Bajaj Allianz offers a non-linked, non-participating, group term assurance plan for pradhan mantri jeevan jyoti bima yojana scheme, a Government of India initiative to increase the number of insured people in India. This one year renewal plan can be enrolled through a simple proposal form and requires no medical underwriting. Under this plan, life coverage can be chosen based on one's affordability.
|Type of the plan||Non-participating, non-linked group term insurance plan.|
Eligibility Conditions for the Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Minimum Entry Age||18 years as per the last birthday|
|Maximum Entry Age||65 years to the nearer birthday|
|Maximum Maturity Age||55 years to the nearer birthday|
Policy Terms for the Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
|Policy term||One year insurance plan which can be renewed|
|Premium payment frequency||Yearly|
|Annual premium paid||Rs.330 per member|
|Sum assured||Rs.2,00,000 per member|
|Maturity benefit||Not available|
|Grace period||30 days from the date of yearly renewal date|
|Nominations||Available in accordance with provision under section 39 of the Insurance Act 1938.|
Please note that taxes and charges if any will be applied on the premium which is inclusive of Rs.41 towards administrative charges of participating banks.
What you should know about Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
- Only banks can set up schemes under Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana.
- All the savings bank account holders in a bank within the gae group of 18 to 50 years are eligible to apply for Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.
- If a policyholder wants to enrol in Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana plan after the commencement date, he/she will be able to do so by paying the complete premium and submitting a good health declaration certificate.
- In case a account holder has multiple savings account in a bank, only one savings bank account will be eligible to apply for Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan.
- The annual premium fee of Rs.330 plus service tax if applicable will be debited from the member’s account through auto debit.
- The bank will be the master policyholder while all the other policyholders will be the members under this scheme.
- A policy will be be covered till 31st May and should be renewed by 1st of June every year.
- There are no exclusions under this Life Insurance Plan.
Advantages and Benefits of Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana:
In case of death of a insured member during the period of cover, the total Sum assured will be paid. The death benefit is given when all premiums are paid and if there is no outstanding dues.
Reinstatement of the policy:
If you have missed paying your premium and if the policy has passed the grace period, you can still go ahead and reinstate your account. Bajaj Allianz Life Insurance offers an option to reinstate your policy provided all outstanding dues are paid and statement of good health is submitted.
Tax benefit is allowed on all premiums paid towards the Bajaj Allianz Life Pradhan Mantri Jeevan Jyoti Bima Yojana as per the taxation law in India.
Free look up period:
Policyholders get upto 15 days of free look up period during which they can review the terms and conditions of the policy. If the policyholder disagrees to any of the terms mentioned, he/she has the option to return the policy.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017