The Pradhan Mantri Jeevan Jyoti Bima Yojana plan is a non-linked, non-participating, one-year renewable group term insurance plan that has been especially designed in keeping with the Government of India’s “Pradhan Mantri Jeevan Jyoti Bima Yojana” scheme. The administration of the Pradhan Mantri Jeevan Jyoti Bima Yojana scheme will be done by banks and the rules of the scheme will follow the specifications of the Government of India as amended from time to time. The plan offers protection at affordable prices and the policy can be availed instantly as it does not require the customers to undertake any medical exams. The enrolment for the plan is also fairly simple and is based on a proposal form.
The SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana plan does not offer any maturity benefits, but death benefits can be availed by the nominees of members in case of their untimely demise while the policy is still in force. Premium payments towards the Pradhan Mantri Jeevan Jyoti Bima Yojana start at amounts as low as Rs.330, making it a fantastic investment option.
The SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana can be purchased by corporate organisations that wish to insure their employees. In order to enrol for the plan, members must adhere to certain age restrictions. Following are the eligibility criteria for the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Minimum Entry Age||18 years|
|Maximum Entry Age||50 years|
|Maximum Maturity Age||55 years|
|Policy Term||One-year renewable|
Employers who purchase the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana will have to ensure that the members in the group are collectively assured for a certain amount. Premiums will also have to be paid for each member. Following are some of the important details regarding the sum assured and premium range for the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Sum Assured||Rs.2 lakhs|
|Premium Amount||Rs.330 (does not include service tax but includes Rs.41 for administrative fees of participating banks)|
|Lien Period||45 days from the date of enrolment into the scheme|
Following are the key benefits offered by the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana plan:
|Maturity Benefit||The SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana does not provide any maturity benefits.|
|Death Benefit||In case of the unfortunate and untimely demise of the life assured member while the policy is still in force, the nominee will be eligible for a death benefit which will be equal to the sum assured. The death benefit for this plan cannot be more than Rs.2 lakhs even if the member is covered via multiple insurers or multiple bank accounts. In such cases, claims will be entertained only for the first application and the premiums on the following covers will be forfeited.|
Following are some of the other key features of the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Grace Period||Customers who fail to make the premium payment on time will receive a grace period of 30 days from the annual renewal date to ensure that the due premium has been paid. The policy will remain active over the course of the grace period, but if premiums remain unpaid at the completion of the grace period, the insurance cover will lapse.|
|Enrolment||The premium amount will be debited from the account of the insured member on the date on which the insurance cover commences. The date on which members can join the scheme and avail insurance cover for a year is the 31st of May. The cover can be renewed on the 1st of June each year and the premium amount will be debited directly from the member’s bank account. The premium can change from time to time depending on the changes specified by the Government of India. Members who wish to join the scheme after the 1st of June can do so but will have to pay the premium for the entire year.|
|Termination of Insurance Cover||The termination of insurance cover for a member will take place on the happening of the earliest of events such as the date on which he/she attains the age of 55 years, or on their death, or on the non-payment of premiums after the end of the grace period, or on the closure of the designation bank account or lack of sufficient balance to keep the policy in force, or on the date of settlement of a claim.|
|Nomination||Nomination under the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana is allowed subject to the provisions of Section 39 of the Insurance Act, 1938.|
A 45-day lien period will be applicable from the date on which the member enrolls into the scheme. In case of the demise of the insured individual during the lien period as a result of other causes apart from accident, the sum assured will not be paid to the nominee.
Customers who purchase the SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana can avail tax benefits as per the prevailing income tax laws in India.
The SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a great option for corporate institutions who wish to insure their employees. The plan is affordable and ensures that the families of employees who are members of the group will be financially secure in case of the unfortunate demise of the member. Moreover, SBI Life Insurance Company Limited has established itself as one of the major insurance companies in India, thereby ensuring that your investment is safe. In addition, the company also employs the finest insurance agents who can help you pick the policy that best suits your unique requirements. A customer service team that operates round the clock will ensure that any concerns or issues you face are dealt with in a timely manner.
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