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Max Life Pradhan Mantri Jeevan Jyoti Bima Yojna
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Banks in India have an uphill task taking India towards larger financial inclusion. A large population of India lacks any form of financial protection. Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana aims to provide life cover to bank account holders at a very affordable cost. The group scheme can help your bank in increasing customer retention. You can partner with Max Life Insurance for a simple and subscriber-friendly administration and claim settlement process.
3 reasons why this is an ideal plan
Affordable financial protection for your savings account holders
With low-cost insurance, you can improve customer retention
Members can get certain tax benefits based on the prevailing tax laws
Death Benefit: In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive Rs. 2,00,000 as the death benefit.
Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join and pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrollment with payment of pro-rata premium for prospective cover is possible. 45 days lien may be considered from the date of enrolment to the date of occurrence of claim (Accidental deaths are to be excluded from this)
Revival of Policy: If the insurance cover is ceased due to any technical reasons such as insufficient balance for payment of premium on due date or due to any administrative issues, the same can be reinstated after the receipt of full premium. Revival is not applicable if insurance cover is ceased due to any other reasons.
Member whose cover discontinues under the Policy for a reason other than death, may again get covered under the Policy in future years by payment of Premium, provided his Age is less than 50 years at the time of rejoining. However, for such Member, insurance benefit shall not be available for death (due to any cause other than accident) occurring during the first 45 days from the revised Effective Date of Coverage.
On surrender of the Policy, no amount will be payable to You/ Member. However, insurance cover in respect of the existing Members will continue until the expiry of the Period of Coverage.
Termination: The risk coverage on the life of a Member shall terminate upon happening of any of the following events whichever occur first:-
a. On death of the insured member
b. On attaining age 55 years (age nearest birthday) as on the annual renewal date
c. Closure of account with the Bank or insufficiency of balance to keep the insurance in force
d. The policy does not offer any maturity or surrender benefit to the members.
Either party i.e. Policyholder or Max Life Insurance can terminate the policy by giving one month notice to the other party. After the expiry of the notice period, scheme will be closed for new members. However, cover for the existing members will continue till the end of the Scheme year.
General Conditions
The policy does not offer any maturity or surrender benefit to the members.
This product can be offered to those individuals who hold a valid savings bank account with the participating bank
In case of multiple savings bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only
In case a member is covered through more than one account and premium is received by us inadvertently, insurance cover will be restricted to 2,00,000 only and the premium received shall be forfeited
The plan is a one year contract and can be renewed at the then prevailing premium rates and terms and conditions mutually agreed by the master Policyholder and Max Life Insurance Company
Sum Assured for the member of a scheme cannot be increased or decreased and shall remain unchanged throughout the period of contract
New members can be added into the scheme after the initial enrolment period with the payment of pro-rata premium and consent form.
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https://www.maxlifeinsurance.com/group-insurance-plans/pradhan-mantri-jeevan-jyoti-bima-yojana
