Pradhan Mantri Jeevan Jyoti Bima Yojana

This insurance programme provides life insurance coverage for deaths that occur for any reason. The 50-year-old Pradhan Mantri Jeevan Jyoti Bima Yojana was launched. To use PMJJBY, the applicant must be at least 18 years old, have a bank account, and consent to enrol in or allow auto-debit. The Aadhaar card will serve as this account's primary KYC information.

Apply for the Pradhan Mantri Jeevan Jyoti Bima Yojana online to receive a 2-lakh-rupee life insurance policy that will be renewable and available for a 12-month period starting on June 1 and ending on May 31. In the event of the insured person's death for any reason, the Pradhan Mantri Jeevan Jyoti Bima Yojana provides risk coverage of Rs. 2 Lakh. Starting from June 1 to May 31, the annual premium for enrollments made through the online mode is Rs 406 and through the offline mode, it is Rs 436.

Eligibility:

Owners of ICICI Bank Savings Bank (SB) Accounts between the ages of 18 (completed) and 50 (age closer to birthday), who have consented to join the plan or activate auto-debit, according to the modality, will be registered in the scheme.

Policy period:

The coverage period is one year, from June 1 to May 31 of the following year. The cover period for Savings Account holders who join on or after June 1 will start on the date of their request and terminate on May 31 of the following year.

Premium:

For enrolments through the online mode, the annual premium for the PMJJBY is Rs 406 and through the offline mode, the annual premium is Rs. 436 starting from June 1 to May 31.

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.

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.

Thank Tou!