Max Life Pradhan Mantri Jeevan Jyoti 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
The Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-participating, one year, renewable group term insurance plan that offers great protection and financial security to all your loved ones even in your absence. In times of an exigency, this plan will definitely help in taking care of the situation. Under the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana, the owner of the life insurance scheme is the bank itself and the coverage is offered to the members who hold savings account with the bank.
Eligibility – Who is the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana for?
In order to be eligible for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana, some criteria set out by Max Life must be met. These eligibility criteria of the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana are given below:
(UIN:104G089V010
| Type of plan | Non-participating, one year, renewable group term insurance plan |
| Minimum age at entry | 18 years |
| Maximum age at entry | 50 years |
| Maximum age at maturity | 55 years |
| Scheme year | June 1 of every year to May 31 of the next year |
| Term of the policy | 1 year |
| Coverage period | All the members who get enrolled under the scheme post June 1 will have to pay the entire premium of Rs.330 for availing the coverage up to May 31, irrespective of their entry date. |
| Minimum size of the group | 50, within a year of policy commencement |
| Maximum size of the group | No limit |
Sum Assured and Premium Range – What you Get and What it Costs?
Sum Assured:
| Minimum assured sum | Rs.2,00,000 for each member |
| Maximum assured sum | Rs.2,00,000 for each member |
Premium Range:
| Minimum premium | Rs.330 for each member (exclusive of cess and tax) |
| Maximum premium | Rs.330 for each member (exclusive of cess and tax) |
| Mode of premium payment | Yearly only |
Plan Coverage – What the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana Covers?
The Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana comes with great advantages and benefits. The events covered by this plan are as follows:
- Death – In the event of the policyholder’s demise during the coverage period due to any reason, Max Life will payout a lump sum amount to nominee(s). The sum assured that is payable in this case is an amount of Rs.2,00,000.
- Maturity – No maturity benefits are payable under the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
- Surrender – Benefits are payable when a member exits the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
Exclusions – What the Plan Doesn’t Cover?
There are no exclusions under the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
Other Key Features of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
Some of the key features of the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana are given below:
For bank:
- It acts as a risk coverage to all the savings bank account holders.
- The plan serves as a customer retention tool.
For members:
- Risk coverage at a very low cost.
- Voluntary participation.
- Death due to a reason that is covered from the first day of the plan.
- Fixed premium irrespective of the age for a cover amount of Rs.2 lakh under the plan.
Other Benefits of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
Tax Benefits – The tax benefits under Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows:
- The premium that is paid by the policyholder is eligible for tax benefit under Section 80C of the IT Act, 1961.
- All the payments for death claims are tax exempted under Section 10(10 D) of the IT Act, 1961.
- Educational cess and service tax is applicable on premiums paid by members.
Why Should you Buy the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
Max Life Insurance Company is one of the top insurance providers in the country. This joint venture of Mitsui Sumitomo Insurance Company Limited and Max Financial Services Limited has been catering to the insurance needs of various individuals over a period of 15 years. Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana offers great protection and financial security to all your loved ones even in your absence. In times of an exigency, this plan will definitely help in taking care of the situation. Under the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana, the owner of the life insurance scheme is the bank itself and the coverage is offered to the members who hold savings account with the bank.
FAQs about Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
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What is the maximum age at entry for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The maximum age at entry for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is 50 years.
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What is the minimum age at entry for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The minimum age at entry for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is 18 years.
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What is the policy term for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The minimum policy term for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is 1 year.
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What is the maximum age at maturity for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The maximum age at entry for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is 55 years.
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What is the maximum group size for this scheme?
A. There is no limit on the maximum group size of the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
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What is the minimum group size for this plan?
A. The minimum group size for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is 50.
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What is the maximum sum assured and minimum sum assured for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The maximum sum assured and minimum sum assured for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.2 lakh.
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What is the maximum premium and minimum premium for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. The maximum premium and minimum premium for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.330. This amount is exclusive of the taxes and cesses.
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Can I avail a policy loan with this plan?
A. No, policy loan provision is not available with this plan.
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What riders can I get with the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana?
A. There are no riders available with the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
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