PMJJBY - (PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA)
PMJJBY - (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.
Scope of coverage :-
All savings bank account holders in the age 18 to 50 years in RDC Bank 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.
Rs.2 lakhs is payable on member's death due to any reason .If the Scheme Member dies during Insurable Membership, subject to Policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid and subject to any restrictions or qualifications referred to in these Clauses, the amount specified as the Sum Assured for such Scheme Member shall become due to the Nominee of the Scheme Member. No Maturity benefit is payable under the policy. No Surrender benefit is payable under the policy.
Any person who satisfies all of the following conditions shall be eligible to participate in the Scheme.
1. Person is not aged less than 18 years as set out in the Schedule,
2. Person is not aged more than 50 years as set out in the Schedule,
3. Person who has savings bank account with the Policyholder with sufficient balance,
4. Person who is not already insured under the PradhanMantriJeevanJyotiBimaYojana by any other insurer,
For SMS based subscription : Customer details will be taken as per the Bank account .In case the customer is interested in updating details which are different from those in the Bank accounts the customer is requested to contact the nearest branch for subscribing the policy. Nomination details will be taken as per the SMS response . No separate intimation shall be provided for the same. The customer response received through their registered mobile number shall be considered as consent for auto debit from there savings bank account.
For emailer based subscription : Customer details as per the bank account number specified will be taken . In case the customer is interested in updating details which are different from those in the Bank account - the customer is requested to contact the nearest branch for subscribing the policy. Nomination details will be taken as per the information provided in the emailer response by customer . No separate intimation shall be provided for the same. The customer response received through their registered email in the required format (sent in the emailer for the scheme) shall be considered as consent for auto debit from there savings bank account.
By giving his/her consent to the scheme via sms based subscription / email based subscription / consent form, the customer agrees to abide by the terms & conditions of the scheme & to conveying his personal details as required, regarding his admission into the PradhanMantriJeevanJyotiBimaYojana to RDC . He also agrees that all information shared by him will form the basis of admission to the above scheme and that if any information be found untrue, his membership to the scheme shall be treated as cancelled.
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.
Q1. 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.
Q2. 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.
Q3. 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.
Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through LIC and other Life Insurance companies (RDC Bank partner for this scheme is RDC) 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 their subscribers.
Q5. 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.
Q6. 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 en-roll 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.
Q7. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?
Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.
Q8. Can individuals who leave the scheme rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.
Q9. Who would be the Master policy holder for the scheme?
Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / chosen insurance company in consultation with the participating bank (RDC Bank partner for this scheme is RDC ).
Q10. When can the assurance on life of the member terminate?
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:
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).
Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
In case a member is covered through more than one account and premium is received by LIC / insurance company
inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
Q11. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?