Show

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme details

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) and Pradhan Mantri Suraksha Bima Yojana (PMSBY) scheme details

Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance ) are as below:

Eligibility: The savings bank account holders of the Participating Bank 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/- (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.

Termination of assurance:

Account holder attains age of 55 years

Closure of account with the Bank or insufficiency of balance for debiting premium.

In case of multiple coverage under the scheme, the cover will be restricted to Rs.2 lakhs and other insurance covers are terminated and premium shall be forfeited.

 

Terms & Conditions:

    • Customer should not be insured under Pradhan Mantri Jeevan Jyoti Bima Yojana under any other Saving Bank Account In case the same is found to exist, premium shall stand forfeited and no claims would be paid
    • The cover shall commence from the 1st of the month subsequent to the date of enrollment in the scheme
    • Customer  will  have  to  pay  full  annual  premium  even  if  join  the  Scheme  after  the commencement of the Group Policy.
    • The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti

Bima scheme will be shared with  LIC of India which will be administered by your Bank under Master Policy No. 900100006 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.Bank will convey the required personal details regarding the   admission into the group insurance scheme to LIC of India.

    •  Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all amount paid in respect thereof shall stand forfeited.
      • Existing Nominee will continue, in case of change kindly Contact the Branch for updation.

 

Enrolments through Internet Banking

      • Incase the DOB is different from the Bank records, customers are requested to submit the proof to the base branch invariably for updating in Banks records, otherwise the application is liable for rejection.
      • Enrolments received through Internet Banking will be accepted subject to the correctness of Date of Birth and Nomination details.

 

Enrolments through ATM:

      • Enrolments received through ATM will be accepted subject to the correctness of Date of Birth and Nomination details
      • Incase the DOB is different from the Bank records, customers are requested to submit the proof to the base branch invariably for updating in Banks records, otherwise the application is liable for rejection.
      • Existing Nominee will continue, in case of change kindly Contact the Branch for updation.

Enrolments through SMS

      • Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same.
      • The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings account shall be debited on or before May 31, 2015.

 

Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death

Insurance) are

Eligibility: The savings bank account holders of the participating Bank between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / 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 1st June 2015 to 31st May 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 31st May 2015 - extendable up to 31st August, 2015. For the saving A/c holder joining after 31st May 2015 and on or before 31st August 2015 the cover shall end on 31st May 2016.

Premium: Rs. 12/- (per annum).

Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.

Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

 

Table of Benefits

 Sum Insured

 I.

 Accidental Death

Rs. 2 Lakh

II.

Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot

Rs. 2 Lakh

III.

 Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot

 Rs. 1 Lakh


*The cover is subject to exclusions of the policy.

Terms and conditions:

  • Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Saving Bank Account In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
  • The cover shall commence from the 1st of the month subsequent to the date of enrollment in the scheme.
  • Customer  will  have  to  pay  full  annual  premium  even  if  join  the  Scheme  after  the commencement of the Group Policy.
  • The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
  • Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same.
  •  The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings account shall be debited on or before May 31, 2015.
  • The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima scheme will  be  shared with  United India Insurance Co.  Ltd.,  under  Group Policy No. 0726004215P999990005
  • certifying  coverage  as  per  the  Scheme,  subject  to  correctness  of  information  provided regarding eligibility and receipt of consideration amount.
  • Any information provided by the customer if found to be untrue, the membership to the scheme, shall be treated as cancelled from the date of joining the scheme and all monies paid in respect thereof shall stand forfeited.

 

Enrolments through Internet Banking

  • Enrolments received through Internet Banking will be accepted subject to the correctness of Date of Birth and Nomination details.
  • Incase the DOB is different from the Bank records, customers are requested to submit the proof to the base branch invariably for updating in Banks records, otherwise the application is liable for rejection.
  •  Existing Nominee will continue, in case of change kindly Contact the Branch for updation.

Enrolments through ATMs

  • Enrolments received through ATM will be accepted subject to the correctness of Date of Birth and Nomination details.

Enrolments through SMS

  • Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same.
  • The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings account shall be debited on or before May 31, 2015.