ICICI Pru Pradhan Mantri Bima Yojana

Overview of ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana:

Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that is backed by the Government of India. Finance Minister Arun Jaitley mentioned this scheme in the year 2015 during his Budget Speech. On May 9, 2016, the scheme was formally launched by Prime Minister Narendra Modi in Calcutta.

Eligibility for ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana:

In order to be eligible for the , an individual must meet the following criteria:

Minimum age for scheme 18 years
Maximum age for scheme 50 years
Must have ICICI Savings Account
Policy period 1 year

Key features of ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana:

The comes with a myriad of features. These features are as follows:

Payment Mode Premium is auto debited from the savings account of the insured. This is only mode available at present to make the payments for the premiums
Risk Coverage The assured sum that the nominee can avail in the event of demise of the insured is Rs.2 lakh
Premium The amount paid as premium is Rs.330 per year

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

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