Shriram 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

Shriram Life Pradhan Mantri Jeevan Bima Yojana is a non-participating and non-linked group term insurance plan. This plan is not only affordable but it has a hassle-free process to buy it as well. It ensures financial security of the loved ones in case of demise of the policyholder. Under this plan, the beneficiaries or the nominees receive a lump sum amount in case of the demise of the life insured. Any individual with a savings account with any bank can purchase this insurance policy.

Shriram Life Insurance has an extensive coverage network across India with multiple distribution partners in the rural regions. The insurance agents focus on reaching the remote areas in an organized and comprehensive way.

Eligibility: Who is Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana for?

If a customer wishes to purchase the Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana, he/she will have to fulfill certain eligibility conditions. The eligibility criteria are as detailed below:

Sum Assured and Premium Range- What you get and what it costs?

Sum assured: The minimum sum assured under this plan is Rs.2 lakh per member and the maximum sum assured is also Rs.2 lakh per member.

Premium: Under this plan, the policyholder needs to pay a yearly premium. The minimum as well as maximum premium payable per member is Rs.330.

Plan Coverage - What the Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana doesn’t covers?

The plan provides death benefit in case of an unfortunate event of death of the policyholder. If the policyholder passes away, the sum assured will be paid to the beneficiary or nominee or legal heir of the life assured. This policy does not provide maturity benefit, surrender benefit, or loans.

Exclusions - What the Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana doesn’t cover?

Suicide Exclusion: Irrespective of the sanity of the life assured, if he/she commits suicide within 1 year from the inception of the policy or within 1 year from the revival date, the policy will terminate immediately. The nominee or the beneficiary will receive 80% of the premium paid.

Termination of the policy: In case of misrepresentation or fraud by the policyholder with respect to declarations and information provided to the insurance company, the policy will be terminated and action will be taken in accordance to Section 45 of the Insurance Act of 1938.

Other Key Features – Free Look Period, Grace Period etc.

The following are the key features included in Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana:

• Free-look period: If the policyholder disagrees with any of the provisions in the policy documentation, he/she can return the same back to the insurer stating relevant reasons for the objection. The policy should be returned within the free-look period of 15 days. The free-look period for policies that were bought through online sales, telephonic purchase, or any other distance marketing channel is 30 days. The insurer will then refund the paid premiums after the deduction of charges for stamp duty and medical examination.
• Renewal of the Policy: If the policyholder fails to pay the premium before the end of the grace period, the policy will get lapsed. Once the policy is lapsed, it can be renewed by paying a premium within the policy term of a year along with other needs as per the insurance company’s approved policy terms.
• Grace Period: If the policyholder does not pay due premiums within the premium payment due date, the insurer allows an extra time during which the premium can be paid. This interval is referred to as the grace period. The grace period for policies with yearly and half-yearly premium payment frequencies is 30 days. For policies with monthly premium payment frequency, the grace period is 15 days.

Other Benefits - How you can save with the Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana?

Buying a policy from Shriram Life Insurance has its own benefits:

• Customers can easily check their policy status online by logging into their Shriram Life Insurance account at the insurer’s website. The account also enables policyholders to do the following:

• View the value of the plan
• Switch funds
• Revive the policy
• Update contact details
• Make enquiries through the E-box facility
• Take print-outs of the fund statements, portfolio statements, and tax certificates.

• It is also possible to contact the insurer through email or by calling the customer care number, 1800-3000-6116.
• Customers can register to the SMS alert facility offered by the insurance company to receive timely updates from the insurer.
• Customers can make premium payments through Net Banking, e-Wallets, debit cards, or credit cards. It is also possible to pay premiums by visiting the insurer’s branch office.
• The insurance company has a dedicated grievance redressal cell to acknowledge complaints or grievances raised by customers.
• The Shriram Life Insurance website offers its customers online calculators that enable them to identify the amount of life cover they require and the corresponding premiums.

Why you should buy the Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana?

Shriram Life Insurance was established in 2005 and it started business in 2006. With more than 2600 branches and 14,500,00 customers, the Shriram Group has created a quite a reputation for itself. In the last 7 years, it has emerged as one of the strongest and most profitable life insurance company in India. Over the last 9 years, the Shriram Group has grown at with a CAGR of over 40%. The head office of the Shriram group is situated in Belville near Cape Town in South Africa. Shriram Life Insurance won the award of Best Life Insurance Company in the private sector in 2016. The company also won The Indian Insurance Award for best non-urban coverage. Shriram Group manages more than Rs.1020 crores in revenue.