Age at Entry
- Question
- Age at Entry
- Answer
-
Minimum
- 18 Years
Maximum
- 50 Years
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Premium Payment | Insurance Coverage | Example |
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The premium for PMJJBY is paid by the Master Policyholder. The amount is collected from the enrolled members by directly deducting the premium from their savings account, but only after obtaining their consent. | Once the premium payment is completed and all eligibility conditions are met, the insurance cover begins. | Master Policyholder: The bank or post office through which members avail the scheme.
Members: Individuals holding savings accounts in participating banks or post offices.
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Minimum
Maximum
Maximum
Minimum
Maximum
Fixed cover option of ₹2 lakh per member
a) For enrolment in June, July and August – Full Annual Premium of Rs.436 /- is payable
b) For enrolment in September, October, and November – pro rata premium of Rs. 342 /- is payable
c) For enrolment in December, January and February – pro rata premium of Rs. 228 /- is payable.
d) For enrolment in March, April and May – pro rata premium of Rs. 114 /- is payable
How people have benefitted from IndiaFirst Life
Hassle-free Onboarding Process
From the onboarding process to the comprehensive medical tests, IndiaFirst Life ensured a hassle-free journey for me. The features of the plan I purchased are as per my expectations, providing me with peace of mind for future.
Mohit Agarwal
(Mumbai, 21st March 2024)
How people have benefitted from IndiaFirst Life
Pleasant Online Buying Experience
Buying IndiaFirst Life's life-insurance policy was a pleasant experience for me. The hassle-free nature of interaction with the company's representative was a boon and so was the inclusion of must-have features in their policy plans.
Satyam Nagwekar
(Mumbai, 22nd March 2024)
How people have benefitted from IndiaFirst Life
Trusted ally in my financial journey
IndiaFirst Life's Radiant Smart Invest Plan has completely won me over! It's like having a trusted ally in my financial journey. With its flexible fund switch options, I've been able to craft my investments just as I envisioned. In just a year, I've seen a remarkable 20% return on my investments! The support from the onboarding team has been absolutely fantastic, making me feel truly cared for and supported.
Paulomi Banerjee
(Kolkata, 21st March 2024)
IndiaFirst Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is an on participating, nonlinked, yearly renewable group protection plan offered to a group of bank/ post office customers who have savings bank accounts.
The life insurance coverage of the member terminates (or is restricted) under the Pradhan Mantri Jeevan Jyoti Bima Yojana if:
This is a yearly renewable term plan. It is available to the members of the group basis the date of enrolment and the pro rata premium charged.
The premiums for the Pradhan Mantri Jeevan Jyoti Bima Yojana are refundable only if the policyholder chooses to cancel the policy within the free look period.
In addition, the premiums may also be refunded if it is found that the member has enrolled for more than one PMJJBY plan.
The main benefit of the Pradhan Mantri Jeevan Jyoti Bima Yojana is the affordable financial protection it provides. Members can annually pay a premium of ₹436 and be assured of a life cover of ₹2 lakh, which the nominee will receive in case of the member’s demise due to any cause. It is an affordable term plan that ensures one’s family is financially secure in the case of an unfortunate event.
1. Premium Payable
The annual premium for PMJJBY is ₹436 per subscriber. However, for individuals enrolling mid-policy, a pro-rata premium is applicable as follows:
Regardless of the enrolment period, when carrying out their PMJJBY renewal, members must pay the full premium of ₹436 annually.
2. Risk Coverage & Lien Period
For new subscribers, coverage begins from the date of auto-debit of the premium. However, there is a 30-day lien period during which only accidental deaths are covered. If death occurs due to natural causes within this period, no claim will be paid.
PMJJBY is an attempt to ensure affordable coverage and essential life insurance protection for people across India.
NRIs who have an eligible bank account with a bank branch located in India can opt for the Pradhan Mantri Jeevan Jyoti Bima Yojana. This is applicable as long as the individual meets the terms and conditions of the scheme.
If the insured NRI member passes away, the death benefit paid to the nominee will be in Indian currency only.
Minimum Group Size | Maximum Group Size |
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50 members | No limit |
Aadhaar is not directly mandatory for enrolling in the Pradhan Mantri Jeevan Jyoti Bima Yojana. However, Aadhaar should be the primary KYC document for the bank account that the member will use for enrolment.
Any savings bank or post office account can be used to enrol in PMJJBY. Institutional account holders are not eligible.
Yes, individuals who have exited the scheme can rejoin. They must pay the appropriate premium. If they are re-joining mid-year, the pro-rata premium will be charged. These individuals must go through the waiting period once again. As a result, the insurance benefit will not be applicable for demise (due to any cause other than accident) for the first 30 days from the date of enrolment into the PMJJBY.
It is a single premium payment plan which implies that you pay only once a year and enjoy the benefits of the plan all throughout the term of the Policy.
To enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana, interested applicants must submit an enrolment form within the June-August period. They must also permit auto-debit from their bank or post office savings account. The PMJJBY scheme provides coverage for one year, from June 1st to May 31st.
Once the permission for auto-debit is given, the annual premium of ₹436 will be deducted automatically unless the member provides further instructions.
One can also enrol mid-year and pay the pro-rata premium as follows:
The PMJJBY renewal premium remains ₹436 per annum. One can enrol late upon payment of the appropriate premium. However, there might be changes in insurance coverage.
Yes, new interested applicants can join the Pradhan Mantri Jeevan Jyoti Bima Yojana later on. They must pay the premium through the auto-debit option. However, later applicants will have a waiting period clause wherein the member’s demise (due to any cause other than accident) will not be covered for the first 30 days after enrolment.
Tailored to meet diverse healthcare needs, this corporate health plan ensures financial security during hospitalisation, disabilities, critical illnesses, and more!
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