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The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-participating, non-linked, yearly renewable group protection plan. At present, India is one of the countries that is growing at a very fast pace. The Government of India wishes to ensure that different financial schemes are introduced that takes the country to new heights. The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana targets at offering insurance coverage to all the bank customers who hold savings accounts. The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana is an annually renewable plan that offers the customers a life cover via a quick and simple process. This ensures that all the customers get insured in no time. The master policyholder can offer the life cover at a fixed rate that is affordable. During the plan year, a policyholder can enjoy the flexibility of adding new members. The members can easily secure their loved ones as the policy comes at a reasonable price.
In order to buy the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana, a customer has to fulfil certain eligibility criteria with respect to his/her age and the amount of insurance he/she seeks. These conditions are as shown below:
Parameters | Criteria for Eligibility |
Minimum age at entry | 18 years |
Maximum age at entry | 50 years |
Maximum age at maturity | 55 years |
Minimum size of the group | 50 members |
Maximum size of the group | No limit |
Sum Assured – The sum assured is the lump sum amount that is paid to the legal heirs or nominee of the insured person. Under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana, the sum assured equal to Rs.2 lakh is paid to the nominee of the insured individual.
Premiums – It is the amount that the policyholder pays to the insurer for keeping the policy alive and coverage active. Under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana, the policyholder can the avail annual premium paying mode only. The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana can be renewed every year.
Disclaimer: Premiums may vary depending upon factors like term of the plan, age, location, etc.
Death Benefit | Death Benefit is rolled out upon the unfortunate death of the insured individual in an event. In case of such an event, the death benefit is paid out to the nominee or the beneficiary of the insured person. Under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana, the death benefit that can be availed by the nominee or the beneficiary is Rs.2 lakh. The death benefit is equal to the sum assured under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana. |
Surrender Benefit | The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana can be surrendered by the Master Policyholder at any point in time. However, the member can still avail the coverage till the end of the plan term as stated in the insurance policy document. |
Survival Benefit and Maturity Benefit are not payable under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana.
There are no rider plans or add-on plans that can be enjoyed by the insured person under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana.
Suicide Exclusion – In case the policyholder commits suicide within a period of 12 months from the policy revival date or the policy commencement date, whether insane or sane, none of the benefits available under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana are paid out to the nominee. The plan gets terminated at that point.
Other Key Features
Free look period | The policyholder can enjoy a free look period of 15 days under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana. In case the policyholder does not like the terms and conditions specified in the policy document, he/she can choose to return the policy document in original and cancel the plan. However, applicable deductions like stamp duty charges, medical exam costs (if any) will be deducted. The policyholder must also provide a letter of cancellation stating the reason for which he/she did not choose the plan. |
Grace period | The grace period that can be availed under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana is 30 days. The premiums must be paid within the grace period so that the policy continues to offer the coverage and the benefits. In case the policyholder does not pay the premiums within the grace period, the membership gets terminated and the cover ceases. The benefits and coverage do not get hampered during the grace period. |
Tax Benefits under the prevailing tax laws can be availed under the IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana. The policyholder can enjoy tax benefits under Section 80C of the Income Tax Act, 1961. It is advisable to consult a tax advisor to understand more about the tax benefits.
The IndiaFirst Insurance Company is one of the top insurance companies in India. The insurance solutions provided by this company are tailored to meet the needs and requirements of the customers. The solutions come with immense flexibility and innovation. Bank of Baroda, Legal and General (UK) and Andhra Bank collaborated to form the IndiaFirst Insurance Company. Andhra Bank has more than 1,700 branches spread across the country and has served its customers for 89 years. Bank of Baroda, on the other hand has above 3,900 branches in India. Legal and General (UK) comes with an international experience of more than 150 years. It offers investment plans, insurance plans, pension plans, etc. to more than 5.5 million customers across the United Kingdom. The Government of India wishes to ensure that different financial schemes are introduced that takes the country to new heights. The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana targets at offering insurance coverage to all the bank customers who hold savings accounts. The IndiaFirst Pradhan Mantri Jeevan Jyoti Bima Yojana is an annually renewable plan that offers the customers a life cover via a quick and simple process. The master policyholder can offer the life insurance at a fixed rate that is affordable. During the plan year, a policyholder can enjoy the flexibility of adding new members.
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