Depending on the date the account holder applied to enter the plan, the Ministry of Finance has amended the premium payment structure on a quarterly basis with effect from October 16, 2021.

Terms and conditions

One PMJJBY insurance will be issued even if a consumer has multiple savings accounts with the bank. If it turns out that there are several policies, the premium(s) for each one will be reimbursed to the customer's individual account, and no claims will be paid for the additional insurance requests.

According to the terms of the plan, the customer will be required to pay the premium. The premium structure for new enrollments made through the ONLINE option is as follows: June, July, and August: Rs. 436 in annual premium is due. September, October, and November: Rs. 319.5 in premium is due. December, January, and February: Rs 213 in premium is due. March, April, and May - Rs 106.5 in premium is due.

If a cellphone number is not changed in the savings bank account, the policy will not be issued. The bank won't send out a separate notification for it. Any response from a customer provided via their registered mobile number will be regarded as authorization for an automatic withdrawal from that account. Subject to the accuracy of the information provided regarding eligibility and receipt of consideration amount, the personal information, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima Yojana will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 00002273 certifying coverage as per the Scheme.

If any information provided by the client is later determined to be false, the membership in the plan will be deemed cancelled as of the date of enrolling, and all premiums paid in connection with that membership will be lost. Every year between May 25 and May 31, a renewal premium of Rs 436, inclusive of Goods and Services Tax (GST), would be automatically deducted from the savings account. Customers who want to stop the auto-renewal must do so before the end of the calendar year. According to the rules of the scheme, renewal premiums will be deducted up until the insured's eligibility age.

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