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.
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:
|Minimum entry age||18 years as on the last birthday|
|Maximum entry age||50 years as on the last birthday|
|Maximum age at maturity||55 years as on last birthday|
|Policy Term||One year and the policy can be renewed annually|
|Minimum group size||50 members|
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.
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.
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.
The following are the key features included in Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
Buying a policy from Shriram Life Insurance has its own benefits:
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.
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