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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 overall"
      0.5 5.0/5 "Blown Away!"
      HDFC Life is good in the overall benefits and services. I have taken a life insurance. The tenure is for ten years and there is a lock in period for five years. After the fifth year, I do not have to pay a premium. After the maturity term I would get my sum assured. The premium is normal and I pay it on a yearly basis.
      Was this review helpful? 0
      , rupnagar
      Reviewed on Jun 14, 2018
    • HDFC Life Life Insurance
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      I have been using since 3 years. Premium i pay for my insurance is for monthly once that too i do the payment through the on line. Actually i am not aware of the tenuity. Apart from that i have don the documentation which is very easy and it is simple.
      Was this review helpful? 0
      , thane
      Reviewed on Jun 12, 2018
    • HDFC Life Life Insurance
      "Good policy. Payment mode can be more flexible."
      0.5 5.0/5 "Blown Away!"
      I have taken my term insurance from HDFC Life. The services are good. I bought the policy with ease. The sum assured is for 60 Lakhs and the tenure is for 35 years. The only drawback is with the payment options. There are no options online and by chance if I skip a monthly payment the policy gets lapsed. This inconvenience does not happen with the other insurance providers.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Jun 07, 2018
    • HDFC Life Life Insurance
      "EXCELLENT"
      0.5 4.5/5 "Excellent!"
      My life insurance is good. Customer service is good and helped. I have been using since 5 months. Payment i do through on line for monthly once. Plan benefit is good. Policy coverage is for 85 lakhs, 40 years i have to pay for my insurance. In case of paralysis then in can avail the policy that i applied. Documentation is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 31, 2018
    • HDFC Life Life Insurance
      "Best Family Protection Policy"
      0.5 3.0/5 "Satisfactory"
      They provided me a toll free number, I have been tried this number its keep on not responding. They are giving different numbers for sales, Service and policy so i don't need to repeat my issue again and again to a different people. I have applied for auto debit option. They are not giving the information pro-actively about auto deduction. 1st they have rejected auto deduction since the account was not in my name. Customer service is not up to the mark.
      Was this review helpful? 0
      , erode
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      Got my Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . It has good policy cover with tenure period of 15 years . I pay the payment annually through online banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have been using Life insurance from Hdfc life . It has good benefits with accidental coverage and critical medical claim . The policy coverage is 60 years with tenure period of 25 years . I pay the payment annually through online banking . Am getting Income tax benefits from this policy.
      Was this review helpful? 0
      , arwal
      Reviewed on May 22, 2018
    • HDFC Life Life Insurance
      "One of the Best Insurance Company"
      0.5 4.0/5 "Great!"
      In Life insurance, HDFC is the one of the best company. They are providing the Wide range options to choose. When comes to payment they make your life is easy. They used to send notification regularly through email and message. So, I can make the payment on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 16, 2018
    • HDFC Life Life Insurance
      "Better Policy"
      0.5 5.0/5 "Blown Away!"
      I do not prefer any policy. I just want a term insurance policy. I have chosen Endowment plan from LIC. The premium amount is Rs. 4000 to 5000 per month. Tenure is 5 years. Sum Assured amount is Rs.10 Lakhs. Only for the Tax consumption option i have selected this policy. I am not aware of the whole features and benefits of this policy.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • HDFC Life Life Insurance
      "Very good "
      0.5 5.0/5 "Blown Away!"
      I have a Life Insurance policy from Hdfc Life. The policy contains the premium amount of around Rs. 7,900 and sum assured amount is around Rs. 5,00,000 for the period of 4 years. I am satisfied with the policy as the plan benefits are good in this policy coverage.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Mar 14, 2018
    • HDFC Life Life Insurance
      "Smart Protection for Family"
      0.5 5.0/5 "Blown Away!"
      I took classic term policy I have taken in the month of November. I paid the premium amount around Rs. 60,000 for the total sum assured of Rs. 10 lakhs, it has tenure period of 15 years. They give me the maturity cover upto 60 years old. My life insurance has tax benefits and flexi tenure period etc.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "Its Better"
      0.5 3.0/5 "Satisfactory"
      I have term insurance from HDFC Life total sum insured value of Rs. 5 lakhs, it has the term of 10 years. HDFC Life claim settle ratio is good, even the policy activation process is good. I make term insurance yearly premium amount around Rs. 50,000. But I am not sure about the claim formalites.
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy from Hdfc Life, I am getting better deal with this policy, and I am satisfied with it. The total premium that I paid for this policy is Rs. 50,000 this annually, the sum assured to me is around Rs. 3,50,000.The policy matures after 5 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "Good Term Policy"
      0.5 5.0/5 "Blown Away!"
      I felt HDFC Life is the best option for the term insurance, I would the policy cost is low but they gave good sum assured. There is no much formalities on the claim process, I have chosen the term insurance of Rs. 70 lakhs. HDFC LIFE payment gate way is also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 13, 2018
    • HDFC Life Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have a medi claim policy with HDFC Life. I am using the service for last 5 years. It was good for medi claim. The customer service was is also good. I have paid 11K for one year, it covers for me and my son. I make the payment through cheque. The cashless facilities and accidental benefits are provided.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 07, 2018
    • HDFC Life Life Insurance
      "Satisfied with the features"
      0.5 4.0/5 "Great!"
      HDFC Life has better benefits in the term insurance policy. The customer services are good and there are no hassles in the process. The tenure is for 31 years. They also have other benefits of a critical illness as well. The premium is also normal.
      Was this review helpful? 0
      , visakhapatnam
      Reviewed on Mar 07, 2018
    • HDFC Life Life Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had applied and got life insurance policy from one of the top most insurance company HDFC LIFE. Its a Half yearly wise policy. I can prefer online payments to renew my policy with in due time.Most of all documents are covered under single policy.
      Was this review helpful? 0
      , mandya
      Reviewed on Mar 07, 2018
    • HDFC Life Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance policy from Hdfc Life, I have no issues with the policy, the policy is good. The payment options provided to me were good, my total premium is around Rs. 45,547 and sum assured to me is around Rs. 50,00,000 for the period of 21 years.
      Was this review helpful? 0
      , nellore
      Reviewed on Mar 07, 2018
    • HDFC Life Life Insurance
      "Average policy"
      0.5 3.0/5 "Satisfactory"
      I have a life insurance policy taken from Hdfc Life, as compared to other policies the policy I have taken the total premium is a bit higher, I am getting a better deal with other policies with same sum assured to me. My total premium is around Rs. 10,376 and sum assured to me is around Rs. 1,00,00,000.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 07, 2018
    • HDFC Life Life Insurance
      "Good Retirement plan"
      0.5 4.0/5 "Great!"
      I would say HDFC Life insurance is better, I could convert the sum assured amount into monthly pension. I am investing Rs.22,000 per year it has the tenure of 10 years. Then I get the benefits of premium + interest . Payment option is good and its safe and secured.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Mar 05, 2018
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