The Pradhan Mantri Jeevan Jyoti Bima Yojana plan is a pure group term insurance product offered by the government through Birla Sun Life. This plan is renewable on an annual basis and is offered to savings account holders of banks. With this scheme, the life insured can ensure financial security for their family in case of their absence. Rules as specified by the Government of India from time to time will be applicable.
The Birla Sun Life Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked, non-participating group term insurance plan. The bank is the policyholder while the savings account holders are the members of the scheme.
|Minimum Entry Age||18 years (last birthday)|
|Maximum Entry Age||50 years (nearest birthday)|
|Maximum Maturity Age||55 years (nearest birthday)|
|Policy Term||One- year renewable|
Given below are the details of the sum assured and premium range for the Birla Sun Life Insurance Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Sum Assured||Rs.2 lakh|
|Premium Amount||Rs.330 (not including service tax)|
|Premium Payment Mode||Auto Debit|
|Lien Period||45 days from the date of enrolment into the scheme (not applicable in case of death due to accident)|
Following are the key benefits offered by the Birla Sun Life Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana plan:
|Maturity Benefit||No benefits are payable.|
|Death Benefit||Upon the death of the life insured, the nominee is entitled to receive Rs.2 lakhs. After payment of the death benefit, the policy will terminate.|
|Surrender Benefit||No benefits are payable.|
Following are some of the other key features of the Birla Sun Life Insurance Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Enrolment||Risk cover begins on 1st June and ends on 31st May of the following year.|
|Enrolment after commencement date||Individuals who want to join the scheme at any other point during the year can do so by paying the full year’s premium. A certificate of good health is required.|
|Renewal||With your consent, the risk cover will automatically be renewed by debiting the premium from your bank account every successive May 31st.|
|Policy lapse||The policy will lapse if there are insufficient funds in your bank account on May 31st to pay the renewal premium.|
|Rejoining the scheme||If you have exited the scheme and wish to rejoin, you may do so by paying the full year’s premium. A certificate of good health is required.|
|Termination of Insurance Cover||The membership will be terminated under the following circumstances:
|Nomination||Allowed subject to the provisions of Section 39 of the Insurance Act, 1938.|
There are no exclusions under this scheme. However, a 45-day lien period will be applicable from the date on which the new member enrolls into the scheme. In case of the demise of the insured individual during this period as a result of other causes apart from accident, the sum assured will not be paid to the nominee.
Tax benefits are available as per the prevailing tax laws under the Income Tax Act, 1961. You are advised to consult your tax advisor.
The Birla Sun Life Insurance Pradhan Mantri Jeevan Jyoti Bima Yojana is an affordable insurance plan designed to cater to the masses. The government offers this scheme through Birla Sun Life Insurance to ensure the plan reaches far and wide. Through a joint venture between Aditya Birla and Sun Life Financial Inc., the Birla Sun Life Insurance was born. The company has since grown to be a competitive player in the Indian market offering a complete range of protection solutions that include health and wellness, retirement, savings, investment, protection, and children’s future.