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.
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.
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|
Customers should note that premiums will vary based on age, location, plan term and other factors.
|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.|
There are no add-on plans that can be procured under the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.
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.
|Termination of Membership||Membership termination will occur on the basis of any of the events given below -
|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.|
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.
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.|
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.
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.
A. Service tax is applicable based on Service Tax Laws, and is applicable on life insurance premium.
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.
A. There is no maturity benefit under this rider.
A. There are no surrender benefits under this plan.
A. The HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is a traditional non-participating group term insurance plan.
A. The premium frequency is annual for the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.
A. Yes, nomination is allowed.
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.
A. Rs.2 lakh is the Sum Assured amount that can be obtained by policyholders.