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  • 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
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      For my tax benefit i have gone through HDFC life. There is a supporting manager for my account they used to provide a different kind offers at a different times. Because of the best service i have taken the life insurance with HDFC LIFE. They are giving so many payment options like monthly, yearly and quarterly however i have chosen the annual payment mode.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Excellent policy for the future"
      0.5 5.0/5 "Blown Away!"
      My money back life insurance policy was taken with HDFC LIFE. I have bought the money back policy 1.5 years ago. I pay the premium amount of Rs. 4198 approximately . I have chosen the monthly payment mode and they used to deduct directly from my account. This is a 25 lakhs sum assured policy.
      Was this review helpful? 0
      , delhi
      Reviewed on Oct 17, 2018
    • HDFC Life Life Insurance
      "Should explain the benefits."
      0.5 4.0/5 "Great!"
      I had a life insurance with HDFC Ergo, while selling the product they won't explain the features. HDFC doesn't have separate agent only bank staff used to sell the polices. However my life insurance policy cover is good for the amount of Rs.35 lakhs with the yearly premium of around Rs. 2.60 lakhs.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 15, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I just want to add the accidental benefits along with the policy hence i have selected this policy. They have a very good claim ratio. Almost 9 months ago, i have purchased this policy. I have chosen the yearly payment mode and I'm paying through online by using the debit card. I will get a coverage amount of Rs. 35 lakhs.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 04, 2018
    • HDFC Life Life Insurance
      "Good protection for family"
      0.5 5.0/5 "Blown Away!"
      I have term insurance with HDFC Life, I used to pay quarterly payment around Rs. 3500 till the age of 65 age. It has accidental coverage , death coverage for the cover of Rs.1 crore. The plan option is good, the insurance company gave me log id to view all the insurance policies in one page.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "Good for future"
      0.5 5.0/5 "Blown Away!"
      HDFC have hassle free process, now I can make life insurance premium through online. The executive shared complete information about the policy benefits. I have three policies with the coverage value of Rs. 2 lakhs, 5 lakhs and 10 lakhs. I used to pay Rs. 1 lakh per annum all policies has the tenure period of 15 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 01, 2018
    • HDFC Life Life Insurance
      "BEST"
      0.5 5.0/5 "Blown Away!"
      I had been using life insurance of HDFC LIFE because the customer service is satisfactory and comparatively good. I had been using it since last 1 year. The name of the policy that i am holding a PENSION PLAN where it covers for the self and the premium i pay for yearly once.
      Was this review helpful? 0
      , nagpur
      Reviewed on Sep 19, 2018
    • HDFC Life Life Insurance
      "Good Insurance Policy"
      0.5 4.0/5 "Great!"
      I have taken my life insurance with HDFC LIFE. The policy name is called young star. I have purchased this policy in 2014. I used to pay the premium amount of Rs. 1 lakhs. I have no idea about the benefits right now. I used to make the payment through online
      Was this review helpful? 0
      , sultanpur
      Reviewed on Sep 12, 2018
    • HDFC Life Life Insurance
      "Good term insurance policy"
      0.5 4.0/5 "Great!"
      Total tenure period of the term insurance is 20 years. I used to pay the premium amount of Rs. 5000 quarterly. I have taken my term insurance policy as life insurance policy. I have chosen the HDFC LIFE for my term insurance policy. Before i have paid huge amount for my premium amount.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Sep 09, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have been holding the life insurance from HDFC LIFE since 2014 where they have provided the maturity period of 15 years but i am not aware of the name of the policy. The premium i pay annually through ecs and the sum assured amount i get 2 lakhs also it covers the family.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have purchased the TERM POLICY with HDFC LIFE on 2014 and they provided the coverage till my 75 years and also the premium i pay annually once. The policy covers the life also added on that the policy of life insurance and it is very much good to use.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "BETTER POLICY"
      0.5 4.0/5 "Great!"
      The reason behind taking the life insurance from HDFC LIFE because it is a new plan from HDFC which has launched before 1 months. The premium i pay 30k for yearly once and the tenuity period they provided for 10 years and after 5 years they give 5 lakhs added on that they provide with the life coverage and also the accidental benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Sep 04, 2018
    • HDFC Life Life Insurance
      "Good Money back policy"
      0.5 5.0/5 "Blown Away!"
      I have taken the Life insurance with HDFC LIFE. In 2012, I have bought my life insurance policy. This is 20 years tenure period policy. I'm not much aware of the policy coverage and benefits provided by this policy. This is the money-back policy.
      Was this review helpful? 0
      , kochi
      Reviewed on Sep 03, 2018
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 4.0/5 "Great!"
      I have compared with other policies so i found HDFC LIFE is very good policy. I am unable to pay the premium through debit card where as it is easy to pay. The premium i pay nearly 1k and above on monthly basis. I am not sure about the tenuity period of this policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Sep 03, 2018
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 4.0/5 "Great!"
      The reason behind taking the policy from HDFC LIFE is they are providing with good service. The premium i pay 1800k on monthly basis also they provide the maturity period of 20 years. It covers only for the self also the accidental coverage.
      Was this review helpful? 0
      , chidambaram
      Reviewed on Sep 03, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 3.0/5 "Satisfactory"
      I had an issue with HDFC Life. Initially i was paying a premium amount monthly now i want to change to yearly once. I have sent many emails to them but they have not given any reply for that. I spoke with the customer care but they are saying that it will get convert after an year. I have got a proper response from them. There is no much benefit for me from this policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Sep 02, 2018
    • HDFC Life Life Insurance
      "Good for individual"
      0.5 4.0/5 "Great!"
      I've been using the HDFC Life Insurance policy from January. I'm not satisfied with the services by HDFC because they are providing good insurance anyway its not covered for all the members. I pay a premium of 591 per month, it also covers accidental benefits, critical illness and I make payment through online. So in terms of features and their service it has been a good experience with them.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 02, 2018
    • HDFC Life Life Insurance
      "Very Good policy"
      0.5 3.0/5 "Satisfactory"
      I have been using Life insurance from Hdfc life for 6 months. It has good benefits with long term of 30 years. They are providing critical medical claim . I make payment on line through on line net banking. Since I'm a existing customer care of HDFC i have chosen the HDFC LIFE for my life insurance Overall am satisfied with my life insurance policy
      Was this review helpful? 0
      , pune
      Reviewed on Sep 02, 2018
    • HDFC Life Life Insurance
      "Fine policy"
      0.5 4.0/5 "Great!"
      March Month, i have purchased my term insurance. I'm not much aware of the other company company thats the reason i have selected HDFC for my insurance. The benefits are not that much good when i compared after the taken the policy. The benefits are quite satisfied. Total tenure of the policy is 40 years. I called customer care service to know about the policy details. I have received the hard copy of the documents.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 02, 2018
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have purchased the life insurance policy with the HDFC LIFE before 2.5 years where i pay premium on yearly basis. The sum assured amount i get 50lakhs but i am not sure about the tenuity period of this life insurance policy and it covers for the self.
      Was this review helpful? 1
      , hosur
      Reviewed on Sep 01, 2018
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