Can I change my account number in pmjjby premium policy?

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA: Non-linked, Non-participating, one year renewable group term insurance plan

Are high premiums holding you back from getting your life insured?

Secure your family’s future with SBI Life – Pradhan Mantri Jeevan Jyoti Bima Yojana. Get life cover of Rs.2 lakh at a nominal premium.This plan offers –

  • Security – to cover an eventuality
  • Simplicity – easy enrollment and swift processing with no medical examination
  • Affordability – through nominal premiums across all ages

Insure your family’s future today.

Features and Advantages of pmjjby


Features

  • Protect your family’s financial security in an eventuality
  • Simplified proposal form for enrolment
  • Cover of Rs.2 lakh at a reasonable cost

Advantages

Security

  • Safeguard your family against financial difficulties

Simplicity

  • Fast enrollment and swift processing
  • No medical examination required, acceptance is based on satisfactory health declarations in the consent form

Affordability

  • Insure yourself for a cover of Rs.2 lakh at a nominal premium

Avail tax benefits*

Maturity/ Surrender Benefit:

There is no maturity or surrender benefit under this plan.

Enrolment:

The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be up to 31st May of the subsequent year. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium from your saving bank account. The premium is subject to change as specified by the Government of India from time to time.

In case a member wishes to join the scheme post 1st of June, he/ she can do so with the payment of full year’s/pro-rata premium based on month of joining and submission of requisite documents/declaration, if any, as specified by scheme rules. The enrolment rules would be as specified by the Government of India from time to time. Full year’s premium i.e. Rs 330/- would be payable at the time of renewal under the scheme and pro-rata payment would not be allowed.

Exclusions:
For new members enrolling into the scheme the risk will not be covered during the first 45 days from the date of enrollment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible

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

These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.

Who can buy

Can I change my account number in pmjjby premium policy?

yes you can change by providing details to bank.

FAQs on PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)

What is the nature of the scheme?

The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year,
offering life insurance cover for death due to any cause.

What would be the benefits under the scheme and premium payable?

Rs. Two Lakhs is payable on a subscriber death due to any cause. WEF 01/09/2018, Premium on
fresh PMJJBY will be charged on pro-rata basis as under:-
For all fresh PMJJBY done during the months of:-
Period Amount (In Rs.)
June To August 330.00
Sep. To Nov: 258.00
Dec To Feb: 172.00
March To May: 86.00
Renewal Premium will be Rs. 330.00 as before. Eligibility norms will be as before.

How will the premium be paid?

The premium will be deducted from the account holder’s bank account through ‘auto debit’
facility in one installment, as per the consent to be given on enrolment. Members
may also give one-time mandate for auto-debit every year till the scheme is in force, subject
to re-calibration that may be deemed necessary on review of experience of the scheme.

Who will offer / administer the scheme?

The scheme would be offered / administered through LIC and other Life Insurance
companies willing to offer the product with necessary approvals on similar terms, in
collaboration with participating Banks. Participating banks are free to engage any such
life insurance company for implementing the scheme for their subscribers.

Who will be eligible to subscribe?

All individual (single or joint) bank account holders in the age 18 to 50 years in participating
banks will be entitled to join. In case of multiple bank accounts held by an individual in one
or different banks, the person would be eligible to join the scheme through one bank
account only.

What is the enrolment period and 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 self-certificate 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 performa.
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.

What are the changes in the terms of insurance coverage applicable to new
subscribers in the year 2016-17?

For subscribers enrolling for the first time on or after 01st June 2016, insurance
benefit shall not be available for death (due to any cause other than accident)
occurring during the first 45 days from the date of enrolment into the scheme,. Death
due to accidental causes will be covered from day one of insurance coverage.

Can eligible individuals who fail to join the scheme in the initial year join in
subsequent years?

Yes, on payment of premium through auto-debit. New eligible entrants in future years can
also join accordingly. However, for such subscribers, insurance benefit shall not be available
for death (due to any cause other than accident) occurring during the first 45 days from
the date of enrolment into the scheme,

Can individuals who leave the scheme re- join?

Individuals who exit the scheme at any point may re-join the scheme in future years by
paying the annual premium. However, for such subscribers, insurance benefit shall not
be available for death (due to any cause other than accident) occurring during the first 45
days from the date of enrolment into the scheme.

Who would be the Master policy holder for the scheme?

Participating Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process has been finalized by LIC / chosen insurance
company in consultation with the participating bank.

When can the assurance on life of the member terminate?

The assurance on the life of the member shall terminate / be restricted accordingly on any of
the following events: i. On attaining age 55 years (age near birth day), subject to annual
renewal up to that date (entry, however, will not be possible beyond the age of 50 years). ii.
Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
iii. In case a member is covered through more than one account and premium is received by
LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and
the premium paid for duplicate insurance(s) shall be liable to be forfeited.

What will be the role of the insurance company and the Bank?

The scheme will be administered by LIC or any other Life Insurance company which is
willing to offer such a product in partnership with a bank / banks. ii. It will be the
responsibility of the participating bank to recover the appropriate annual premium in one
installment, as per the option, from the account holders on or before the due date through
‘auto-debit’ process and transfer the amount due to the insurance company. iii. Enrolment
form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma,
as required, shall be obtained and retained by the participating bank. In case of claim, LIC /
insurance company may seek submission of the same. LIC / Insurance Company also
reserve the right to call for these documents at any point of time

Will this cover be in addition to cover under any other insurance scheme the
subscriber may be covered under?

Yes

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