Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance) are:
Eligibility: Jain Bank Savings Bank (SB) Account holders between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
Policy period: The cover shall be for one year period starting from June 1, 2023 to May 31, 2024 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 May 31, 2023, extendable up to August 31, 2023. 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 a form acceptable to Us.
Premium: Rs. 436 (per annum).
# If the enrolment takes place on any day during the months of –
a. June, July & August –Annual premium of Rs. 436/- is payable
b. September, October & November –3 quarters of premium @ Rs. 114.00 i.e. Rs. 342/- is payable
c. December, January & February – 2 quarters of premium @ Rs. 114.00 i.e. Rs. 228/-is payable
d. March, April & May – 1 Quarterly premium @ Rs. 114.00 is payable.
• Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ savings bank account. This is the only mode available currently.
• Risk Coverage: Sum Assured of Rs.Two(2) Lakh on death of the Insured member for any reason is payable to the Nominee. No claim is admissible for deaths during the first 45 days from the entry date, except for cases of death due to accident.
Termination of assurance:
• Account holder attains age of 55 years
• Closure of account with the Bank or insufficiency of balance for debiting premium.
• In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.
Terms & Conditions:
Customer should not be insured under Pradhan Mantri Jeevan Jyoti Bima Yojana under any other Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrollment in the scheme.
Customer will have to pay full annual premium even if he/she join the Scheme after the commencement of the Group Policy.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same.
The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings Account shall be debited on or before May 31, 2023.