Details of Pradhan Mantri Jeevan Jyoti Bima Yojana

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 LIC and other Life Insurance companies willing
to offer the product on similar terms with necessary approvals and tie ups with
Banks for this purpose. Participating banks will be free to engage any such
life insurance company for implementing the scheme for their subscribers.

 Scope
of coverage: 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. Aadhar would be the primary KYC for the bank account.

 Enrolment
period: Initially on launch for the cover period 1^st June
2015 to 31^stMay
2016, subscribers will be required to enroll and give their auto-debit
consent by 31^st May 2015. Late enrollment
for prospective cover will be possible up to 31^st
August 2015, which may be extended by Govt. of India for another three months,
i.e. up to 30^th of November, 2015. Those
joining subsequently may be able to do so with payment of full annual premium
for prospective cover, with submission of a self-certificate of good health in
the prescribed proforma.

 Enrolment
Modality: The cover shall be for the one year period
stretching from 1^stJune
to 31^st 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 31^st 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 proforma.

 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.2 lakhs is
payable on member’s death due to any reason

 Premium: Rs.330/-
per annum per member. 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 31^st May
of each annual coverage period under the scheme. Delayed enrollment for
prospective cover after 31^st May will be possible
with full payment of annual premium and submission of a self-certificate of
good health. 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:

 a)   
The savings bank account holders of the
participating banks aged between 18 years (completed) and 50 years (age nearer
birthday) who give their consent to join / enable auto-debit, as per the above
modality, will be enrolled into the scheme.

 b)   
Individuals who join after the initial
enrollment period extending up to 31^st
August 2015 or 30^th November 2015, as the case
may be, will be required to give a self-certification of good health and that
he / she does not suffer from any of the critical illnesses as mentioned in the
applicable Consent cum Declaration form as on date of enrollment or earlier.

 Master
Policy Holder: Participating Banks will be the Master
policy holders. A simple and subscriber friendly administration &
claim settlement process shall be finalized by LIC / other insurance company in
consultation with the participating bank.

 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 (age near birth
day) 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
LIC of India / other company through more than one account and premium is
received by LIC / 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 a satisfactory statement of good health.

 5)   
Participating Banks shall remit the premium
to insurance companies in case of regular enrolment on or before 30^th of
June every year and in other cases in the same month when received.

 Administration:

 The
scheme, subject to the above, will be administered by the LIC P&GS Units /
other insurance company setups. The data flow process and data proforma will be
informed separately.

 It
will be the responsibility of 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.

 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 proforma shall be obtained and retained by the participating bank.
In case of claim, LIC / insurance company may seek submission of the same. LIC
/ Insurance Company reserves the right to call for these documents at any point
of time.