"Spending a whole day looking for insurance is fun," said nobody, EVER!
  • Loading your search...
    Close

    Tell us about yourself & we'll find the best Term/Cancer Life Insurance offers for you.

  • HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

    A number of benefits and schemes are being put forth by the Government of India in order to ensure that everyone receives the benefit of insurance plans. The Pradhan Mantri Jeevan Jyoti Bima Yojana is a social scheme that allows individuals the advantages offered by insurance plans. The idea behind this scheme was to provide affordable access to essential protection in a simple manner. This scheme works on an auto-debit linking facility.

    The HDFC Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is a pure group term insurance plan by HDFC that provides financial security for the family of the Life Assured in case of his/her unfortunate death.

    Under this plan, the participating bank will be the Master Policyholder and the Savings Bank account members will the scheme members. This plan is open for all Savings Bank account holders between the ages of 18 to 50 and offers an amount of Rs.2 lakh worth renewable life insurance cover for the entire family in case of their death. The best part is that individuals can procure this Life Insurance policy at just Rs.330 per annum. Premium for this will be deducted from the savings bank account of the member through the auto-debit facility.

    Eligibility - Who is the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan for?

    The eligibility criteria for HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana is decided based on age and size of the group, among other factors. The required terms are illustrated in the table given below -

    Minimum Age of Entry 18 years
    Maximum Age of Entry New members - 50 years Renewals - 54 years
    Minimum Age of Maturity 19 years
    Maximum Age of Maturity 55 years

    All ages are calculated as per previous birthday of the individual.

    Sum Assured and Premium Range - What you Get and What it Costs?

    The Sum Assured depends on the age, premium amount and other rules of the scheme. The table below provides additional details regarding the same.

    Sum Assured Rs.2 lakh
    Premium Rs.330 and above
    Premium Frequency Annual

    Customers should note that premiums will vary based on age, location, plan term and other factors.

    Plan Coverage - What the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Covers?

    Death Benefit In case of unfortunate death of policyholder as long as the policy is in force, the nominee will receive the Sum Assured amount of Rs.2 lakh. Once this has been paid, the policy will terminate and no other benefits will be payable.
    Maturity Benefit There are no benefits payable at maturity.
    Surrender Benefit There are no benefits payable on surrender of the policy.

    Riders / Add-On Plans – Additional Coverage under the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:

    There are no add-on plans that can be procured under the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.

    Exclusions - What the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan does not Cover?

    Major exclusions include intentional self-harm, suicide or attempted suicide. New members who enroll into the scheme will be not covered for risk during the first 45 days after enrollment into scheme. In case of death of member (reasons other than accident), no benefit would be payable during this period.

    Other Key Features – Freelook Period, Surrender Values, Grace Period etc.

    Termination of Membership Membership termination will occur on the basis of any of the events given below -
    • Once member attains the age of 55 (closest to brithday), subject to annual renewal up to that specific date.
    • In case a member has been covered under more than one account and premium has been received by HDFC Life, the cover amount will be limited to Rs.2lakh. Additional premium, if applicable, will be liable to be forfeited.
    • In case insurance cover has ceased due to a technical reason such as insufficient balance on the payment due date or other administrative issues, it can reinstated upon receipt of complete annual premium and a satisfactory statement of health.
    • In case of regular enrollment on or prior to 30th June every year, bank will remit the premium and in other cases, remittance will occur in the same month when received.
    Risk Commencement Date Risk commencement date for the scheme will be 1st June, every year and cessation date for risk will be 31st May of the following year. Initial cover will be from the 1st June 2015 to 31st May 2016. Self-Certificate of good health is necessary for a delayed enrollment with payment of complete annual premium for prospective cover. Cover for these members will cease at risk cessation for the scheme. Individuals who have exited the scheme at any given point will be allowed to re-join this scheme by paying the annual premium and submitting a self certification of good health.

    Tax Benefits - How you can save with the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    Based on the existing tax laws (Section 80C and Section 10 (10D)) of the Income Tax Act, 1961, Tax Benefits are applicable for the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan. It will have to be taken into account that tax benefits will vary if there is a change in the prevailing tax laws change. Hence, individuals are advised to discuss the same with their tax consultants.

    Other Benefits - How can you save with the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    HDFC Life is one of the foremost insurance providers in the country. Customers can choose between a variety of products based on their necessities.

    Online Applications HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan can be availed online by logging in to the HDFC Life website. This method is convenient for those who are unable to visit one of the HDFC branches to purchase the plan or stay in far-off places.
    Customer Care In case individuals have any queries, they contact the customer care centre. They can contact the customer service department via SMS,email, toll free number, letter, etc.
    Calculator Before purchasing the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan, customers can identify their insurance needs on the basis of income, liabilities and expenses by using the HLV or Human Life Value Calculator, available on the HDFC Life website. Similarly, customers can also use the tax calculator by HDFC Life and find the amount of tax that they’ll have to pay.

    Why should you Buy the Pradhan Mantri Jeevan Jyoti Bima Yojana Plan from HDFC Life?

    HDFC Life is one of the foremost providers of life insurance policies within the country. Through this provider, customers can avail insurance plans that come with a number of unique benefits and services. HDFC Life has a network of about 39 offices that are spread across 9,000 touch points in India for easy access. HDFC Life also has one of the highest Claims Track Record in the company with 95% of claims being honoured. This company has a fantastic financial consultancy wing in India and abroad while providing some of the most successful insurance plans for a wide variety of clientele. Cutting edge technology is employed by HDFC Life resulting in the company having one of the best claim settlement records in the company as compared to certain other insurance providers.

    HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan FAQs:

    Q. How can customers find out the status of their policy application?

    A. Customers can find out the status of their policy application by either calling HDFC Life on the toll free customer care number or by sending them an e-mail.

    Q. Are Service Taxes applicable while purchasing this of the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. Service tax is applicable based on Service Tax Laws, and is applicable on life insurance premium.

    Q. Is nomination applicable with regard to the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. Policyholder may nominate an individual or more as a nominee who will receive the Sum Assured on his/her death. In case nominee is a minor, the policyholder will be allowed to appoint another individual who will receive the Sum Assured. Nomination can be made at any given time prior to policy maturity.

    Q. Can customers procure maturity benefit on this plan?

    A. There is no maturity benefit under this rider.

    Q. What is the surrender benefit under this plan?

    A. There are no surrender benefits under this plan.

    Q. What type of a plan is the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. The HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is a traditional non-participating group term insurance plan.

    Q. What is the premium frequency for HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. The premium frequency is annual for the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.

    Q. Is nomination allowed with respect to the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. Yes, nomination is allowed.

    • The Life Assured can nominate an individual to whom the money secured by the policy is paid to, in event of the Life Assured’s death. In case the nominee is a minor, the individual will be allowed to appoint another individual who will receive the money that has been secured by the policy. The manner of appointment will be provided by the insurer.
    • Nomination can be made at any given time prior to policy maturity.
    • Nomination can be charged or cancelled at any point of time prior to policy maturity, by an endorsement or a will, depending on the case.
    • A notice must be given in writing of Cancellation or Change of nomination must be given to the insurer to be liable to such nominee.
    • Fee may or may not be charged for registering cancellation or change in nomination and is based on the Authority.

    Q. Can individuals who have exited the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan re-join later?

    A. Yes, individuals who have exited the scheme at any point are allowed to rejoin the scheme at a later date by paying the annual premium and submitting a self certification of good health.

    Q. What is the Sum Assured obtainable for the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan?

    A. Rs.2 lakh is the Sum Assured amount that can be obtained by policyholders.

    HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews

    • HDFC Life Life Insurance
      "Very good child policy"
      0.5 4.0/5 "Great!"
      This policy which i have taken for policy benefits. Six years back, i have purchased this policy. I'm paying the premium of Rs. 50000. I will pay the premium for every year. I will get a lumpsum amount after 20 years. The total tenure of this policy is 20 years,
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 20, 2018
    • HDFC Life Life Insurance
      "Recommendable policy to everyone"
      0.5 5.0/5 "Blown Away!"
      I have bought this money back policy 9 years before. I am paying the premium amount of Rs. 10000 yearly. I will get a sum assured amount after my death. They are responsible for my children's education. Totally they will get 3 lakhs. It is a tax benefitable policy.
      Was this review helpful? 0
      , muzaffarnagar
      Reviewed on Aug 20, 2018
    • HDFC Life Life Insurance
      "Not co-operating with customer "
      0.5 1.0/5 "Really Bad"
      They are not ready to change the name of the person in the policy. After done follow up of 4 months i have fed up. I have just a mail to the high management team. I have already intimated before taking the policy that they have wrongly mentioned my name. They have not accepted their mistake hence i discontinued the policy. They are providing high premium amount. They are satisfying to the customer.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 20, 2018
    • HDFC Life Life Insurance
      "Happy with the service"
      0.5 4.0/5 "Great!"
      I have not faced any issues with the policy. Everyone responding properly in the customer care. I have not withdrawan the policy. I have purchased the money back policy 1.5 years. I have to pay Rs. 30000 yearly. I have to pay this for 10 years. I will get the returns 2028.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 19, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have purchased this term insurance policy with HDFC in last 6 months. I have paid the premium amount of Rs.11,670. They are providing the sum assured amount of Rs. 50 lakhs. I have to pay this policy for next 30 years. I did not face any issues in this policy. Accidental and Natural death is included. Disabled benefits are also available.
      Was this review helpful? 0
      , buldhana
      Reviewed on Aug 18, 2018
    • HDFC Life Life Insurance
      "Excellent policy"
      0.5 5.0/5 "Blown Away!"
      I have taken this term insurance policy almost 8 months back. I have paid the premium amount of Rs. 1619. I forgot the the sum assured amount. Because of the brand value of HDFC, I have chosen this policy for the term insurance. I have to pay this premium for next 15 years. Everything is fine with the policy so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 18, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      During the month of February, I had taken this term insurance policy. I have to pay the premium as 3170. They are providing the sum assured amount of Rs. 80 Lakhs. I have to pay the premium amount for next 30 years. I have not experienced any issues with the policy so far.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 18, 2018
    • HDFC Life Life Insurance
      "OKAY"
      0.5 4.0/5 "Great!"
      I have taken my life insurance policy from HDFC LIFE where they have provide me a tenuity period of 30 years also the premium is satisfactory with monthly basis through online for 1194. They gave me a coverage for self also i am satisfactory with this policy.
      Was this review helpful? 0
      , hosur
      Reviewed on Aug 18, 2018
    • HDFC Life Life Insurance
      "Good policy for everyone"
      0.5 5.0/5 "Blown Away!"
      I have initiated for monthly payment mode. For the paper work, they have deducted some amount for the yearly once payment. I will make the payment through net banking. I got the policy in the month February. I have paid the premium amount of Rs. 1070 with GST Charges. I have chosen the sum assured amount of Rs. 1 Crore.
      Was this review helpful? 1
      , mancherial
      Reviewed on Aug 17, 2018
    • HDFC Life Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I used to pay the premium amount of Rs. 696. I have purchased the term insurance policy in the month of February. I will get a sum assured amount of Rs. 50 lakhs. I will do payment monthly once. I will make the payment through Internet banking. In HDFC, the sum assured amount is more when i compared to other companies without any rider.
      Was this review helpful? 1
      , bhimavaram
      Reviewed on Aug 17, 2018
    • HDFC Life Life Insurance
      "For the Good returns, Go with HDFC "
      0.5 4.0/5 "Great!"
      I have purchased my opportunity policy with HDFC Life. I will make the premium amount of Rs. 1 lakh every year. I will make the premium through online. I will get a sum assured amount of Rs. 10 lakhs and sum assured amount will get after maturity of the policy will get 20 lakhs. Total tenure period of the policy for 5 years which is a lockin period.
      Was this review helpful? 1
      , pune
      Reviewed on Aug 17, 2018
    • HDFC Life Life Insurance
      "Very good policy"
      0.5 5.0/5 "Blown Away!"
      I have purchased this term insurance policy in the month of January. I have paid the premium amount of Rs. 1095. I have opted for monthly basis payment. I have to pay this for 25 years. They are offering a sum assured amount of Rs. 50 lakhs. They are giving death benefits, accidental benefits and disability benefits are available.
      Was this review helpful? 1
      , chennai
      Reviewed on Aug 14, 2018
    • HDFC Life Life Insurance
      "Worst experience with the HDFC"
      0.5 1.0/5 "Really Bad"
      I have not received any call back from the HDFC customer care. Still now i have not received my documents. I have taken this term insurance three months before. I have paid the premium of Rs. 2500 for two months. I have called the customer care, but they did not provide a proper response.
      Was this review helpful? 0
      , agartala
      Reviewed on Aug 07, 2018
    • HDFC Life Life Insurance
      "One of the best policy in the market with Good claim ratio"
      0.5 4.0/5 "Great!"
      When i compare the premium amount, the HDFC is higher with other companies. The claim ratio is higher in HDFC thats the reason i have go with HDFC. I have called the customer care service to change the payment done. By default, they had option like payment through bank. They have provided a proper services. They are providing the sum assured amount of Rs. 1 Crore.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 07, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken my term insurance policy with HDFC life. I'm not aware of the sum assured amount. I'm paying the premium amount of Rs. 1000 every month. I have chosen the tenure of 25 years. I will get the health benefits from this policy. I will make the payment through cash in HDFC.
      Was this review helpful? 0
      , guntur
      Reviewed on Aug 07, 2018
    • HDFC Life Life Insurance
      "Best policy from HDFC"
      0.5 4.5/5 "Excellent!"
      I have taken a Accidental policy with HDFC Life. I have chosen the Super Income policy. Till now i have not spoke with the customer care service. I'm paying the premium amount of Rs. 25000 every year and I'm making the payment yearly once. They have offered me a sum assured amount of Rs. 16 Lakhs. I have taken another policy from HDFC.
      Was this review helpful? 0
      , noida
      Reviewed on Aug 02, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have taken this insurance policy in the month of December. I have paid Rs. 1200 as a premium for this policy. I will pay the premium every three month once. I used to make the payment through online. They are offering a sum assured amount of Rs. 85 Lakhs. They given a accidental benefits and death benefits is there. They will surrender the sum assured amount to the my nominee.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 02, 2018
    • HDFC Life Life Insurance
      "AVERAGE"
      0.5 2.0/5 "Expected more"
      I am using the policy from 10-12 years and i have no particular reason for taking. Tenuity period is for the 15 years and it is for my daughter. Premium is of 12k that i pay per year. I am not satisfied with the policy i am not aware of that how much i get the amount and they give no proper info.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 01, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 3.0/5 "Satisfactory"
      I am using it since 4 and above years i have purchased the insurance through the offline. For buying this insurance the reason is that the tax reason. Tenuity is for 20 years the sum amount is 2 lakhs. Lot of calls frequently from the customer service and the hidden charges are there that they detected my premium.
      Was this review helpful? 0
      , chandrapur
      Reviewed on Jul 25, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      Actually i have no such reason to take that insurance. from the HDFC LIFE but i have not paid for the 3 months and documentation that i have done it trough the online. The tenuity period is for the 7 years and the insurance is good and i have not fully experienced.
      Was this review helpful? 0
      , bihar
      Reviewed on Jul 24, 2018
    Common Loader Icon