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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"
      0.5 4.0/5 "Great!"
      I have started the pension plan with HDFC LIFE for my children. The benefits are based on the market. ULIP charges are very high and some what am not satisfied. They are charging policy administration charges. I have started the policy in the year of 2008 and now the charges are come down and I don't know the current situation. The fund management is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Life Life Insurance
      "They need to improve the customer service"
      0.5 4.0/5 "Great!"
      I like the HDFC Life very much and also their products. The scheme is actually good but the service is not up to the mark. They don't respond for the calls or emails. The policy coverage and benefits are decent. The premium will be auto debited.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 13, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      I have taken a term plan with HDFC Life by last year through online. They have provided attractive benefits, low premium and it covers critical illness. The customer service is good and the response was prompt. I am paying premium around 20K per year through online. Payment option is quite good.
      Was this review helpful? 0
      , delhi
      Reviewed on Dec 13, 2018
    • HDFC Life Life Insurance
      "Average"
      0.5 5.0/5 "Blown Away!"
      I have taken a term insurance with HDFC Life through online portal. The customer service is better. The premium is reasonable compared to others. Am paying monthly Rs.1085 through ECS. I need to pay the premium till up to 30 to 40 years. The sum assured value is 50L.
      Was this review helpful? 0
      , cuttack
      Reviewed on Dec 11, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 4.0/5 "Great!"
      HDFC Life is best and the service is good. The premium is reasonable and am satisfied with the benefits. I am paying the premium through online and sometimes cheque. The payment gateway is easy and am convenient. It is a long term policy. It is a term plan, my family will be getting a good return.
      Was this review helpful? 0
      , dombivli
      Reviewed on Dec 08, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have just taken life insurance policy with HDFC LIFE before 2 years. The policy is taken for son or wife which I don't remember. I am paying the premium annually 50K through online. The payment gateway is okay and I don't have no issues. I got the insurance papers. They explained everything about the policy before issuing it.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 08, 2018
    • HDFC Life Life Insurance
      "Benefits are good"
      0.5 4.0/5 "Great!"
      I have taken a Return of Premium Option Plan Lumpsum from HDFC Life. It is a term insurance. The sum assured is for 50 Lakhs and the process to get my policy done was smooth. I received the policy documents on time. After my 34 years of age, what ever premium I have paid, all that would be sent back to me.
      Was this review helpful? 0
      , kolkata
      Reviewed on Nov 29, 2018
    • HDFC Life Life Insurance
      "Details can be more clear"
      0.5 3.5/5 "Pretty good"
      I have taken a term insurance with HDFC Life. It is a Life Option Plan Lumpsum plan. The tenure is for 33 years. The sum assured is for 1,50,00,000. I have not received the hard copy of the documents and I am in need of the same. I was also not given much of details on what basis the coverage would be given.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 27, 2018
    • HDFC Life Life Insurance
      "Satisfactory"
      0.5 4.5/5 "Excellent!"
      I have taken my term insurance with HDFC Life. The customer services and response is good and there are no hassles to buy this policy online. I have taken a Life Option Plan Lumpsum. The sum assured is for 5000000. The policy term is for 40 years. I make my payments online.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 24, 2018
    • HDFC Life Life Insurance
      "Good features"
      0.5 4.0/5 "Great!"
      HDFC Life also has good benefits and a good policy coverage for the life insurance. I have taken a iconnect plan. The tenure of the policy is until the age of 65 to 70 years. If anything uncertain happens to the policy holder, the sum assured is given to the nominee.
      Was this review helpful? 0
      , pune
      Reviewed on Nov 11, 2018
    • HDFC Life Life Insurance
      "Its Good"
      0.5 5.0/5 "Blown Away!"
      Recently I took term policy from HDFC Life, in the particular policy, there was one option, I can increase the coverage value upto 10% every year, however premium also will be increasing. But in other insurance company if I go for Rs.1 crore policy after 20 years it will be the same. Hence I found benefits are good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Need scope of improvement"
      0.5 4.0/5 "Great!"
      From HDFC Life no body have contacted me to activate my ecs payment, every time I used to HDFC portal to make my payment it was very inconvenient. They need to work on the service part, remaining all good even cost of the policy is also economical with better cover.
      Was this review helpful? 0
      , noida
      Reviewed on Oct 30, 2018
    • HDFC Life Life Insurance
      "Good among all the private companies"
      0.5 4.0/5 "Great!"
      The reason behind for choosing the HDFC LIFe is more claim ratio compared to other companies. They are offering a better premium amount. I have chosen the coverage amount of Rs. 50L. I'm doing the payment on monthly mode and for annually its around Rs. 5500 as total premium amount. I have selected the 35 years as tenure period. This is covered for accidental benefits and critical illness benefits.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I bought a life insurance policy with HDFC Life and i have chosen the plan name called Sampoor Nivesh. I used to pay the premium amount of Rs. 6000 per month and i have no idea about the sum assured amount. I have taken the policy in 2017 January month. Its a 15 years tenure period policy. Through online i have purchased this policy. They have are providing accidental coverage and life coverage.
      Was this review helpful? 0
      , rewari
      Reviewed on Oct 24, 2018
    • HDFC Life Life Insurance
      "Good Service provider"
      0.5 5.0/5 "Blown Away!"
      I am an existing customer of HDFC, they are providing very good service in terms of saving account, online service, customer service etc. Hence I have availed HDFC LIFE term policy, they are providing additional benefits for critical illness and disability cover.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Oct 23, 2018
    • HDFC Life Life Insurance
      "Needs lots of improvement"
      0.5 1.0/5 "Really Bad"
      HDFC is ranking good based on the claim settled ratio, I am paying the premium around Rs. 1480. I have selected the coverage value of Rs. 75 lakhs. But I am not told about the benefits, also they were not guided me throughout the process. Everytime I tried to update the details it was not upto the mark.
      Was this review helpful? 0
      , kolkata
      Reviewed on Oct 22, 2018
    • 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
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