Pradhan Mantri Jeevan Jyoti Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojna

About Pradhan Mantri Jeevan Jyoti Bima Yojna

In line with the Government of India's drive to extend affordable insurance coverage for all Indians, Canara HSBC Oriental bank of Commerce Life Insurance Company Ltd. presents the Pradhan Mantri Jeevan Jyoti Bima Yojna. This is a non-participating, non-linked, group term insurance plan which provides life insurance coverage to protect your family in case of an unfortunate death without any hassle.

Why Buy

The dreams and aspirations of your loved ones depend on you. Hence it is important to protect these dreams in the time to come, even if you are not around. With Canara HSBC Oriental bank of Commerce's Pradhan Mantri Jeevan Jyoti Bima Yojna, you can now ensure the same at an affordable cost.

1. Get life insurance cover for the cheapest premium
2. No hassle of medicals
3. Easy payment of premiums - To be auto-debited from saving account

Benefits

Death Benefit:

Sum Assured amount is paid in case of unfortunate death of the member during the period of cover. Please note that the total Life Cover of the member under Pradhan Mantri Jeevan Jyoti Bima Yojna cannot be more than 2 lacs even if the applicant has been insured under this scheme from multiple banks / life insurance companies

Surrender /Maturity Benefit:

There is no surrender/maturity benefit in this scheme.

How it works

Step 1:

The plan will be offered to eligible individual bank account holders of Canara Bank. In case of multiple bank accounts held by you in one or different banks, you would be eligible to join the scheme through one bank account only. You can enrol for this Scheme by filling up the Member enrolment form through Canara Bank.

Step 2:

The premium amount will be auto debited from your savings account linked with the scheme. Aadhar will be the primary KYC.

Step 3:

In case of the death of the member, the nominee should raise claim for the same with designated Canara Bank branch or with Canara HSBC Oriental Bank of Commerce Life insurance company.

Kindly note the following: -

1. The cover shall be for the one year period starting 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.

2. It is possible to enrol with a delay in case full annual premium is paid by the member for his/her prospective cover. For subscribers enrolling for the first time on or after 1st June, insurance cover shall not be available for death (other than due to accident) occurring during the first 45 days (Lien Period) 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.

3. 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 01st June. 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 45 days lien period described above.

4. The above mentioned rules and premium amount are subject to change from time to time as per the changes made by the Government of India in the PMJJBY Scheme Rules.

Age Criteria



Policy Term & Premium Amount

1. Policy Term
One Year Renewable

2. Premium Amount
Up to Rs. 330/- per annum

Sum Assured