31st, with the option to join / pay by auto-debit from a savings bank account in the prescribed format provided by May 31st each year.
For clients who join on or after June 1st, the coverage will begin on the date of the account holder’s request and terminate on May 31st, next year.
In the event of joint accounts, each account holder can purchase separate covers of Rs.2 lakhs by paying a separate premium per life.
Eligibility:
The scheme is open to YES BANK savings bank account holders aged 18 to 50 who have consented or enabled auto-debit for the scheme.
Policy period:
The cover will be for one year, beginning on June 1st and ending on May 31st. The bank will auto-debit the applicable premium from the subscriber’s savings account.
Premium:
The Ministry of Finance has altered the premium payment system quarterly, based on the account holder’s request date. The redesigned structure is shown below:
Payment Mode:
The bank will deduct the premium automatically from the subscriber’s savings bank account.
Risk Coverage:
The Nominee is entitled to the sum assured of Rs. 2,00,000 in the event of the Insured member’s death due to any reason. Except in circumstances of accidental death, no claims are allowed for deaths occurring within the first 30 days of the entry date.
Maturity Benefit:
There is no survival or maturity benefit payable under the PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
Incompleteness of Waiting Period:
Under this plan, the firm is not required to make a benefit payment under the policy if the death occurs during a 30-day waiting period for reasons other than an accident.
Suicide exclusions:
If the Life Assured dies by suicide within twelve months of the date of risk commencement or the Date of Revival of the Policy, as applicable, the Policyholder’s Nominee or Beneficiary shall be entitled to 80% of the total Premium paid until the date of death under the Policy death or Surrender Value available as on the date of death, whichever is greater, provided the Policy is in force. We will not be required to pay any interest on this sum.
Termination of assurance:
The guarantee on the member’s life shall cease on any of the following events, and no benefit will be payable thereunder:
On reaching the age of 55 (nearing birthday), subject to annual renewal until that date (admission is not permitted beyond the age of 50).
Closure of a bank account or insufficient amount to maintain insurance coverage.
If a member has several PMJJBY accounts and receives premiums from other insurers, their insurance coverage will be limited to ₹2 Lakh. Any premiums paid for duplicate insurance(s) would be lost.
Frequently Asked Questions
What is the Waiting Period for this plan?
If a death occurs during a 45-day waiting period for reasons other than accident, the Company is not obligated to make a benefit payment under the policy.
Individual members are subject to a waiting period that begins on the date they join. The waiting period applies just once upon first enrollment in the program from any insurer and is not re-imposed upon subsequent renewals of coverage.
What is the Pradhan Mantri Jeevan Jyoti Bima Yojana?
This is a non-linked, non-participating, one-year renewable term insurance policy. This policy has been developed to match the life insurance coverage standards outlined in the “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)” scheme announced by the Government of India.
How will the premiums be paid?
The premium will be debited from consumers’ FPB savings accounts at the moment the insurance is issued. A standing instruction will be in place for all future premium payments.
What is the nature of the scheme?
The scheme is a one-year term life insurance policy that is renewable year after year and provides life insurance coverage for death due to any cause.
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