Pradhan Mantri Jeevan Jyoti Bima Yojna provides protection against the death of a person. 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.
All saving bank account holder in the age of 18 (completed) to 50(nearer birthday) in participating banks are eligible to join. In case of multiple bank accounts, only one account can be used. Aadhar card would be the primary KYC in this scheme.
Terms of insurance and payment
The cover shall be for one year from 1st June to 31st May for each year. Payment will be auto debited from the assigned account. For initial year of 2015, Payment and enrollment is extended to 31st August, 2015 and may be extended to 30th Nov, 2015.
Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a selfcertification 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.
Rs. 330 per annum per member. If the auto debit takes place after 1st of june then the cover shall commence from the first day of the month following the auto debit.
Rs.2 lakhs is payable on member’s death due to any reason.
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