PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA
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:
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.
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.
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