Family is the most important possession for any individual. It is everyone’s dream to be able to give their family the best of comforts and joys at every stage in their life. However, to fulfill those wants and needs, it is important to manage your finances well with the help of some planning. While it is important to ensure that your loved ones are well taken care of when you are around, it is more important to ensure that their dreams and wants are fulfilled especially at a time when you are no longer there to take care of them.
In an effort to provide citizens with an affordable and efficient insurance coverage, the Govt. of India has launched the Pradhan Mantri Jeevan Jyoti Bima Yojana, which is a non-linked, non-participating group term insurance plan. This plan is now offered by Canara HSBC OBC Life insurance, on behalf of the government, so that more and more people may benefit from it. The key features of this plan are that it provides affordable life insurance coverage to families in the event of the death of a family member. The purchase and premium payment process are hassle-free and customers do not need to undergo any medical test to enroll.
Eligibility - Canara HSBC OBC Pradhan Mantri Jeevan Jyoti Bima Yojana
|Entry age||Those who wish to enroll for this plan must not be below 18 years of age, and not above 50 years of age|
|Maximum coverage||Coverage under this plan will be provided until the insured reaches 55 years of age|
|Coverage period||This plan will provide coverage for one year and must be renewed every year|
|Sum assured||The maximum amount of sum assured provided under this plan will not exceed Rs.2 lakh per assured life|
|Premium||The premium charged for this plan is Rs.330|
|Lien period||This plan features a lien period of 45 days, starting from the date the customer has enrolled in the scheme|
|Premium mode||Premiums for this plan must be paid on a yearly basis via an auto-debit arrangement with the policyholder’s bank|
Benefits - Canara HSBC OBC Pradhan Mantri Jeevan Jyoti Bima Yojana
- Death benefit – If the assured policyholder covered under the scheme passes away before the plan completes one full term, their nominee will be entitled to the sum assured benefit of Rs.2 lakh.
- Maturity benefit – This plan does not offer any Maturity/Survival Benefit
Features - Canara HSBC OBC Pradhan Mantri Jeevan Jyoti Bima Yojana
- Medical examination – To enhance the simplicity of the plan, customers do not have to undergo any medical check-up or exam in order to be eligible or enroll in the plan.
- Government-backed scheme – This scheme has been introduced and is backed by the government to provide affordable insurance coverage to people.
- Affordable – The Pradhan Mantri Jeevan Jyoti Bima Yojana is one of the most affordable insurance schemes active in the country. The yearly premium for the scheme is a mere Rs.330 which is very nominal.
- Easy premium payment – Subscribers of the scheme have to make premium payments once a year. The premium payment process is very smooth and simple due to integration with banks to enable auto-debit of the premium amount. No more hassle to remember dates for premium payments.
- Policy revival – If the scheme has stopped providing cover due to auto-debit issues, or an administrative error, it can be revived after making payment of the annual policy premium. The reinstated coverage that is provided will be subject to a lien of 45 days.
- Policy renewal – Renewal can only be done for the master policy. Premium per member is subject to revision upon policy renewal.
- Free look period – There is no free look period available under this plan
- Nomination – Nomination facility is allowed for this policy under the provisions of Section 39 of the Insurance Act, 1938.
- Assignment – Policy cannot be assigned to another person.
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