The scheme will be administered by Banks and be guided by the scheme rules as specified by the Government of India from time to time.The insurance cover under this product will start from the date of debit of premium from the insured member’s account for joining the scheme.The customer response received through their registered email in the required format (sent in the emailer for the scheme) shall be considered as consent for auto debit from there savings bank account.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years.Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?The next Annual renewal date shall be each successive 1st of June in subsequent years. Rs.2 lakhs is payable on a subscriber's death due to any reason. The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option to be given on enrolment. The scheme would be offered / administered through LIC and other Life Insurance companies (HDFC Bank partner for this scheme is HDFC Life) willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015.The premium payable is Rs.330/- per annum per subscriber. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers. 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. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.This is a non-linked, non-participating, one year renewable group term insurance product.
This product has been designed to meet the requirements of Government of India’s “Pradhan Mantri Jeevan Jyoti Bima Yojana” (PMJJBY) scheme.
He also agrees that all information shared by him will form the basis of admission to the above scheme and that if any information be found untrue, his membership to the scheme shall be treated as cancelled.
The proposed date of commencement of the scheme will be 1st June 2015. The scheme will be a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason. What would be the benefits under the scheme and premium payable?
Rs.2 lakhs is payable on member's death due to any reason . The Life Cover will be 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. Please Note: The period of enrollment into the scheme has been extended by the government for another three months i.e up to 30th of November, 2015.
If the Scheme Member dies during Insurable Membership, subject to Policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid and subject to any restrictions or qualifications referred to in these Clauses, the amount specified as the Sum Assured for such Scheme Member shall become due to the Nominee of the Scheme Member. Late enrollment for prospective cover will be possible up to 31st August 2015, which may be extended by Govt. 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. 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 31st May of each annual coverage period under the scheme.
About 2.93 crore PMJJBY policies and 9.28 crore PMSBY policies have been sold till December 31.