One of the leading non-banking firm, Max Life Insurance 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. Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana protects the members of the policy in case of loss of life. This is a grouplife insurance policy. Unlike other insurance schemes, this plan requires only one policy and one contract to protect the entire group.
|Type of the plan||Non participating Group life insurance plan|
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
|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|
Advantages and Benefits of Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
The features and benefits of the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana are as follows:
On death of a insured, benefits in lump-sum is payable upto RS.2,00,000.
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
- Risk coverage is available at low cost.
- Fixed premium to be paid irrespective of the age of the policyholder for a coverage of Rs.2.00.000.
- Participation in the scheme is voluntary.
- No suicide exclusion under this plan.
- All death claim payments are exempted from tax.
- Cess and service tax payable by the members is recovered from the policyholder.
- 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