Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The scheme will be a one year Life Insurance cover, renewable from year to year, offering life insurance cover for death due to any reason.
Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/- per annum per subscriber.
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option 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.
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium.
Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process is finalized by LIC.
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:
- The scheme will be administered by LIC.
- 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.
- Enrollment 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 may seek submission of the same. LIC also reserve the right to call for these documents at any point of time.
This cover will be in addition to cover under any other insurance scheme the subscriber may be covered under.