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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 5.0/5 "Blown Away!"
      I have taken the life insurance policy with the HDFC LIFE where i have a good experience along with that the documentation process is simple and good. the maturity period is for 12 years where the premium i pay for 8 years which gives the family coverage.
      Was this review helpful? 0
      , faridabad
      Reviewed on Jan 22, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I am holding the life insurance policy with the HDFC LIFE since from last four years and it is the term plan and it is for long term policy which gives the policy coverage for self. The policy premium i pay on yearly once with this insurance policy.
      Was this review helpful? 0
      , new panvel
      Reviewed on Jan 19, 2019
    • HDFC Life Life Insurance
      "GOOD POLICY"
      0.5 3.0/5 "Satisfactory"
      The reason for taking the life insurance policy with the HDFC LIFE is because i am an existing customer of this HDFC. The customer service is very good and they are responsive. The maturity period of this policy is for 25 years as i pay the premium for yearly once.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jan 17, 2019
    • HDFC Life Life Insurance
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      I have been using the life insurance policy with the HDFC LIFE where the documentation process is simple and easy with this policy added on that the maturity period of this policy is for long term policy which gives the policy coverage for complete family.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 16, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I have purchased the life insurance policy with the HDFC LIFE where i have purchased it since from last 5 years. The premium for this policy i pay on 6 months once basis where it gives the policy coverage for my complete family. I am satisfied with this life insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 16, 2019
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      LIFE ASSURANCE is the policy name where i have been using t from last 7-8 years where i have taken it from the HDFC LIFE. The maturity period of this policy is for 15 years where it is good and i am satisfied with this policy. the premium i pay on yearly once with this policy.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      PRO GROWTH PLUS id the name of the policy where i am using it from the HDFC LIFE where i am using it since from last many years but the maturity period of this policy is for 15 years. the premium i pay for yearly once for this insurance policy.
      Was this review helpful? 0
      , vijayawada
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using the life insurance policy with the HDFC LIFE since from last 2 years as the where it is the term insurance policy. The premium is nominal with this policy where i pay for monthly once. It is the good policy to use as well as it is satisfactory.
      Was this review helpful? 0
      , bhilwara
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding the life insurance policy with the HDFC LIFE since from last one year where the premium i pay for once with this policy at the time of purchasing this policy. the policy coverage is for self with this policy. The process of getting this policy is good.
      Was this review helpful? 0
      , jaipur
      Reviewed on Jan 12, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 3.5/5 "Pretty good"
      They have taken the life insurance policy with the HDFC LIFE because of the best features when compared to the others. The premium is nominal than others comparatively with this policy. The maturity period of this policy is for 28 years.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jan 09, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      It is a term plan where i have purchased it from the HDFC LIFE and i am using it since from last one year where the premium i pay monthly basis through the online. It is a good policy to access and also they are giving the sufficient sum assured value.
      Was this review helpful? 0
      , indore
      Reviewed on Jan 05, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      The life insurance policy i have purchased it from the HDFC LIFE and using it from past 6 moths as the premium i pay it for monthly once. The maturity period if this policy is for long term which covers for the complete family. The documentation process is simple.
      Was this review helpful? 0
      , fatehabad
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      The life insurance policy from the HDFC LIFE i have purchased it and i am using it since from past 7-8 years the documentation process is very good with this and it was simple. The policy coverage is for self also the premium i paid is for 50k approximately.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance from HDFC Life since I got a good feedback from my friends. Actually I have submitted the documents for auto debit premium which was not happening. Am paying the premium manually every month through online. The benefits are good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 03, 2019
    • HDFC Life Life Insurance
      "Average"
      0.5 4.0/5 "Great!"
      The customer service is good. The claim settlement ratio is high and the premium is low so have taken the term insurance from HDFC LIFE through online portal. The sum assured value is 50L. I have received the insurance paper. I have paid 10K for a year to purchase the policy.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Basically I wanted the whole amount which I have submitted and I got the same option from HDFC Life through online portal. The customer service is good and there is no issues so far. The sum assured value is 1cr. I have paid premium of 20k per year through online. It will be auto debited of every month on 20th, this option was offered by Yes Bank.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Better"
      0.5 5.0/5 "Blown Away!"
      The benefits are good and I have taken the term policy before 2 or 3 months. The Final copy not arrived and paid 12K for a year through ECS. The customer service and response was good. I have compared 4 to 5 companies, claim settlement ratio was good with HDFC LIFE. The sum assured value is 1cr and need to pay age of 65 years.
      Was this review helpful? 0
      , pune
      Reviewed on Dec 29, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I do have a life insurance with HDFC Life. Till date I have submitted the premium on time and don't have much experience. The customer service is good and the represntative contact me regarding the policy. The benefits are moreover same like LIC. I make the premium through online.
      Was this review helpful? 0
      , bareilly
      Reviewed on Dec 19, 2018
    • HDFC Life Life Insurance
      "Better"
      0.5 4.0/5 "Great!"
      I have taken term insurance through online portal before one month. It has the cheapest premium compared to the others. I need to pay till the age of 70. I have paid 16,500 rupees for a year. The customer service is good. They have explained me about the policy which am satisfied. The payment mode is online. I got the insurance paper.
      Was this review helpful? 0
      , delhi
      Reviewed on Dec 17, 2018
    • HDFC Life Life Insurance
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a term insurance with HDFC Life and previously I had other plans with them since the benefits are good and the settlement rate is also okay. They did not contacted me to inform about the policy. I did not get the hard copy and have paid 9,300 rupees per annum. The sum assured value is around 50L.
      Was this review helpful? 0
      , hoshangabad
      Reviewed on Dec 15, 2018
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    *The customer reviews/feedback/opinions expressed on this website are solely of their authors and do not reflect, in any way, the view of BankBazaar Insurance.