a)   
\nThe savings bank account holders of the
\nparticipating banks aged between 18 years (completed) and 50 years (age nearer
\nbirthday) who give their consent to join \/ enable auto-debit, as per the above
\nmodality, will be enrolled into the scheme.<\/p>\n

 b)   
\nIndividuals who join after the initial
\nenrollment period extending up to 31^{st<\/sup>
\nAugust 2015 or 30th<\/sup> November 2015, as the case
\nmay be, will be required to give a self-certification of good health and that
\nhe \/ she does not suffer from any of the critical illnesses as mentioned in the
\napplicable Consent cum Declaration form as on date of enrollment or earlier.<\/p>\n}

 Master
\nPolicy Holder<\/strong>: Participating Banks will be the Master
\npolicy holders. A simple <\/strong>and subscriber friendly administration &
\nclaim settlement process shall be finalized by LIC \/ other insurance company in
\nconsultation with the participating bank.<\/p>\n

 Termination
\nof assurance<\/strong>: The assurance on the life of the member
\nshall terminate on <\/strong>any of the following events and no benefit will
\nbecome payable there under:<\/p>\n

 1)   
\nOn attaining age 55 years (age near birth
\nday) subject to annual renewal up to that date (entry, however, will not be
\npossible beyond the age of 50 years).<\/p>\n

 2)   
\nClosure of account with the Bank or
\ninsufficiency of balance to keep the insurance in force.<\/p>\n

 3)   
\nIn case a member is covered under PMJJBY with
\nLIC of India \/ other company through more than one account and premium is
\nreceived by LIC \/ other company inadvertently, insurance cover will be
\nrestricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.<\/p>\n

 4)   
\nIf the insurance cover is ceased due to any
\ntechnical reasons such as insufficient balance on due date or due to any
\nadministrative issues, the same can be reinstated on receipt of full annual
\npremium and a satisfactory statement of good health.<\/p>\n

 5)   
\nParticipating Banks shall remit the premium
\nto insurance companies in case of regular enrolment on or before 30^{th<\/sup> of
\nJune every year and in other cases in the same month when received.<\/p>\n}

 Administration:<\/strong><\/p>\n

 The
\nscheme, subject to the above, will be administered by the LIC P&GS Units \/
\nother insurance company setups. The data flow process and data proforma will be
\ninformed separately.<\/p>\n

 It
\nwill be the responsibility of the participating bank to recover the appropriate
\nannual premium in one installment, as per the option, from the account holders
\non or before the due date through \u2018auto-debit\u2019 process.<\/strong><\/p>\n

 Members
\nmay also give one-time mandate for auto-debit every year till the scheme is in
\nforce.<\/p>\n

 Enrollment
\nform \/ Auto-debit authorization \/ Consent cum Declaration form in the
\nprescribed proforma shall be obtained and retained by the participating bank.
\nIn case of claim, LIC \/ insurance company may seek submission of the same. LIC
\n\/ Insurance Company reserves the right to call for these documents at any point
\nof time.<\/p>\n<\/div>\n

<\/p>\n

 The
\nacknowledgement slip may be made into an acknowledgement slip-cum-certificate
\nof insurance.<\/p>\n

 The
\nexperience of the scheme will be monitored on yearly basis for re-calibration
\netc., as may be necessary.<\/p>\n

 Appropriation of
\nPremium<\/strong>:<\/p>\n

 1)   
\nInsurance Premium to LIC \/ insurance company
\n: Rs.289\/- per annum per member<\/p>\n

 2)   
\nReimbursement of Expenses to BC\/Micro\/Corporate\/Agent
\n: Rs.30\/- per annum per member<\/p>\n

 3)   
\nReimbursement of Administrative expenses to
\nparticipating Bank: Rs.11\/- per annum per member<\/p>\n

 The proposed date of commencement of the scheme will be 1^{st<\/sup> June
\n2015.The next Annual renewal date shall be each successive 1st<\/sup> of
\nJune in subsequent years.<\/p>\n}

 The scheme is liable to be discontinued prior to
\ncommencement of a new future renewal date if circumstances so require.<\/p>\n

Source: RBI<\/p>\n","protected":false},"excerpt":{"rendered":"

DETAILS OF THE SCHEME:  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 … Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[14],"tags":[205],"class_list":["post-1298","post","type-post","status-publish","format-standard","hentry","category-investment","tag-bima-yojana"],"yoast_head":"\n