Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme. The scheme is a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason. The scheme is offered/administered by the Bank of Baroda through M/s India First Life Insurance Company.
Customers can also enroll for PMJJBY from their registered mobile no by sending SMS ‘PMJJBY (last 4 digits of the account number) Y’ to 8422009988
The nominee must be as per the savings bank account. A Lien clause of 45 days will be applicable.
SMS ‘PMJJBY (last 4 digit of the account number) Y’ to 8422009988.
Pradhan Mantri Jeevan Jyoti Bima Yojana : Features
- Eligibility
All Savings Bank Account holders in the age 18-50 years can join this scheme. 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. - Policy period
From 1st June to 31st May of subsequent year. - Premium
Renewal of policy from next year payable @ Rs. 436 per annum but payment of pro rata premium for enrolment under PMJJBY will be charged as per the following rates: Sr.No.Enrollment PeriodApplicable Premium1June, July, AugustAnnual Premium of Rs. 436.2September, October & November3 quarters of premium @Rs.114 i.e. Rs.342.3December ,January & February2 quarters of premium @Rs.114 i.e. Rs. 228.4March, April & May1 quarter premium i.e. Rs.114.
Bank’s Insurance Partner: IndiaFirst Life Insurance Company Ltd. - Enrollment Mode
An account holder can enrol for PMJJBY by any of the following methods:- Visiting the branch
- Visiting the BC
- Through bob world Internet (Internet banking)
- 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.
Termination of Assurance
The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:
- On attaining age 55 years (age neared birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the bank or insufficiency of balance to keep the insurance in force.
- In case of multiple coverage under the scheme, insurance cover will be restricted to Rs. 2 lakhs and the premium shall be liable to be forfeited.
Annual Premium through ‘auto debit’ facility from bank account.
It is desirable to present your claim within 30 days of the accident & claim settlement with 60 days of intimation. The customers already enrolled in these two schemes should maintain sufficient balance in their account as on 31st May, 2018 to avoid discontinuation of insurance coverage.
Pradhan Mantri Jeevan Jyoti Bima Yojana : Highlights
- Secure yourself from accident risk, like Rs. 13.25 crore people have already done.
- Rs. 286.28 crore worth claims already settled.
- More than Rs. 5.22 crore people have secured the future of their loved ones. You can too.
- 79,485 families supported so far with claim settlements worth Rs. 1589.70 crores
Pradhan Mantri Jeevan Jyoti Bima Yojana : Most Important Terms and Conditions (MITC)
- If the insurance cover is ceased due to any technical reasons such as the 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. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of UC/insurance company concerned.
- The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However, the same is not applicable if the cause of death is due to an accident. No lien is applicable on subsequent renewals.
- Exclusions and other details can be viewed in Master Policy.
| Dedicated toll free no. for Pradhan Mantri Jan Dhan Yojana (PMJDY) customers and other Financial Inclusion scheme. | 1800 102 77 88 (06.00 a.m. to 10.00 p.m. IST) |