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  • Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    The Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a renewable group term insurance plan. The Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana offers life coverage at a very low cost to all the members who have savings bank accounts. With this particular insurance plan, the policyholder or the member can avail death benefits. No maturity benefit or surrender benefit are payable under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana.

    Eligibility – Who is the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana for?

    In order to buy the Star Union Dai-Ichi Life 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
    Term of the policy 1 year, renewable
    Minimum size of the group 10 members
    Maximum size of the group No limit

    Sum Assured and Premium Range – What you get and what it costs

    Sum Assured – The sum assured refers to the amount that the nominee or beneficiary of the policyholder gets upon unfortunate demise of the insured. The fixed sum assured under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.2 lakh per member.

    Sum Assured Rs.2 lakh for each member (fixed sum assured)

    Premiums – It is the amount that is paid by the policyholder to the insurer at regular intervals or at one go for keeping the policy active and running. The annual premium to be paid by the policyholder under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs.330. In case of the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana, only yearly premium payment mode is allowed.

    Premium payment mode Annual
    Annual premium Rs.330

    *Premiums may vary depending upon factors like term of the plan, location, age, etc.

    Plan Coverage – What the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana covers

    Death Benefit In case the insured person encounters death in an unfortunate event, Rs.2 lakh (fixed sum assured) is received by the beneficiary or nominee of that insured individual. If the particular member has coverage under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana via multiple bank accounts and the premium is also received by the insurer, the cover amount is restricted to a maximum of Rs.2 lakh across all the schemes.

    Maturity Benefit and Surrender Benefit are not payable under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana.

    Exclusions – What the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana does not cover

    In case of death by committing suicide, there is no exclusion under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana. There are no other exclusions as well under this insurance policy.

    Other Key Features

    Free-Look cancellation A free-look period of 15 days can be availed by the policyholder under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana. If the insured person is not satisfied with the policy’s terms, then he/she can choose to return it to the insurer and cancel the policy. A letter must be sent to the insurer requesting the cancellation and stating the reasons for the same. Refund of the premiums will take place after necessary deductions for stamp duty, medical examination (if any), etc.
    Policy Reinstatement In case the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana ceased due to a particular reason like lack of sufficient balance on the due date, or because of some administrative charges, the plan can be revived or reinstated when the insurer receives the annual premium in full. A statement of good health must also be provided by the insured person.
    Grace period A grace period of 30 days can be availed by the insured person under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana. After the plan is renewed, the premium payment must be cleared by the insured within this grace period of 30 days. If it is not done by the policyholder, the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana will lapse.

    Tax Benefits – How you can save under the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana

    Tax Benefits can be availed by the insured person under the prevailing tax laws with the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana.

    Why you should buy the Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana from Star Union Dai-Ichi Life Insurance Company?

    Star Union Dai-Ichi Life Insurance Company is one of the leading insurance solution providers across the country. The solutions offered by this organisation comes with immense flexibility and innovation. The Star Union Dai-Ichi Life Pradhan Mantri Jeevan Jyoti Bima Yojana is an affordable insurance plan that offers great coverage to its members. With this particular insurance plan, the policyholder or the member can avail death benefit. This company is a joint venture of Dai-Ichi Life, Union Bank of India and Bank of India. Star Union Dai-Ichi Life Insurance Company is committed towards providing great insurance solutions to various strata of the society.

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