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Home You are here : path  Products path Personal path PMJJBY


Scheme Guidelines

The Finance Minister in the budget announcement for 2015-2016, launched the social security scheme with the poor and under privileged as its target group. The scheme will be implemented through banks in collaboration with Insurance Companies / PFRDA. In compliance with in the directives of Govt. of India, our bank has entered into MOU with Star Union Dai-ichi Life Insurance Co Ltd (SUD Life) for PMJJBY.

Plan Type

Group Term Insurance Plan Linked to Saving Bank Account

Insurance Company

M/s SUD Life Insurance Co. Ltd

Entry Age

Minimum – 18 Years

Maximum – 50 Years

Tenure of Policy

1 Year, Renewal Every Year

Renewability up to 55 years

Sum Assured

Rs. 2 Lac

Scheme Launch Date

1st June 2015

Coverage Period

1st June to 31st May (1 Year)


Death due to any cause, claims for deaths which occur during the first 30 days from the date of enrolment will not be paid, effectively meaning that the risk cover will commence only after the completion of 30 days from the date of enrolment into the scheme by the member, however ACCIDENTAL DEATH will be exempted from this guideline of 30 days.


In case of Death :- Sum Assured

Other Case : The scheme is Pure Term Insurance Product, with No maturity benefit/bonus will be payable.

Premium Rates











Master Policy Holder

Union Bank will be the Master Policy Holder on behalf of the participating customers

Claim Procedure

For detailed claim procedure and claim documents, please contact nearest bank branch.

Details of the 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 SUD Life Co Ltd.


Scope of coverage:

  • All savings bank account holders in the age group of 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.
  • Aadhaar would be the primary KYC for the bank account. However, it is not mandatory for enrollment in the scheme.
  • Coverage under this scheme is in addition to cover under any other insurance scheme, the subscriber may be covered.