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HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

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Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

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 HDFC Life 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: HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana is essentially a social security scheme which envisages affordable life coverage 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

HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews

Page 1 of 50 1 2 3 4 5
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been holding my life insurance with HDFC LIFE from long time, and I itself have applied for this insurance is i have knowledge regarding this,and there premium amount they have given me was nominal ,i use to pay up to 3500 as an premium on yearly basis,and there is no hidden charged , and i pay premium through on line.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 23, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy a long time back and i had been paying the premium on an annual basis. The premium amount has not been high and the payment method has also been convenient as well. There has not been any hassle faced with the services which they had provided so far.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 21, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC LIFE, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using HDFC LIFE for my life insurance,the agent had clearly explained me about the policy and the benefit coverage,they use to call me if any further update they change it, they have given me hard copy as well ,the premium amount is based on yearly they charged me,that was nominal,and till now no hidden charges they have charged from me.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 20, 2019
  • HDFC Life Life Insurance
    "Bad return value in this policy"
    0.5 1.0/5 "Really Bad"
    I hold a investment policy from HDFC LIFE. Friend has told me about this policy. They are not providing a good service to the customer. I took this policy in 2016. I have been paying the premium amount of Rs. 25000 per annum and the sum assured amount is Rs. 2.40 lakhs. This is a tax benefitable policy.
    Was this review helpful? 0
    , vapi
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Good for investment"
    0.5 5.0/5 "Blown Away!"
    HDFC Life is best as per my experience, their claim ratio is good. They are providing terminal premium for the critical illness, disability cover. I took the policy cover for Rs. 10 lakhs, I make the premium of Rs. 30,000 on quarterly basis it has term of 10 years. They do have life cover for certain demise.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Best Policy"
    0.5 5.0/5 "Blown Away!"
    I have taken life insurance policy from Hdfc Life based on the benefits and income tax benefits i have chosen this policy . I make the payment through credit card . Their customer service is good as they respond that much.This policy covers accidental and critical illness benefits . Overall ma satisfied with the policy
    Was this review helpful? 0
    , bhubaneshwar
    Reviewed on Jan 19, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been holding my life insurance with HDFC LIFE INSURANCE recently in december , they have charge me nominal premium for a yearly basis, and it use to get through on line , and there agent was good they help me to get good policy and they use to update me if any update is there in this policy time to time.
    Was this review helpful? 0
    , new delhi
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE,there service is good, i use to pay my premium on yearly basis , they have charged me up to 5000 rupees ,i use to pay through on line , they are not taken any extra charges,the agent had explain me clearly about there policy coverage.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 17, 2019
  • HDFC Life Life Insurance
    "Insurance for life"
    0.5 5.0/5 "Blown Away!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , pune
    Reviewed on Jan 16, 2019
  • HDFC Life Life Insurance
    "Very Good Service"
    0.5 4.0/5 "Great!"
    I had taken this insurance policy almost five years back and i had been paying the premium on an annual basis. The premium amount was not too high and the payment method has been easy as well. There has not been any issues faced with the services of them so far.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Jan 13, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have applied my life insurance with HDFC LIFE , there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal,like i pay premium up to 6000 rupees for two years, it was on yearly basis , and it use to get auto debited from my account.
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have been using my life insurance with HDFC LIFE, there service is good, the agent had explain me about the policy coverage,and about plan benefits clearly, and the premium amount they have charged me on yearly basis, and they have charged me up to 14,000 it is nominal , and i use to pay the premium amount through on line.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 08, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have taken my life insurance policy with HDFC life,there service is good, there premium they have charged me was nominal, i pay premium on monthly basis, and there agent had properly explain about the plan benefits and policy ,overall service is good.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with HDFC life, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 07, 2019
  • HDFC Life Life Insurance
    "Good service"
    0.5 4.0/5 "Great!"
    I have been using my life insurance with HDFC life insurance, there service is good, there agent had explained me clearly about the policy coverage and benefits,and the premium amount i use to pay in yearly basis, and the premium amount is nominal,and overall service is good.
    Was this review helpful? 0
    , jaipur
    Reviewed on Jan 06, 2019
  • HDFC Life Life Insurance
    "Don't go with HDFC LIFE for Insurance"
    0.5 2.0/5 "Expected more"
    I have invested Rs. 80000 in HDFC LIFE. They have deducted the money from my account but they have not able to generate a bill. Due to the uncertanity, i have not continued with this policy. They charged me twice for single premium. I closed the policy but they have taken long time to return the money anyway it took a long process. I spoke with the call centre regarding this issue but they were not helpful.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 4.5/5 "Excellent!"
    I have been using the HDFC Life Insurance policy for long time. they charge nominal premium for this policy it also offers accidental benefits and I make payment through online. so in terms of features and their service it has been a good experience with them. HDFC Life is a recommendable insurance provider.
    Was this review helpful? 0
    , chennai
    Reviewed on Jan 02, 2019
  • HDFC Life Life Insurance
    "Excellent service"
    0.5 5.0/5 "Blown Away!"
    I have applied my life insurance with Life insurance corporation of India, there agent was good, they have explained me clearly about the policy benefit, and there coverage, and the premium amount they have charged me was nominal, it was on yearly basis , and i use to pay premium through on line.
    Was this review helpful? 0
    , new delhi
    Reviewed on Dec 24, 2018
  • HDFC Life Life Insurance
    "Good Policy"
    0.5 5.0/5 "Blown Away!"
    I have chosen the investment plan in HDFC. In 2016, i have taken this policy. I pay the premium of Rs. 40000 per annum. Through online, i make the payment. Total tenure period of the policy is 10 years. This is a tax benefitable policy. I don't remember about the sum assured amount.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Dec 22, 2018
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