Details of PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (Life Insurance)

The Scheme is start­ing from 1st June, 2015

Details Of The Scheme: The scheme will be a one year cov­er, renew­able from year to year, Insur­ance Scheme offer­ing life insur­ance cov­er for death due to any rea­son. The scheme would be offered / admin­is­tered through LIC and oth­er Life Insur­ance com­pa­nies will­ing to offer the prod­uct on sim­i­lar terms with nec­es­sary approvals and tie ups with Banks for this pur­pose. Par­tic­i­pat­ing banks will be free to engage any such life insur­ance com­pa­ny for imple­ment­ing the scheme for their subscribers.

Scope of cov­er­age: All sav­ings bank account hold­ers in the age 18 to 50 years in par­tic­i­pat­ing banks will be enti­tled to join. In case of mul­ti­ple sav­ing bank accounts held by an indi­vid­ual in one or dif­fer­ent banks, the per­son would be eli­gi­ble to join the scheme through one sav­ings bank account only. Aad­har would be the pri­ma­ry KYC for the bank account.

Enrol­ment peri­od: Ini­tial­ly on launch for the cov­er peri­od 1st June 2015 to 31st May 2016, sub­scribers will be required to enroll and give their auto-deb­it con­sent by 31st May 2015. Late enroll­ment for prospec­tive cov­er will be pos­si­ble up to 31st August 2015, which may be extend­ed by Govt. of India for anoth­er three months, i.e. up to 30th of Novem­ber, 2015. Those join­ing sub­se­quent­ly may be able to do so with pay­ment of full annu­al pre­mi­um for prospec­tive cov­er, with sub­mis­sion of a self-cer­tifi­cate of good health in the pre­scribed proforma.

Enrol­ment Modal­i­ty: The cov­er shall be for the one year peri­od stretch­ing from 1st June to 31st May for which option to join / pay by auto-deb­it from the des­ig­nat­ed sav­ings bank account on the pre­scribed forms will be required to be giv­en by 31st May of every year, with the excep­tion as above for the ini­tial year. Delayed enroll­ment with pay­ment of full annu­al pre­mi­um for prospec­tive cov­er may be pos­si­ble with sub­mis­sion of a self­cer­tifi­cate of good health.

Indi­vid­u­als who exit the scheme at any point may re-join the scheme in future years by sub­mit­ting a dec­la­ra­tion of good health in the pre­scribed proforma.

In future years, new entrants into the eli­gi­ble cat­e­go­ry or cur­rent­ly eli­gi­ble indi­vid­u­als who did not join ear­li­er or dis­con­tin­ued their sub­scrip­tion shall be able to join while the scheme is con­tin­u­ing, sub­ject to sub­mis­sion of self-cer­tifi­cate of good health.

Ben­e­fits: Rs.2 lakhs is payable on member’s death due to any reason

Pre­mi­um: Rs.330/- per annum per mem­ber. The pre­mi­um will be deduct­ed from the account holder’s sav­ings bank account through ‘auto deb­it’ facil­i­ty in one install­ment, as per the option giv­en, on or before 31 st May of each annu­al cov­er­age peri­od under the scheme. Delayed enroll­ment for prospec­tive cov­er after 31st May will be pos­si­ble with full pay­ment of annu­al pre­mi­um and sub­mis­sion of a self-cer­tifi­cate of good health. The pre­mi­um would be reviewed based on annu­al claims expe­ri­ence. How­ev­er, bar­ring unfore­seen adverse out­comes of extreme nature, efforts would be made to ensure that there is no upward revi­sion of pre­mi­um in the first three years.

Eli­gi­bil­i­ty Con­di­tions: a) The sav­ings bank account hold­ers of the par­tic­i­pat­ing banks aged between 18 years (com­plet­ed) and 50 years (age near­er birth­day) who give their con­sent to join / enable auto-deb­it, as per the above modal­i­ty, will be enrolled into the scheme.

1. b) Indi­vid­u­als who join after the ini­tial enroll­ment peri­od extend­ing up to 31st August 2015 or 30th Novem­ber 2015, as the case may be, will be required to give a self­cer­ti­fi­ca­tion of good health and that he / she does not suf­fer from any of the crit­i­cal ill­ness­es as men­tioned in the applic­a­ble Con­sent cum Dec­la­ra­tion form as on date of enroll­ment or earlier.

Mas­ter Pol­i­cy Hold­er: Par­tic­i­pat­ing Banks will be the Mas­ter pol­i­cy hold­ers. A sim­ple and sub­scriber friend­ly admin­is­tra­tion & claim set­tle­ment process shall be final­ized by LIC / oth­er insur­ance com­pa­ny in con­sul­ta­tion with the par­tic­i­pat­ing bank.

Ter­mi­na­tion of assur­ance: The assur­ance on the life of the mem­ber shall ter­mi­nate on any of the fol­low­ing events and no ben­e­fit will become payable there under:

1) On attain­ing age 55 years (age near birth day) sub­ject to annu­al renew­al up to that date (entry, how­ev­er, will not be pos­si­ble beyond the age of 50 years).

2) Clo­sure of account with the Bank or insuf­fi­cien­cy of bal­ance to keep the insur­ance in force.

3) In case a mem­ber is cov­ered under PMJJBY with LIC of India / oth­er com­pa­ny through more than one account and pre­mi­um is received by LIC / oth­er com­pa­ny inad­ver­tent­ly, insur­ance cov­er will be restrict­ed to Rs. 2 Lakh and the pre­mi­um shall be liable to be forfeited.

4) If the insur­ance cov­er is ceased due to any tech­ni­cal rea­sons such as insuf­fi­cient bal­ance on due date or due to any admin­is­tra­tive issues, the same can be rein­stat­ed on receipt of full annu­al pre­mi­um and a sat­is­fac­to­ry state­ment of good health.

5) Par­tic­i­pat­ing Banks shall remit the pre­mi­um to insur­ance com­pa­nies in case of reg­u­lar enrol­ment on or before 30th of June every year and in oth­er cas­es in the same month when received

Admin­is­tra­tion: The scheme, sub­ject to the above, will be admin­is­tered by the LIC P&GS Units / oth­er insur­ance com­pa­ny setups. The data flow process and data pro­for­ma will be informed separately.

It will be the respon­si­bil­i­ty of the par­tic­i­pat­ing bank to recov­er the appro­pri­ate annu­al pre­mi­um in one install­ment, as per the option, from the account hold­ers on or before the due date through ‘auto-deb­it’ process.

Mem­bers may also give one-time man­date for auto-deb­it every year till the scheme is in force.

Enroll­ment form / Auto-deb­it autho­riza­tion / Con­sent cum Dec­la­ra­tion form in the pre­scribed pro­for­ma shall be obtained and retained by the par­tic­i­pat­ing bank. In case of claim, LIC / insur­ance com­pa­ny may seek sub­mis­sion of the same. LIC / Insur­ance Com­pa­ny reserves the right to call for these doc­u­ments at any point of time.

The acknowl­edge­ment slip may be made into an acknowl­edge­ment slip-cum-cer­tifi­cate of insurance.

The expe­ri­ence of the scheme will be mon­i­tored on year­ly basis for re-cal­i­bra­tion etc., as may be necessary.

Appro­pri­a­tion of Pre­mi­um:

1) Insur­ance Pre­mi­um to LIC / insur­ance com­pa­ny : Rs.289/- per annum per member

2) Reim­burse­ment of Expens­es to BC/Micro/Corporate/Agent : Rs.30/- per annum per member

3) Reim­burse­ment of Admin­is­tra­tive expens­es to par­tic­i­pat­ing Bank: Rs.11/- per annum per member

The pro­posed date of com­mence­ment of the scheme will be 1st June 2015.The next Annu­al renew­al date shall be each suc­ces­sive 1 st of June in sub­se­quent years.

The scheme is liable to be dis­con­tin­ued pri­or to com­mence­ment of a new future renew­al date if cir­cum­stances so require