SBI Life - Pradhan Mantri Jeevan Jyoti Bima Yojana

Besides, having a savings bank account is mandatory to opt for an .

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

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. 436 (as of June 2022)The age of the policyholder should be between 18 years and 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 policy can be enrolled at any time of the year. The coverage period runs from 1st June to 31st May each year, with annual renewal required. 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. 436 as yearly premium (as of June 2022). 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 31^st 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.