{"id":1298,"date":"2015-05-06T00:00:00","date_gmt":"2015-05-05T18:30:00","guid":{"rendered":""},"modified":"2015-12-30T12:10:36","modified_gmt":"2015-12-30T06:40:36","slug":"details-of-pradhan-mantri-jeevan-jyoti-bima-yojana","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/investment\/details-of-pradhan-mantri-jeevan-jyoti-bima-yojana\/","title":{"rendered":"Details of Pradhan Mantri Jeevan Jyoti Bima Yojana"},"content":{"rendered":"
\n

DETAILS OF THE
\nSCHEME:<\/strong><\/p>\n

 The
\nscheme will be a one year cover, renewable from year to year, Insurance Scheme
\noffering life insurance cover for death due to any reason. The scheme would be
\noffered \/ administered through LIC and other Life Insurance companies willing
\nto offer the product on similar terms with necessary approvals and tie ups with
\nBanks for this purpose. Participating banks will be free to engage any such
\nlife insurance company for implementing the scheme for their subscribers.<\/p>\n

 Scope
\nof coverage<\/strong>: All savings bank account holders in the age
\n18 to 50 years in <\/strong>participating banks will be entitled to join. In case
\nof multiple saving bank accounts held by an individual in one or different banks,
\nthe person would be eligible to join the scheme through one<\/strong> savings bank
\naccount only. Aadhar would be the primary KYC for the bank account.<\/p>\n

 Enrolment
\nperiod<\/strong>: Initially on launch for the cover period 1st<\/sup> <\/strong>June
\n2015 to 31st<\/sup><\/strong>May
\n<\/strong>2016, subscribers will be required to enroll and give their auto-debit
\nconsent by 31st<\/sup> May 2015. Late enrollment
\nfor prospective cover will be possible up to 31st<\/sup>
\nAugust 2015, which may be extended by Govt. of India for another three months,
\ni.e. up to 30th<\/sup> of November, 2015. Those
\njoining subsequently may be able to do so with payment of full annual premium
\nfor prospective cover, with submission of a self-certificate of good health in
\nthe prescribed proforma.<\/p>\n

 Enrolment
\nModality<\/strong>: The cover shall be for the one year period
\nstretching from 1st<\/sup><\/strong>June
\nto 31st<\/sup> May for which option to join \/ pay by
\nauto-debit from the designated savings bank account on the prescribed forms
\nwill be required to be given by 31st<\/sup> May
\nof every year, with the exception as above for the initial year. Delayed enrollment
\nwith payment of full annual premium for prospective cover may be possible with
\nsubmission of a self-certificate of good health.<\/p>\n

 Individuals
\nwho exit the scheme at any point may re-join the scheme in future years by
\nsubmitting a declaration of good health in the prescribed proforma.<\/p>\n

 In
\nfuture years, new entrants into the eligible category or currently eligible
\nindividuals who did not join earlier or discontinued their subscription shall
\nbe able to join while the scheme is continuing, subject to submission of
\nself-certificate of good health.<\/p>\n

 Benefits<\/strong>: Rs.2 lakhs is
\npayable on member\u2019s death <\/strong>due to any reason<\/p>\n

 Premium<\/strong>: <\/strong>Rs.330\/-
\nper annum per member. The premium will be deducted from the <\/strong>account
\nholder\u2019s savings bank account through \u2018auto debit\u2019 facility in one installment,
\nas per the option given, on or before 31st<\/sup> May
\nof each annual coverage period under the scheme. Delayed enrollment for
\nprospective cover after 31st<\/sup> May will be possible
\nwith full payment of annual premium and submission of a self-certificate of
\ngood health. The premium would be reviewed based on annual claims experience.
\nHowever, barring unforeseen adverse outcomes of extreme nature, efforts would
\nbe made to ensure that there is no upward revision of premium in the first
\nthree years.<\/p>\n

 Eligibility
\nConditions:<\/strong><\/p>\n<\/div>\n

<\/p>\n

 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 31st<\/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 30th<\/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 1st<\/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],"yoast_head":"\nDetails of Pradhan Mantri Jeevan Jyoti Bima Yojana - All About Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/taxclick.org\/type\/investment\/details-of-pradhan-mantri-jeevan-jyoti-bima-yojana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Details of Pradhan Mantri Jeevan Jyoti Bima Yojana - All About Finance\" \/>\n<meta property=\"og:description\" content=\"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 ... 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