ICICI Pradhan Mantri Suraksha Bima Yojana
- Reduce taxable income by up to Rs. 1,50,000 deduction under section 80C**
- Convenient payment options - annual, half-yearly, quarterly or monthly premium payments
- Do more with plans that offer pure protection, retirement planning and investment options
Pradhan Mantri Jan Suraksha Bima Yojana by ICICI Prudential is a life insurance plan for those below the poverty line. With death benefits of up to Rs.2 lakh and an economical premium of Rs.12 p.a. The policy provides an insurance cover of up to Rs.2 lakh for irrecoverable and total loss of eyesight of both eyes, loss of both hands, or one leg or foot. Under the policy, a cover of Rs.1 lakh is entitled to the policyholder in case of loss of one eye or sight, leg, hand, or foot.
Eligibility - Who is the ICICI Pru Pradhan Mantri Suraksha Bima Yojana for?
When applying for the ICICI Pru Pradhan Mantri Jan Suraksha Bima Yojana, applicants must fulfil the following eligibility criteria:
| Minimum age at entry | 18 years |
| Maximum age at entry | 70 years |
| Type of Plan | Pradhan Mantri Social Security Scheme |
Sum Assured and Premium – What you Get and What it Costs?
The premium, the policy term, and the payment mode under the Pradhan Mantri Jeevan Jyoti Bima Yojana offered by ICICI Prudential is indicated in the table below:
| Sum Insured | Rs.2 lakh |
| Policy Term | One year |
| Premium | Rs.12 p.a. |
| Payment Mode | Auto-debited from subscribers account |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana Covers?
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers the following benefits:
| Death Benefit | Rs.2 lakh on death of the assured |
| Loss (either total or irrecoverable) of both eyes or loss of both limbs, or loss of sight of one eye and loss of use of a foot or a hand | Rs.2 lakh is payable to the assured |
| Loss (either total or irrecoverable) of use of one foot or one hand or loss of sight of one eye | Rs.1 lakh is payable to the assured |
Add-On Plans – Additional Coverage under the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana:
There are no add-on plans under the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana.
Exclusions - What the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana doesn’t Cover?
Attempted suicide or intentional self-injury under the influence of intoxication such as drugs or liquor, or any loss due to an act as a breach of law with or without criminal intent, is an exclusion under this plan.
Other Key Features:
Other key features of the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana are:
| Particulars | Details |
| Policy Revival | Policy can be renewed every year by paying a single year cover at a time |
| Termination | The policy stands terminated under the following conditions:
|
ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana
ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme for any resident of India aged between 18 to 50 years. With premium as low as Rs.330 p.a. and a risk coverage of Rs.2 lakh, this Bima Yojana is an ideal cover for those below are located in the rural areas and cannot afford a life insurance policy with a high premium.
Eligibility - Who is the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana for?
When applying for the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana, applicants must fulfil the following eligibility criteria:
| Minimum age at entry | 18 years |
| Maximum age at entry | 50 years |
| Type of Plan | Pradhan Mantri Social Security Scheme |
Sum Assured and Premium – What you Get and What it Costs?
The premium, the policy term, and the payment mode under the Pradhan Mantri Jeevan Jyoti Bima Yojana offered by ICICI Prudential is indicated in the table below:
| Sum Insured | Rs.2 lakh |
| Policy Term | One year |
| Premium | Rs.330 p.a. |
| Payment Mode | Auto-debited from subscribers account |
*Premiums vary based on age, location, plan term and other factors
Plan Coverage - What the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana Covers?
The Pradhan Mantri Jeevan Jyoti Bima Yojana offers the following benefits:
| Death Benefit | Rs.2 lakh payable to the nominee, on death of the assured |
Add-On Plans – Additional Coverage under the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana:
There are no add-on plans under the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana.
Exclusions - What the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana doesn’t Cover?
There are no exclusions under the Pradhan Mantri Jeevan Jyoti Bima Yojana from ICICI Prudential.
Other Key Features:
Other key features of the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana are:
| Particulars | Details |
| Termination of assurance | The policy stands terminated under the following conditions:
|
Tax Benefits – How you can save with the ICICI Pru Pradhan Mantri Suraksha Bima Yojana and ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana?
Under the Pradhan Mantri Jeevan Jyoti Bima Yojana and Suraksha Bima Yojana from ICICI Prudential, there are no tax benefits available.
Other Benefits:
Some of the other benefits that can be utilised by a policyholder are:
- Read information about the plan online
- Facility to request for a call back from the company
- Get a financial advisor
- Apply for the plan online
- Make online comparisons with other plans
- Locate the nearest ICICI Prudential branch
Why you should Buy the ICICI Pru Bima Yojana Policies from ICICI Prudential?
These government-introduced policies under the Pradhan Mantri Social Security Schemes for the Indian residents of rural and far flung areas. These noble schemes in collaboration with ICICI Prudential enables its policyholders to enjoy and avail all its benefits. These schemes ensure that those below the poverty line also have a life insurance. With ICICI Prudential’s customer focus and high quality of services, availing these policies from the company is a good idea.
Frequently Asked Questions (FAQs):
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Under the Suraksha Bima Yojana, what happens when I turn 70 years?
A. Under this plan, if the policyholder reaches the age of 70 years, the policy is terminated and no benefits can be availed thereafter.
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Can the Pradhan Mantri Suraksha Bima Yojana be renewed?
A. Yes, the scheme can be renewed every year by paying a single year cover at once.
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What is the minimum age to be eligible to take up the Suraksha Bima Yojana policy from ICICI Prudential?
A. The minimum eligible age for applying for the policy is 18 years.
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Is it possible to exit the Pradhan Mantri Suraksha Bima Yojana and re-join later?
A. Yes, you may exit the policy at any time during the policy year and re-join later, however the same terms and conditions will be applicable.
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If I have taken more than one policy under the PM Suraksha Bima Yojana, which one is considered to be active?
A. If you have opted for more than one policy under the same scheme, the oldest policy is the only one that is considered and the rest are terminated.
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What is the age limit for PM Jeevan Jyoti Bima Yojana from ICICI Prudential?
A. The age limit for the Jeevan Jyoti Bima Yojana is 18 to 50 years.
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What is the procedure for selecting auto-debit for premium payment while taking up the PM Jeevan Jyoti Bima Yojana from ICICI?
A. Those who have taken up the plan from ICICI should provide a written consent, instructing the bank for activating auto-debit for premium towards the policy. The policyholder is also required to maintain a minimum balance at the time of auto-debit.
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What is the criteria if I am applying for the Jeevan Bima Yojana from ICICI after the last date of the scheme has passed?
A. The applicant is required to submit a self-certificate of good health if he or she is applying after the last date of the scheme. The applicant is also required to pay full premium at that time.
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Can I avail any tax benefit if I take up the ICICI Pru Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. No, there are presently no tax benefits under this policy.
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What is the premium amount that I will be required to pay annually under the Jeevan Jyoti Bima Yojana?
A. Policyholders are required to pay a premium of Rs.330 p.a. for the policy.
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