This plan is in accordance with the Government of India’s PMJJBY scheme, which will be administered by Banks from time to time.
Premiums for this plan are as low as Rs. 86 if purchased in March, April or May, making it an affordable plan for everyone.
Plan benefits activate after 45 days of commencement as per Lien Clause, however accidents will be covered from inception.
The duration of this plan is one year, following which, you have the option of renewing it again for another year.
Experience zindagi unlimited! This plan offers life cover of Rs. 2 lacs per member. So, you can stay protected without any worries. The benefit amount for a member under the PMJJBY scheme cannot exceed Rs. 2 lacs even in case the member is covered through multiple insurers.
Your pockets won’t stress! The premiums for this plan are extremely affordable so everyone can get protection.
No waiting too long! As per the Lien Clause, the cover gets activated after 45 days from the date of enrollment. However, deaths caused due to accidents are exempt from this condition and will be covered from inception.
Don’t worry about deductions! Tax benefit on premium paid under section 80 C and on death benefit under section 10(10D)
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The PMJJBY is available to people in the age group of 18 to 50 years having a bank account who give their consent to join / enable auto-debit. Risk coverage under this scheme is for Rs. 2 Lakh in case of death of the insured, due to any reason.
Edelweiss Tokio Life - Pradhan Mantri Jeevan Jyoti Bima Yojana (‘PMJJBY’) is a yearly renewable group term insurance plan offered to savings account holders of banks. It provides financial security to the family of the group members in case of their demise. This plan meets the requirements of Government of India’s PMJJBY scheme.
Yes, this plan covers COVID-19 claims.
The minimum entry age is 18 years. The maximum entry age for new members is 50 years and for renewals is 54 years.
The maximum maturity age is 55 years.
The policy term is 1 year (renewable every year).
The minimum and maximum sum assured is ₹ 2 lakhs.
Depending upon the month of entry, the minimum premium is ₹86 and the maximum premium is ₹330.
The coverage commences after 45 days from the date of enrolment into the Scheme.
The Lien Clause means that claims for deaths that occur during the first 45 days from the date of enrollment will not be paid, effectively meaning that the risk cover will commence only after the completion of 45 days from the date of enrollment into the scheme by the member. However, deaths due to accidents will be exempt from the Lien Clause.
This plan does not offer a surrender value.
No benefits are payable on maturity.
The Policy may also terminate due to any changes / modifications in the Rules of the Scheme notified by the Government of India from time to time under the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme.
A grace period of 30 days from the Annual Renewal date will be allowed during which the insurance coverage will remain in-force. If the premium remains unpaid at the end of the grace period, the insurance coverage shall cease. In case of death during the grace period, the Death Benefit will be reduced to the extent of the unpaid premium.
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0- Provided the premium paying term is more than or equal to 10 years.
1- This is applicable only if all due premiums are paid and the policy is inforce.
3- As per provisions of Income Tax Act, 1961. Tax benefits are subject to changes in tax laws.
Edelweiss Tokio Life - Pradhan Mantri Jeevan Jyoti Bima Yojana is only the name of the Group, nonparticipating, non-linked yearly renewable group term insurance plan and does not in any way indicate the quality of the contract, its future prospects, or returns. Please know the associated risks and the applicable charges from us. Tax benefits are subject to changes in the tax laws. For more details on risk factors and terms and conditions, please read sales brochure carefully before concluding a sale. UIN: 147G039V01.