Pradhan Mantri Jeevan Jyoti Beema Yojana Eligibility Criteria PMJJBY
PMJJBY Eligibility Criteria, Pradhan Mantri Jeevan Jyoti Bima Yojana eligibility criteria. Individual bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) Master Policy Holder
Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / other insurance company in consultation with the participating bank.
Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) Termination of Assurance
As per, PMJJBY eligibility criteria, the assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
- 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 under PMJJBY with LIC of India / other company through more than one account and premium is received by LIC / other company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject however to the cover being treated as fresh and the 45 days lien clause being applicable.
- Participating Banks shall remit the premium to insurance companies in case of regular enrollment on or before 30th of June every year and in other cases in the same month when received.
Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) Administration
- The scheme, subject to the above, will be administered by the LIC P&GS Units / other insurance company setups. The data flow process and data proforma will be informed separately.
- It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process.
- Members may also give one-time mandate for auto-debit every year till the scheme is in force.
- Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma shall be obtained and retained by the participating bank. In case of claim, LIC / insurance company may seek submission of the same. LIC / Insurance Company reserve the right to call for these documents at any point of time.
- The acknowledgement slip may be made into an acknowledgement slip-cum certificate of insurance.
- The experience of the scheme will be monitored on yearly basis for re-calibration etc., as may be necessary.
Pradhan Mantri Jeevan Jyoti Beema Yojana (PMJJBY) Appropriation of Premium
- Insurance Premium to LIC / insurance company: Rs.289/- per annum per member.
- Reimbursement of Expenses to BC/Micro/Corporate/Agent: Rs.30/- per annum per member.
- Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member The date of commencement of the scheme is 1st June 2015. The Annual renewal date shall be each successive 1st of June in subsequent years. The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.
Pradhan Mantri Jeevan Jyoti Beema Yojana’s Detailed Information (PMJJBY) | National Toll Free No. – 1800 180 1111, 1800 110 001
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