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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)
Coverage
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.
Benefits
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
Months
Premium
June-July-August
436
September-October-November
342
December-January-February
228
March-April-May
114
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:
.
Scope of coverage: