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image   PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA [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)

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:

  • 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.

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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.

FAQ For PMJJBY

Q1. What is the nature of the scheme?

The scheme will be a one-year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason. There is lien period of 30 days from 01.06.2021 except accidental death. Before 1st June 2021, the lien period was 45 days from the date of enrolment in the scheme.

Q2. What would be the benefits under the scheme and premium payable?

Rs. 2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is pro-rata Premium per member depending upon the quarter he/she is joining into the scheme (w.e.f 01.06.2022) as per given chart

 

1. Premium for Enrolments Done thru Branches Amount in (Rs)

For PMJJBY : Pro- rata basis as mentioned below

IN MONTHS

JUNE,JULY,AUG

SEPT,OCT,NOV

DEC,JAN,FEB

MAR,APR,MAY

PREMIUM

436

342

228

114

2. Premium for Enrolments Done thru U-MOBILE, INTERNET BANKING, OTHER ELECTRONIC MODES

For PMJJBY: Pro- rata basis as mentioned below

IN MONTHS

JUNE,JULY,AUG

SEPT,OCT,NOV

DEC,JAN,FEB

MAR,APR,MAY

PREMIUM

406

319.50

213

106.50

 

Q3. How will the premium be paid?

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 on review of experience of the scheme from year to year. (DIT will issue detail guidelines).

Q4. Who will offer / administer the scheme?

The scheme would be offered / administered through SUD Life, in collaboration with Union Bank.

Q5. Who will be eligible to subscribe?

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.

Q6. What is the enrolment period and modality?

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.
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 and submission of a self-certificate of good health.

Q7. 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 and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.

Q8.Can individuals who leave the scheme rejoin?

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.

Q9. Who would be the Master policy holder for the scheme?

Participating Bank (Union Bank) will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / chosen SUD insurance company in consultation with the participating bank (Union Bank).

Q10. 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:

  1. 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).
  1. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  1. In case a member is covered through more than one account and premium is received by insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

Q11. What will be the role of the insurance company and the Bank?

  1. The scheme will be administered by SUD Life Insurance company which is willing to offer such a product in partnership with us.
  1. It will be the responsibility of the participating bank (Union Bank) to recover the appropriate annual premium in one instalment, 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.
  1. 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, insurance company may seek submission of the same. Insurance Company also reserve the right to call for these documents at any point of time.

Q12. How would the premium be appropriated?

  1. Insurance Premium to SUD Life Insurance company per member

Months of Enrolment in PMJJBY

Premium to SUD Life Insurance Company Ltd.

June,July,August

395

September,October,November

309

December,January,February

206

March,April,May

103

  1. Reimbursement of Expenses to Corporate Agent (Union Bank)/ BC/ Micro per member.

Months of Enrolment in PMJJBY

Reimbursement of Expenses

June,July,August

30

September,October,November

22.5

December,January,February

15

March,April,May

7.5

  1. Reimbursement of Administrative expenses to participating Bank per member

Months of Enrolment in PMJJBY

Admininstrative Expenses Reimbursed

June,July,August

11

September,October,November

10.5

December,January,February

7

March,April,May

3.5

Q13. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?

Answer - Yes