HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan is a non-participating traditional group term insurance plan offered by HDFC Bank. The plan offers flexible investment options which help secure the financial requirements of your family in the unfortunate event of your demise. If you have a savings bank account with HDFC Bank, you are eligible to avail of this plan, subject to other conditions. In case you have more than one savings bank account across various banks, you can avail of this scheme only through one savings bank account. You have to submit a consent-cum-declaration form to avail of the Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.


Eligibility Conditions for HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Particulars Description
Minimum entry age 18 years 
Maximum entry age 50 years (last birthday) 54 years (renewals)
Minimum age at maturity 19 years
Maximum age at maturity 55 years

Key Features of HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana

The salient features of HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana are listed in the table below:

Particulars Description
Plan type Non-participating traditional term insurance plan
Plan basis Group. HDFC Bank is the master policyholder. As per this plan, holders of savings bank accounts are members
Premium paying terms Annual
Premium Rs.330 (exclusive of education cess and service tax)
Policy term One year (can be renewed). The policy commenced on June 1st, 2015. The renewal date will, henceforth, fall on June 1st in subsequent years
Maturity benefits There are no maturity benefits available under this plan
Premium payment frequency Annual
Renewals Individuals can renew their policies every year upon payment of the annual premium and submission of a self-certificate of health
Guaranteed Additions No guaranteed additions are available under this plan
Medicals Individuals who joined the plan after November 30th, 2015 should submit a self-certified document stating good health in a specific format in addition to full payment of the premium (annual)
Termination The plan is terminated under the following conditions:
  • When an account holder attains 55 years (subject to renewal)
  • Closing the saving account with HDFC
  • Insufficient balance in an account
  • Non-payment of premium
Nomination Nomination facility is available under this policy under Section 39 of the Insurance Act, 1938. You can nominate an individual who will receive the death benefit
Sum Assured Rs.2 lakh
Policy coverage This plan provides death benefits only. No surrender benefits are available under this plan
Freelook Period 15 days
Loan facility No loans can be taken against this plan
Tax Service Tax and Education Cess are applicable. Tax is deducted (at prevailing rates) from the payments under this plan as per Income Tax Act, 1961

Benefits/Advantages of HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana

The HDFC Life Plan provides various benefits as listed below:

  • Accessibility: Any individual above 18 years and below 50 years can avail of the Pradhan Mantri Jeevan Jyoti Bima Yojana plan sans any hassles
  • Simple documentation: Individuals who have a savings bank account in any of the participating banks can avail of this plan
  • Renewability: The plan can be easily renewed every year upon payment of the annual premium and submission of a self-certificate by you (member) stating good health without any history of critical ailments (as on the enrollment date or even earlier).
  • Financial Security: is essentially a social security scheme which envisages for all eligible Indian citizens at a low premium
  • Death Benefit: In the unfortunate event of your (member) death, your nominee will receive Rs.2 lakh subject to submission of the required documents as listed below:
Documents required for normal death Documents required for accidental death
Death certificate (Municipal Authority) Cause of death as specified in a certificate
Cancelled cheque (personalised) with account number Attested copies of the following:
  • Postmortem report
  • Police Panchnama report
  • First Information Report
  • Police Inquest report
Claim form Claim form
Medical records Cancelled cheque (personalised) with account number
  • Auto-Debit Facility: At the time of enrollment, you have to opt for the auto-debit facility wherein a premium of Rs.330 is automatically deducted from your savings bank account in one installment

How the Plan Works

If you purchase HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana for one year, you have to pay a premium of Rs.330 in one installment. At the end of the policy year, you may choose to renew your policy upon payment of the annual premium and submission of a self-certificate stating that you are in good health. You will be ineligible to avail of this plan if you suffer from AIDS, chest surgery, cancer, brain stroke or any kind of organ transplantation. In the unfortunate event of your demise, your nominee will receive the death benefits amounting to Rs.2 lakh.

Premium Payment

The annual premium of Rs.330 is deducted from the savings bank account courtesy the 'auto debit' facility in one installment on or before May31st of each coverage period. (Rs.289 is paid to the insurer, Rs.30 to micro agents and Rs.11 towards administrative costs).

Frequency Per installment
Annual Rs.330

Riders

The HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan does not offer any riders. 

GST of 18% is applicable on life insurance effective from the 1st of July, 2017

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