The Pradhan Mantri Jeevan Jyoti Bima Yojana Plan was launched by the Government of India to offer insurance benefit to the masses. The scheme was launched to offer affordable insurance protection in a convenient manner to the Indian masses. HDFC Life facilitates the purchase of the Pradhan Mantri Jeevan Jyoti Bima Yojana Plan. This plan is a pure group term insurance plan and it ensures security to the family members in the event of unfortunate death of the insured.
Eligibility Conditions for the :
|Minimum Entry Age||18 years|
|Maximum Entry Age||New members - 50 years Renewals - 54 years|
|Minimum Maturity Age||19 years|
|Maximum Maturity Age||55 years|
Premium Payments Offered by the HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:
|Minimum Premium||Rs.330 (exclusive of service tax)|
|Sum Assured||Rs.2 lakh|
Key Features of HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:
|Type of Plan||Traditional non-participating group term insurance plan.|
|Nomination||Member of the policyholder can nominate the person to whom they want the benefits to be paid, in case the member dies.|
|Renewal||Individual can exit the scheme and join back in the future by paying the annual premium. Individual will have to submit a self-certification of good health.|
|Surrender benefit||The main policy cannot be surrendered.|
What you need to know about:
- HDFC Life Group Credit Protect Insurance Plan is offered to the eligible savings bank account holders of the bank.
- The product is one year renewable life insurance cover.
- There is no maturity benefit payable.
- The risk commencement date is from 1st June of each year and the risk cessation date is 31st May of the subsequent year.
Advantages and Benefits of HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:
The HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan provides the following key benefits:
- Death benefit: In the event of death of the member,. After the death benefit has been paid, the policy will be terminated.
- The policy is one year renewable.
- Plan offers cover of Rs.2 lakh for a fixed premium of Rs.330.
- The premium is auto deducted from the account holder’s savings bank account through auto-debit facility.
Exclusions under HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan:
Exclusions that are mandated in Pradhan Mantri Jeevan Jyoti Bima Yojana scheme, will be applicable.
GST of 18% is applicable on life insurance effective from the 1st of July, 2017