PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA LAUNCHPED BY PM MODI

 PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA

 Q1. What is the nature of the scheme? 
 one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.

Q2. What would be the benefits under the scheme and premium payable? 
Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/- per annum per subscriber.

Q3. How will the premium be paid? 
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment,

Q4. Who will offer / administer the scheme? 
Life Insurance Companies  AND Banks

Q5. Who will be eligible to subscribe? 
All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join.

Q6. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health. Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

Q7. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years? 
Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.

Q8. Can individuals who leave the scheme rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.

Q9. Who would be the Master policy holder for the scheme? Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / chosen insurance company in consultation with the participating bank.

Q10. When can the assurance on life of the member terminate?
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events: i. On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years). ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force. iii. In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.


 Q12. How would the premium be appropriated?
a. Insurance Premium to LIC /other insurance company: Rs.289/- per annum per member;
 b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/- per annum per member;
 c. Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member.

Q12. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?
Yes.

http://jansuraksha.gov.in/PDF/JJY/FAQs.pdf

http://www.jansuraksha.gov.in/