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The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked and non-participating group term product that is one-year renewable. The intent behind this product is to meet the requirements of the PMJJBY scheme.
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The SBI Life- PMJJBY scheme will be administered by the rules provided by the Indian government from time to time. The insurance cover within this product will begin from the premium debit date from the account of the insured member for joining this scheme.
The following are the key highlights of SBI Life- PMJJBY:
The table below shows the eligibility criteria of SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana:
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Parameter |
Details |
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|
Entry Age |
18 years to 50 years |
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|
Maturity Age |
55 years (Maximum) |
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|
Policy Term |
One-year Renewable Term |
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|
Sum Assured |
Rs 2 lakh |
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|
Lien Term |
Forty-five days from the enrolment date into this scheme |
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Premium Amount |
The yearly premium is Rs 330 that includes the administrative costs, which are payable to the banks and currently is Rs 41 for every subscriber each year. In the initial enrolment year, the premium will be applicable as per the table below:
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Note: Any applicable tax or other duty/statutory levy or surcharge will be applicable on the premiums that are notified by the government from time to time and as per the prevalent tax laws provision.
The following are some of the benefits of SBI Life- PMJJBY:
In case of demise of the insured member within the period of cover, the sum assured is to be paid. The death benefit for the member within the SBI Life- PMJJBY cannot be more than Rs 2 lakh in case the member is covered via multiple bank accounts/ insurers. In such scenarios, the claim will be payable to the initial application on the premise of the enrolment date and subsequent cover premiums is to be forfeited.
The grace period of thirty days from the yearly renewal date that is June 01 will be permitted. The insurance cover will remain active within the grace period. Towards the end of the grace period, any premium remains unpaid; the cover of insurance will lapse. In case of reinstatement or revival after the grace period expiry, the members can easily reinstate or revive the insurance cover for complete benefits that is effective from the date of reinstatement or revival on the payment of complete years’ or pro-rata premiums and submission of the declaration/ documents as specified by the SBI Life-PMJJBY scheme rules. The reinstatement or revival will be permitted only when the members fulfil the eligibility criteria and adhere to the terms and conditions.
The income tax benefit or any exemptions is applicable as per the prevailing income tax laws in the country that is subject to change from time to time.
Under the following events, the insurance cover for the member can get terminated:
For any new member enrolling into this scheme, the risk will be uncovered within the initial 45-days from the enrolment date into the scheme that is the lien period and in case of demise other than because of an accident within the lien period, the claims will not be admissible.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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