Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.
Enrolment:
Participating Banks/ Post office can be the Master policy holders.
The date of commencement of insurance cover is the later of 1
st June or the date of enrolment of the insured member for joining the scheme and the insurance cover will be up to 31
st May of every subsequent year.
The premium will be deducted from the account holder's bank / Post office account through 'auto debit' facility in one instalment, as per the option given, at the time of enrolment under the scheme.
Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium from the designated individual bank / post office account. The premium is subject to change as specified by the Government of India from time to time.
In case a member wishes to join the scheme post 1
st of June, he/ she can do so with the payment of full year’s/pro-rata premium based on month of joining 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.
The cover shall be for one-year period stretching from 1st June to 31st May of subsequent year for which option to join / pay by auto-debit from the designated individual bank / post office account on the prescribed forms will be required to be given by 31st May of every year. Full year’s premium would be payable at the time of renewal under the scheme and pro-rata payment would not be allowed.
In case of multiple bank / Post office accounts held by a member in one or different banks / Post office, the person is eligible to join the scheme through one bank / post office account only. Aadhaar is the primary KYC for the bank / post office account.
Exclusions:
For new members enrolling into the scheme the insurance cover shall not be available for death (other than due to accident) occurring during the first 30 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.
Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and rejoin on any date on or after 01st June 2021. In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing subject to the 30 days lien period described above.
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.
