PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
(By giving his consent for the scheme, the customer is agreeing to the following rules ,terms and conditions to the scheme)
Details of the scheme:
The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to any reason.
Scope of coverage:
All savings bank account holders in the age 18 to 50 years in Shivalik Mercantile Co-operative Bank Ltd. will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
The Life Cover will be on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will be required to enroll and give their auto-debit consent by 31st May 2015. Late enrollment for prospective cover will be possible up to 31st August 2015, which may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015. Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.
Rs.2 lakhs is payable on member’s death due to any reason .If the Scheme Member dies during Insurable Membership, subject to Policy being in force and all due Premiums, Service Tax and any Other Levies (if any) having been paid and subject to any restrictions or qualifications referred to in these Clauses, the amount specified as the Sum Assured for such Scheme Member shall become due to the Nominee of the Scheme Member. No Maturity benefit is payable under the policy. No Surrender benefit is payable under the policy.
Rs.330/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years. The scheme is liable to be discontinued prior to commencement of a new future renewal date, if circumstances so require.
Eligibility Conditions: Any person who satisfies all of the following conditions shall be eligible to participate in the Scheme.
Death Claim: The Insurer shall pay the Claim amount in relation to the Death Benefit in the name of the Nominee of the deceased Scheme Member.
Master Policy Holder : Shivalik Mercantile Co-operative Bank Ltd. will be the Master policy holder for the master policy No.900100452 of Life Insurance Corporation of India.
Other Terms & Conditions :
Termination of assurance
For SMS based subscription : Customer details will be taken as per the Bank account .In case the customer is interested in updating details which are different from those in the Bank accounts the customer is requested to contact the nearest branch for subscribing the policy. Nomination details will be taken as per the SMS response . No separate intimation shall be provided for the same. The customer response received through their registered mobile number shall be considered as consent for auto debit from there savings bank account.
By giving his/her consent to the scheme via sms based subscription /consent form, the customer agrees to abide by the terms & conditions of the scheme & to conveying his personal details as required, regarding his admission into the Pradhan Mantri Jeevan Jyoti Bima Yojana to LIC. He also agrees that all information shared by him will form the basis of admission to the above scheme and that if any information be found untrue, his membership to the scheme shall be treated as cancelled.
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.
The scheme will be a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/- per annum per subscriber.
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.
The scheme would be offered / administered through Life Insurance Corporation of India and other Life Insurance companies (Shivalik Bank partner for this scheme is Life Insurance Corporation of India) willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendible up to 31st August 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.
Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.
Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by Life Insurance Corporation of India / chosen insurance company in consultation with the participating bank (Shivalik Bank partner for this scheme is Life Insurance Corporation of India).
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events: