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Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

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

  • Eligibility: All IndusInd Bank savings bank 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, 2015 to May 31, 2016 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, 2015, extendable up to August 31, 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 a form acceptable to Us.
  • Premium: Rs. 330/- + service tax (per annum).
  • 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. 2,00,000 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.

The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima Yojna scheme will be shared with Life Insurance of India.., under Master Policy No. 900100024 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.

click here for Rules of the Scheme put hyperlink.

click here for FAQs.

click here for Enrollment form.

click here for PMJJBY (English).

click here for PMJJBY (Hindi).

click here for Claim form.

Terms and Conditions:

  • Definitions
    • 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.
    • “EFFECTIVE DATE” shall mean 1st of June, 2015, the date from which the Scheme commences.
    • “ANNUAL RENEWAL DATE” shall mean, in relation to the Scheme 1st of June 2016 and 1st of June in each subsequent year.
    • “ENTRY DATE” shall mean 01/06/2015 in respect of members enrolled upto 31/05/2015 and the date of remittance of premium in respect of other members.
    • “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.
    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.
    Age as recorded by the Bank as per the Age Proof submitted by the Savings Bank Account holder.
    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 to be deducted from member’s SB Account. The premium is Rs.330/- plus Service Tax (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.
    An assurance of Rs.2,00,000/- on death of the insured member is payable to the Nominee.
    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.
    - 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
    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.
    The benefits assured under the Scheme are strictly personal and cannot be assigned, charged or alienated in any way.
    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”.
  • JURISDICTION:- All Assurances issued under the Scheme shall be Indian Contracts. They will be subject to Indian Laws including the Indian Insurance Act, 1938 as amended, the Life Insurance Corporation Act, 1956, the Income Tax Act, 1961 and to any legislation subsequently introduced. All benefits under the Scheme arising out of death of any Member shall be payable in Indian Rupees.
    The Corporation will enter into a Memorandum of Understanding with the Bank incorporating all the Assurances affected under the scheme.
    The Grace Period for payment of premium to the Designated Office of the Corporation shall be 30 days from the due date. In case of death during Grace Period, assured benefit as defined in rule 7 shall be settled on receipt of premium.
    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.
    There will be no Surrender value or Maturity Value payable under the policy.
    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
    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 month’s notice being given to the Bank.