Pradhan Mantri Jiwan Joyti Bima YOJANA (PMJJBY)
Pradhan Mantri Jiwan Joyti Bima Yojana

As a step towards social security at a nominal cost to the millions of countrymen, The worthy Prime Minister of India Sh. Narinder Modi Ji has launched a "Pradhan  Mantri Jiwan Joyti Bima Yojana which provide  insurance to individual in any unfortunate event causing death of policy holder. This scheme is designed to provide utmost convenience with auto debit facility from the bank account of the policy holder.

The Patiala Central Coop. Bank Ltd has also implemented this scheme for its valuable customers and other eligible persons through all its 42 branches across the district from 1st June 2015.

The scheme will be administered by bank and be guided by the scheme rules as specified by the Govt. of India from time to time. At present last date for enrolment (without certificate of good health ) is upto 31stMay 2016.
In brief the scheme is as follows:

 

Age at Entry

Min: 18 years (Age last birthday)  
Max: 50 years (Age nearest birthday)

Maximum Maturity Age

55 years (Age nearest birthday)

Policy Term

One year renewable

Sum Assured

Rs. 200,000 (Two lakhs only)

Premium Amount

Rs. 330 /- (Exclusive of Service tax*).

 

Benefits: 
 


Death Benefit: 
In the unfortunate event of death of the insured member during the period of cover, the sum assured will be paid. 

The death benefit for a member under Pradhan Mantri Jeevan Jyoti Bima Yojana cannot exceed Rs. 200,000 even in case the member is covered through multiple bank accounts or through multiple insurers. In such an event, the claim will be payable for the first application (based on the date of enrolment) and the premium on the subsequent covers is liable to be forfeited. 
 


Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.
 

Enrolment: 
The policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to the bank account. The premium amount of Rs. 330 is payable for the cover period of 1st June to 31st May. This premium is subject to change as specified by the Government of India from time to time. 

In case members wish to join the scheme post policy commencement date, he/ she can do so with the paym

ent of full year’s premium and submission of self certificate of good health. The enrolment rules would be as specified by the Government of India from time to time. 
 

Exclusions:
No Exclusions.
 

Tax Benefits:
Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details