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Home > Corporate Solutions > Group Protection Plans > SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana
(UIN : 111G102V01)

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Key Highlights

Product Glance
Policy Document
This is a non-linked, non-participating, one year renewable group term insurance product. This product has been designed to meet the requirements of Government of India’s “Pradhan Mantri Jeevan Jyoti Bima Yojana” (PMJJBY) scheme. The scheme will be administered by Banks and be guided by the scheme rules as specified by the Government of India from time to time.

The insurance cover under this product will start from the date of debit of premium from the insured member’s account for joining the scheme.

Key Highlights:
Protection at an affordable cost
Instant processing: No medical examination required
Easy enrolment: Enrolment based on a simplified proposal form

Plan at a Glance
Age at Entry Minimum: 18 years (Age last birthday)  
Maximum: 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 Amounts Rs. 330 /- (Exclusive of Service tax* and inclusive of Rs. 41 towards administrative charges of participating banks).
Lien Period 45 days from the date of enrolment into the scheme (entry date/date of commencement of insurance cover)
*Service Tax./ Cess/ GST (currently only in case of J&K residents) and/ or any other statutory levy/ duty/ surcharge will be applicable on your premiums, as notified by the Central and/or State Government from time to time as per the provisions of the prevalent tax laws.

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.
The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be up to 31st May of the subsequent year. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to your bank account. The 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 1st of June, he/ she can do so with the payment of full year’s premium and submission of requisite documents/declaration, if any, as specified by scheme rules. The enrolment rules would be as specified by the Government of India from time to time
For new members enrolling into the scheme the risk will not be covered during the first 45 days from the date of enrollment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible
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
These are only the brief features of the plan. For more details on risk factors, terms and conditions please read the sales brochure carefully before concluding a sale.
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BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS.IRDAI clarifies to public that • IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. • IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
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