Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana protects the members of the policy in case of loss of life. This is a group life insurance policy. Unlike other insurance schemes, this plan requires only one policy and one contract to protect the entire group.  

One of the leading non-banking firm, offers wide range of insurance and financial protection plan. Recently, they launched the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana. This Plan makes sure that you are financially secure even during uncertainties. 

Type of the plan

Non participating Group

Eligibility Conditions for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Minimum Entry Age

18 years

Maximum Entry Age

50 years

Maximum Maturity Age

55 years

Policy Terms for the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Minimum

1 year

Scheme year

A scheme year is from 1st June to 31st May Every Year

Minimum group size

50 members within one year from the date of commencement of the policy.

Maximum member in the group

No limit

Minimum premium available

Rs.330 per member which is exclusive of taxes and cesses.

Maximum premium available

Rs.330 per member which is exclusive of taxes and cesses.

Premium Payment frequency

Annually only

Minimum sum insured

Rs.2,00,000 per member

Maximum sum insured

Rs.2,00,000 per member

Riders plan

Not available

Loan on policy

Not available

Please note: If members sign the policy after june 1st, they will have to pay full premium of Rs.330 for complete coverage till 31st May.

Key Features of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Premium Payment options

Annually

Revival option for reduced paid up policy

Policyholders who discontinue the policy for any reason is allowed to revive the policy by submitting a certificate of good health at the time of re-joining.

Death benefit

Available from day 1

Maturity benefit

Not available

Surrender benefit

Nil

Advantages and Benefits of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

The features and benefits of the are as follows:

Death benefit

On death of a insured, benefits in lump-sum is payable upto RS.2,00,000.

Tax benefit

Most of the schemes offered by Max Life Insurance company comes with tax benefits and Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is no exception. Premium paid by the members is eligible for tax benefits as the the taxation law in India.

What you should know about Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

  1. Risk coverage is available at low cost.
  2. Fixed premium to be paid irrespective of the age of the policyholder for a coverage of Rs.2.00.000.
  3. Participation in the scheme is voluntary.
  4. No suicide exclusion under this plan.
  5. All death claim payments are exempted from tax.
  6. Cess and service tax payable by the members is recovered from the policyholder.
  7. The risk coverage can be terminated on death of the insured member, account closure, or on attaining the maximum age limit on annual renewal date, whichever occurs first.

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

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