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SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

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Overview

The SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana is a group term insurance plan offered by SBI Life Insurance Company. This is a non-linked and non-participating plan, and can be renewed annually. The agenda behind the development of this group term insurance plan by SBI Life Insurance Company is to meet the requirements of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) scheme. The government of India develops this plan to offer life insurance coverage of Rs.2, 00,000 for all savings bank account holders on death caused by any factor.

Eligibility Conditions for SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

Minimum entry age

18 years.

Maximum entry age

50 years.

Maximum age at maturity

55 years.

Besides, having a savings bank account is mandatory to opt for an SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana plan.

Key Features of SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

Plan type

It is non-linked and non-participating term life insurance plan.

Plan basis

Group

Policy term

1 year.

Renewability

Available. The policy can be renewed annually.

Free-look in period

Not available.

Grace period

30 days.

Enrolment

Policy commencement date is 1st June 2015.

Sum assured

Rs. 2, 00,000 per year.

Nomination

Nomination is accepted under this plan.

Policy coverage

Death benefits

Benefits/Advantages of SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

  • The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana provides death benefits to designated nominees provided the policyholder dies within the policy tenure which is one year. The death benefits offered by the policy should not exceed Rs. 200,000.
  • The policy does not offer maturity benefits.
  • There are no exclusions under this plan.
  • Income tax benefits will be offered as per the Income laws existing in India.

How the SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana Works

The Pradhan Mantri Jeevan Jyoti Bima Yojana policy offered by SBI Life Insurance Company can be purchased by paying a yearly premium of Rs. 330. The age of the policyholder should be less than 18 years and more than 50 years at the time of purchasing this group term insurance plan. The highest annual sum assured by the plan is Rs. 2,00,000. In case, the policyholder dies within the policy tenure, the select nominee will receive the death benefits offered by the policy. The enrolment procedure for the policy starts form from 1st June, 2015 and continues to 31st May, 2016. Any enrollment after this period will be followed by the full payment of annual premium and a submission of a self-certificate of good health.

Premium Payment

The policyholder needs to pay an amount of Rs. 330 as yearly premium. Premium will be deducted from the policyholder’s savings bank account automatically in one installment through auto debit option. Premiums payment needs to be cleared before or on 31st May of every month to avoid fine.

Riders

There is no rider available under this plan.

The SBI- Life Pradhan Mantri Jeevan Jyoti Bima Yojana comes at nominal cost with instant processing. The plan can be your perfect companion to protect you and family members against future unpredictabilities.

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

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