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.
|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)|