ABSLI Pradhan Mantri Jeevan Jyoti Bima Yojana

Protect your bank’s savings account holders with ABSLI’S PMJJBY Plan

ABSLI’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) plan is a Government-sponsored group protection plan which is offered to the banks to provide life insurance cover of Rs. 2 lakhs to their savings account holders at an affordable annual premium.

It is a non-linked, non-participating, annually renewable, group term insurance plan wherein the bank will be the master policyholder and its savings account holders will be the members insured.

Key Features

  • Fixed life insurance cover of Rs. 2 lakhs for each member
  • Policy period will be from 1st June to 31st May of the next year
  • Premium amount will be auto-debited from beneficiary’s savings bank account
  • The plan will be guided by the scheme rules as specified by the GOI
  • In the event of unfortunate death of an insured member, a fixed sum of Rs. 2 lakhs will be paid to his/her nominee. Upon the payment of death benefits, the policy will stand terminated.
  • Tax benefits* are offered to the policyholder as per the extant tax laws.
  • The life insurance cover of Rs. 2 lakhs is offered to the members at a very affordable premium of Rs. 330 (excluding GST) per year.
  • The premium amount will be auto-debited directly from the beneficiary’s savings bank account every year before May 31st.
  • Minimum Age at Entry

    18 years (Age last birthday)

  • Maximum Age at Entry

    50 years (Age nearest birthday)

  • Sum Assured

    ₹ 2,00,000 (Fixed)

  • Maximum Age at Maturity

    55 years (Age nearest birthday)

  • Policy Term

    One year renewable

  • Premium

    ₹330 plus GST

  • Premium Paying Frequency

    Annual (Auto-debited from savings bank account)

FAQs

  • Are there any surrender benefits offered under this plan?

    No. There are no surrender benefits offered under the ABSLI’S PMJJBY plan.

  • Are there any maturity benefits offered under this plan?

    No. Since this is a pure group term insurance plan, no maturity or survival benefits are offered under this plan.

  • Can a member join this scheme after 1st June?

    Yes. A member can enrol himself/herself for the scheme any time after 1st June by paying full year’s premium of Rs. 330 plus GST.

  • Can a member opt out of this scheme if he wants to do so?

    Yes. A member can write to his/her bank to opt out of the scheme any time before the auto-debit of renewal premium.

  • Can a member re-join the scheme in future after opting out?

    Yes. A member can re-join the scheme any time in future after opting out from it.

  • Are the members required to go through any medical examination to avail the benefits of this scheme?

    No. The members are usually not required to go through any medical examination to avail the benefits of this scheme. However, they need to submit a self-attested certificate of good health to enrol themselves for this scheme. ABSLI may not cover a member is certificate of good health is not found to be satisfactory.

GROUP SERVICES

*subject to fulfilment of all conditions under respective sections of The Income Tax Act, 1961.

Disclaimer:

The Trade Logo “Aditya Birla Capital” Displayed Above Is Owned By ADITYA BIRLA MANAGEMENT CORPORATION PRIVATE LIMITED (Trademark Owner) And Used By ADITYA BIRLA SUN LIFE INSURANCE COMPANY LIMITED (ABSLI) under the License.”

ABSLI Pradhan Mantri Jeevan Jyoti Bima Yojana policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a nonlinked, non-participating group term insurance plan. ABSLI reserves the right to recover levies such as GST levied by the authorities on insurance transactions. If there be any additional levies, they too will be recovered from you. This brochure contains only the salient features of the plan. For further details. please refer to the policy contract. Tax benefits subject to changes in the tax laws. For more details on risk factors terms and conditions, please read the sales brochure carefully before concluding the sale.

Registered Office: One Indiabulls Centre Tower 1, 16th Floor, Jupiter Mill Compound, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai - 400013. Call Centre: 1-800-270-7000 www.adityabirlasunlifeinsurance.com IRDAI Reg. No. 109 | CIN: U99999MH2000PLC128110 ADV/10/18-19/xxx  UIN: 109G099V01