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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 features"
    0.5 5.0/5 "Blown Away!"
    My term insurance is with HDFC Life. I have taken a Life Option Plan Lump sum plan. There is a sum assured for Rs. 75,00,000. The customer services are good, I received the necessary documents on time. The tenure is for 36 years and the premium is also reasonable.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2018
  • HDFC Life Life Insurance
    "Good protection for family"
    0.5 5.0/5 "Blown Away!"
    I am an existing customer of HDFC and also I am working with the same company, hence I know about the benefits of term insurance with HDFC Life. Their claim settlement ratio is high, when its comes to the term insurance, premium doesn't matter. for me. My nominee will survive after my absence, I paid the premium around Rs. 6100 it has the term of 20 years for the sum assured value of Rs. 50 Lakhs with tax benefits, financial security against unforeseen events.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 18, 2018
  • HDFC Life Life Insurance
    "Process is good"
    0.5 5.0/5 "Blown Away!"
    I have taken a term insurance from HDFC Life. The customer services is good. Though I am not too sure of the plan name. The features and coverage is good. The tenure is for 30 to 35 years. There are no add ons and only a life cover. The premium is reasonable.
    Was this review helpful? 0
    , vadodara
    Reviewed on Jan 11, 2018
  • HDFC Life Life Insurance
    "Good plan"
    0.5 4.0/5 "Great!"
    I have taken my life insurance from HDFC Life. It is a Click to invest plan. The customer services are good and they were always on time and they are very quick when it comes to response. The tenure is for five years. The premium is for 1200 on a monthly basis. After the maturity term I would get around a lakh.
    Was this review helpful? 0
    , machilipatnam
    Reviewed on Jan 11, 2018
  • HDFC Life Life Insurance
    "Its Good"
    0.5 4.0/5 "Great!"
    I believe HDFC Life is a very secured one, my yearly premium was around Rs. 6500. It has the term of 40 Years, end of the policy I wont get any maturity benefits but my nominees will get the lump sum amount of Rs. 50 lakhs. The policy has tax benefits , accidental, critical illness and waiver of disability cover.
    Was this review helpful? 0
    , rajkot
    Reviewed on Jan 10, 2018
  • HDFC Life Life Insurance
    "Fabulous"
    0.5 4.0/5 "Great!"
    With the HDFC life, I am having the life insurance policy and the customer service is all good one for me. I have not faced any issues with them till now. Overall, the services are really good one for me with the HDFC life and everything is really fine for me..
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 05, 2018
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