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About Pradhan Mantri Jeevan Jyoti Bima Yojana
Government of India has launched the social scheme Pradhan Mantri Jeevan Jyoti Bima Yojana to offer the benefits of insurance to masses. The scheme was launched for offering affordable universal access to essential protection in a convenient manner as it is linked to auto–debit facility from banks to the subscribers. To support the scheme, AU Small Finance Bank launched Pradhan Mantri Jeevan Jyoti Bima Yojana Plan in conjunction with ICICI Prudential Life Insurance Co. limited which is a pure group term insurance product that ensures financial security for the member's family in the event of unfortunate death of the member.
The plan is offered to eligible Savings Account holders of the bank. The product offers one-year renewable life insurance cover to all eligible customers as per the rules of the PMJJBY scheme, as amended from time to time.
- Eligibility: All individual account holders of participating banks in the age group of 18 to 50 years are entitled to join. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one bank account only. Aadhaar is the primary KYC for the bank account.
|Date of Joining the scheme
|1 June to 31 August
|1 Sep to 30 Nov
|1 Dec to 28 Feb (29 Feb if leap year)
|1 March to 31 May
|Minimum Entry Age
||18 years (age last birthday)
|Maximum entry Age
||New member: 50 years (age nearest birthday)
Renewals: 55 years (age nearest birthday)
||Rs 2 Lakh
- Termination of assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:
- On attaining age 55 years (age near birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered under PMJJBY with ICICI Prudential Life Insurance Co. limited/ other company through more than one account and premium is received by ICICI Prudential Life Insurance Co. limited/ other company inadvertently, insurance cover will be restricted to Rs 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.
- If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of appropriate premium, subject, however, to the cover being treated as fresh and the 30 days lien clause being applicable.
- Master Policy Holder:
AU Small Finance Bank is the master policy holder.
- Eligibility Conditions:
- Individual bank account holders of the participating banks aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
- Enrolment Modality:
- The cover shall be for one-year period stretching from 1st June to 31st May for which option to join/ pay by auto-debit from the designated individual bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as laid down in above para.
- For subscribers enrolling for the first time on or after 1st June 2016, insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.
- Individuals who exit the scheme at any point may re-join the scheme in future years. The exclusion of insurance benefits during the lien period shall also apply to subscribers who exit the scheme during or after the first year and rejoin on any date on or after 1st June 2016.
- In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription, shall be able to join while the scheme is continuing subject to the 30 days lien period described above.
- Death Benefit: In the event of death of the member, provided the policy is in force, a fixed sum assured of Rs 2 lakh shall be payable to the nominee. For new members enrolling into the scheme, the risk will not be covered during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible. Upon the payment of the death benefit, the policy terminates, and no further benefits are payable.
- Maturity Benefit: No benefits are payable on maturity.
- Surrender Benefit: No benefits are payable on surrender.
- Premium is Rs 436/- per annum per member. It will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrolment for prospective cover after 31st May will be possible with payment of pro-rata premium as laid down in the above table. The premium would be reviewed based on annual claims experience. Lien period of 30 days shall be applicable from the date of enrolment.
- Policy period: The cover shall be for one year starting from June 1 to May 31 of the next year. For the Savings Account holder joining on or after June 1, the cover shall commence from the date of account holder’s request and end on May 31 of the next year.
- Premium: First premium is payable depending upon date of joining the scheme as shown below:
How to Apply for PMJJBY
Customer can enroll for PMJJBY by visiting the nearest AU Small Finance Bank Branch
Note: For Joint Account Holders opting to enroll for PMJJBY, request shall be given only at the AU Small Finance Bank Branch.
Death Claim Process
- Nominee to download Discharge Receipt and Claim form from bank website/ collect from Nearest AU Small Finance bank branch
- Nominee to fill & Sign on both the forms and get it attested from AU branch Official
- Claimant to submit below documents:
- Original death Certificate (Mandatory)
- Copy of AADHAAR CARD of deceased
- Self-attested ID Proof copy, Address proof copy, Aadhaar card copy of the claimant
- Cancelled bank cheque of nominee (Name printed on it-Mandatory)
- The nominee needs to self-certify all the documents and submit the same at Bank branch
- Nominee to submit forms and relevant documents at AU branch