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 the date of debit of premium from the insured member’s account for joining the scheme.
| Scheme | Pradhan Mantri Jeevan Jyoti Bima Yojana [PMJJBY] | ||||||
| Plan Type | Group Term Insurance Plan linked to Saving Bank Account | ||||||
| Key Highlights: |
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| Insurance Company | M/s SUD Life Insurance. | ||||||
| Entry Age | Minimum :- 18 years Maximum :- 50 years |
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| Tenure of Policy | 1 year, Renewal every year , Maximum upto the age of 50 years (as on last birthday). |
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| Sum Assured | Rs. 2 Lac | ||||||
| Scheme Launch Date | 1st June 2015 | ||||||
| Anniversary Date | 1st June every year. | ||||||
| Coverage | Death due to any cause. | ||||||
| Benefits |
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| Premium Rates | Rs 330/- Please note that full premium is payable irrespective of day of joining the scheme. |
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| Lien Period | 45 days from the date of enrolment into the scheme (entry date/date of commencement of insurance cover) | ||||||
| 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. |
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| Website | http://www.jansuraksha.gov.in/Files/PMJJBY/English/About-PMJJBY.pdf | ||||||
| Application form | http://www.jansuraksha.gov.in/Files/PMJJBY/English/ApplicationForm.pdf#zoom=250
Forms are available in different languages – English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil. |
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| National toll free numbers | 1800 110 001 / 1800 180 1111 | ||||||
| State Wise Toll Free Number | Andhra Pradesh : 1800-425-8525 Andhra Bank
Telangana : 1800-425-8933 State Bank of Hyderabad |
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| Process | 1. Log in to net banking. 2. You will be shown PMJJBY at the relevant space. 3. Select the account through which you wish to pay your premium. 4. Policy cover amount, premium amount and nominee details (as per the selected account) will be displayed. You can choose to replicate the savings account nominee or add a new nominee. 5. Click on the following declarations/details: *Good health declaration. *Terms & & Conditions/Scheme Details/FAQs. *”I do not hold any other policy of the same”. 6. Click on ‘Continue’. You will then be shown the complete details of the PMJJBY scheme you have registered for. 7. If you are okay with the scheme registration details displayed, click on ‘Confirm’. 8. Download the acknowledgement, which carries a unique reference number. 9. Do save the acknowledgement document for future reference. |
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| Attachments | Application form English Brochure in English SBH Details and Rules of PMJJBY |