Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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Salient features of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – for Life Insurance) are as below:

• Eligibility: IndusInd Bank Savings Bank (SB) A
• ccount 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, to May 31, 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. 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:

  Premium based on Insurance policy start date
  1st June to 31st Aug – Full Annual Premium of Rs.436/- is payable	1st Sept to 30th Nov – pro rata premium of Rs. 342/- is payable	1st Dec to 28th/29th Feb – pro rata premium of Rs. 228/- is payable	1st Mar to 31st May – pro rata premium of Rs. 114/- is payable

• Payment Mode: The premium will be directly auto-debited by the bank from the subscriber's savings bank account. This is the only mode available currently.
• Risk Coverage: Sum Assured of Rs. 2 Lakh on death of the Insured member for any reason is payable to the Nominee.

Terms and Conditions:

• DEFINITIONS : In these Rules, the following words and expressions shall unless repugnant to the context, have the following meanings:
  
  • The Master Policyholder shall be IndusInd Bank Limited, a Body Corporate constituted under the Banking Companies (A&TU) Act, 1970. “BANK” shall mean ‘IndusInd Bank Limited’
  • “THE CORPORATION” shall mean the Life Insurance Corporation of India established under Section 3 of the Life Insurance Corporation Act, 1956.
  • “THE SCHEME” shall mean ‘PRADHAN MANTRI JEEVANJYOTI BIMA YOJANA’ for the Savings Bank Account Holders of ‘BANK’.
  • “THE RULES" shall mean the Rules of the Scheme as set out below and as amended from time to time.
  • “THE MEMBER” shall mean a Savings Bank Account Holder who has been admitted to benefits of the Scheme and on whose life an assurance has been or is to be effected in accordance with these Rules.
  • “ANNUAL RENEWAL DATE” shall mean, in relation to the Scheme from 1 of June in each subsequent year.
  • “ENTRY DATE” shall mean the date of remittance of premium. The Policy will be valid till 31 May, subject to renewal on each subsequent year.
  • “TERMINAL DATE” shall mean in respect of each Member the Annual Renewal Date following the date on which completes the age of 55 or the member closes his account with the Bank or discontinuance of premium payment whichever is earlier.
  • “THE ASSURANCE” shall mean the particular Assurance to be effected on the life of the Member.
  • “THE BENEFICIARY” shall mean the person or persons who has/have been appointed by the Member as Nominee and whose name or names have been entered in the Bank Records.
• The “Bank” will act for and on behalf of the Members in all matters relating to the Scheme and every act done by agreement made with and notice given to the Corporation by the Bank shall be binding on the Members.
• ELIGIBILITY:
  
  • The savings bank account holder of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) and who have given the consent to join the scheme
  • during the ‘enrollment period’ are eligible to join the scheme.
• ADMISSION OF AGE:
  Age as recorded by the Bank as per the Age Proof submitted by the Savings Bank Account holder.
• EVIDENCE OF HEALTH :
  Satisfactory evidence of health as required by the Corporation shall be furnished by every eligible member, at the time of his entry into the Scheme, after the ‘ Enrollment Period’, as incorporated in the “Consent-cum-Declaration Form” for joining the scheme.
• PREMIUM :
  Premium to be deducted from member’s SB Account. The premium is Rs 330/- plus  GST (if payable) irrespective of date of entry i.e. during enrollment period or after that date during the first year. Renewal premium is chargeable as per the rate decided from time to time on Annual Renewal dates.
• ASSURANCE:
  An assurance of Rs. 2,00,000/- on death of the insured member is payable to the Nominee
• BENEFITS ON DEATH PRIOR TO TERMINAL DATE:
  Upon the death of the Member prior to Terminal Date, the sum assured under the Assurance shall be payable to the nominated Beneficiary, provided the assurance is kept in force by payment of premium for that member
• LIEN CLAUSE:
  It has been decided by the Competent Authority to incorporate a lien clause in rules of PMJJBY with effect from Jun 01, 2021, whereby claims for deaths which occur during the first 30 days from the date of enrollment will not be paid, effectively meaning that the risk cover will commence only after the completion of 30 days from the date of enrollment into the scheme by the member However, deaths due to accidents will be exempt from the lien clause.
• TERMINATION OF ASSURANCE:
  The Assurance on the life of a Member shall terminate on an Annual Renewal Date upon happening of any of the following events and no benefit will become payable thereunder:-
  
  • On attaining age 55 years (age neared birthday) on annual renewal date
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force
• SUSPENSION OF RISK:
  If the insurance cover is ceased due to any technical reasons such as insufficient balance for payment of premium on due date, the same can be reinstated after the grace period on receipt of premium and a satisfactory statement of good health.
• RESTRAINT ON ANTICIPATION OR ENCUMBRANCE :
  The benefits assured under the Scheme are strictly personal and cannot be assigned, charged or alienated in any way.
• DISCONTINUANCE OR AMENDMENT OF THE SCHEME:
  The “Bank” or “Corporation” reserves the right to discontinue the Scheme at any time or to amend the Rules thereof on any Annual Renewal Date subject to giving one month’s notice. Any amendment to the Rules of the Scheme will be done based on mutual agreement between “Corporation” and “Bank”.
• MEMORANDUM OF UNDERSTANDING:
  The Corporation will enter into a Memorandum of Understanding with the Bank incorporating all the Assurances affected under the scheme.
• APPOINTMENT OF BENEFICIARY:
  Every Member shall nominate spouse, one or more of child/children, dependents to be the Beneficiary. Nomination shall be as per section 39 of Insurance Act, 1938 as amended from time to time. In case the Beneficiary is minor/s, appointee to receive the benefits is to be specified by the Member. The records relating to nomination will be maintained by the Bank in the Register of Members kept by them. In the event of death of the Member, the Benefits will be paid to the Beneficiary nominated by the Member.
• SURRENDER VALUE/ MATURITY BENEFIT:
  There will be no Surrender value or Maturity Value payable under the policy.
• CLAIM SETTLEMENT:
  On receipt of death intimation, the servicing bank branch shall send the Claim form (annexure 7) Death Certificate, Discharge form (Annexure 8) and Certificate of Insurance from the nominated Beneficiary and shall send to the Designated Branch of the Bank for preferring the claim with servicing Unit of LIC. On admission of the claim, the claim amount will be paid to the bank account of the nominee with intimation to the designated branch of the Bank (Annexure 9). In case of requirements or claim is not accepted, the same will be intimated to designated branch of the Bank
• RATES OF PREMIUM AND CONDITIONS OF ASSURANCE:
  The rate of premium and conditions of Assurance under which the Corporation is prepared to arrange the Scheme shall be subject to an agreement between the Bank and the Corporation. The conditions of acceptance of risks and rates of premium may be amended by the Corporation from time to time on any Annual Renewal Date subject to 3 months’ notice being given to the Bank.