Frequently Asked Questions on PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA
1. What is the nature of the scheme?
- 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.
2. What would be the benefits under the scheme and premium payable?
- Rs.2 lakhs is payable on a subscriber’s death due to any reason.
The premium payable is Rs.330/- per annum per subscriber.
3. How will the premium be paid?
- 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. 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.
4. Who will offer / administer the scheme?
- The scheme would be offered / administered through LIC and other
Life Insurance companies willing to offer the product with necessary approvals on
similar terms, in collaboration with participating Banks. Participating banks will
be free to engage any such life insurance company for implementing the scheme for
5. Who will be eligible to subscribe?
- 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.
6. What is the enrolment period and modality?
- 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. Enrolment subsequent to this date
will be possible prospectively on payment of full annual payment and submission
of a self-certificate of good health.
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.