The Government of India has announced PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA(PMJJBY) Scheme about life insurance of All savings bank account holders in the age of 18 to 50 years.The PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA(PMJJBY) scheme details as follows.
Benefits: Rs.2 lakhs is payable on member’s death due to any reason.
DETAILS OF THE PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA-PMJJBY SCHEME
- The scheme will be a one year cover, renewable from year to year,Insurance Scheme offering life insurance cover for death due to any reason.
- The scheme would be offered / administered through LIC and other Life Insurance companies willing to offer the product on similar terms with necessary approvals and tie ups with Banks for this purpose.
- Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.
Premium Details of PMJJBY-PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA Scheme
- Rs.330/- per annum per member.
- 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.
- The premium would be reviewed based on annual claims experience.
- However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.
Who are eligible for this PMJJBY Scheme
- The savings bank account holders of the participating banks aged between 18 years (completed) and 50 years(age nearer birthday) who give their consent to join / enable auto-debit, as per the below modality, will be enrolled into the scheme.
- Individuals who join after the initial enrollment period extending up to 31st,August 2015 or 30th,November 2015, as the case may be, will be required to give a selfcertification of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.
Enrolment Modality:
- The cover shall be for the one year period stretching from 1st,June to 31st,May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st,May of every year, with the exception as above for the initial year. Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a selfcertificate of good health.
- 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 proforma.
- In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.