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.

Enrolment period:
• 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 while the scheme is continuing, subject to submission of self-certificate of good health.

Benefits :

• Rs.2lakhs is payable on member's death due to any reason

Premium :

• Pro-rata Premium per member depending upon the quarter he/she is joining into the scheme (w.e.f 01.09.2018) as per given chart
  

  Sl No.	Month of Enrolment in PMJJBY	Pro-rata Premium
  1	June, July, August	330.00
  2	September, October November	258.00
  3	December, January, February	172.00
  4	March, April, May	86.00

  
  
• The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme.
• The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years.

Eligibility Conditions :
1. a) The savings bank account holders of the participating banks in the age group of 18 years to 50 years who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

Master Policy Holder :
• Union Bank of India.

Termination of assurance :
The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
1. On attaining age 55 years subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
2. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3. In case a member is covered under PMJJBY with SUD Life / other company through more than one account and premium is received by SUD Life / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
4. If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and submission of enrollment application in prescribed format.
5. Participating Banks shall remit the premium to insurance companies in case of regular enrolment on or before 30th of June every year and in other cases in the same month when received.

Administration :
• The scheme will be administered by the SUD Life Insurance Company Ltd.
• It will be the responsibility of the participating bank (Union 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.
• Members may also give one-time mandate for auto-debit every year till the scheme is in force.
• Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed Performa shall be obtained and retained by the participating bank.
• In case of claim, SUD Life / insurance company may seek submission of the same.
• SUD Life / Insurance Company reserve the right to call for these documents at any point of time.
• The acknowledgement slip may be made into an acknowledgement slip-cum-certificate of insurance.
• The experience of the scheme will be monitored on yearly basis for re-calibration etc., as may be necessary.
• The entire activity of the scheme is computerized through Finacle.
• The scheme will also be marketed and serviced by Business Correspondents working in field and all branches.
• Enrollment can also be done at the BC points by field BCs for which we are advising corporate BCs.

Appropriation of Premium :
• Insurance Premium to SUD Life Insurance company per member



Months of Enrolment in PMJJBY	Premium to SUD Life Insurance Company Ltd.
June,July,August	289
September,October,November	225
December,January,February	150
March,April,May	75



• 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



• 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



• The proposed date of commencement of the scheme will be 1st June 2015.The next Annual renewal date shall be each successive 1st of June in subsequent years.
• The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.

Death claim benefit of Rs. 2,00,000/- will be settled by the designated Office of  Insurance Company concerned.  The process followed will be as under:

Steps to be taken by the Nominee:

1. Nominee to approach the Bank wherein the Member was having the ‘Savings Bank Account’ through which he / she was covered under PMJJBY; along with the death certificate of the member.


2. Nominee to collect Claim Form,  and Discharge receipt,  from the Bank or any other designated source like insurance company branches, hospitals, PHCs, BCs, insurance agents etc., including from designated websites. The insurance companies concerned shall ensure wide availability of forms at all such locations. Supply of the form shall not be denied to any person requesting the same.


3.  Nominee to submit duly completed Claim Form, Discharge Receipt, death certificate along with photocopy of the cancelled cheque of the nominee’s bank account(if available) or the bank account details to the Bank wherein the Member was having the ‘Savings Bank Account’ through which he / she was covered under PMJJBY.

Steps to be taken by the Bank

1. Upon receipt of death intimation the Bank should check whether the cover for the said member was in-force on the date of his death, i.e., whether the premium for the said cover on Annual Renewal Date, i.e. 1st of June, prior to the Member’s death was deducted and remitted to the Insurance Company concerned.


2. Bank to verify the Claim Form & the nominee details from the records available with them and to fill in the relevant columns of the Claim form.


3. Bank to submit the following documents to the designated office of the Insurance Company concerned:


4. Claim Form duly completed


5. Death certificate


6. Discharge Receipt


7. Photocopy of cancelled cheque of the Nominee (if available).


8. Maximum time limit for Bank to forward duly completed claim form to Insurance Company is thirty days from the submission of the claim to it.

Steps to be taken at designated office of Insurance Company:

1. Verify that the Claim form is complete in all respects and all the relevant documents have been attached. If not, take up with the Bank concerned.


2. If the claim is admissible, the designated office of the insurer shall check whether the member’s coverage is in force and no death claim settlement has been effected for the Member through any other account. In case any claim has been settled, then the Nominee shall be intimated accordingly with a copy marked to the Bank.


3. In case the coverage was in force and no claim has been settled for the said member, payment shall be released to the Nominee’s bank account and a communication shall be sent to the nominee with copy marked to the Bank.


4. Maximum time limit for Insurance Company to approve claim and disburse money is thirty days from the receipt of the claim from the Bank.

In case where the claim form is directly submitted to any office of the insurer by the claimant, then the insurer’s office would forward the same to the concerned bank of the deceased account holder immediately to get necessary verification etc. done from the bank concerned.  The concerned Bank Branch will forward the Claim Form to the designated office of the Insurance Company for processing the claim.