Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is a term life insurance plan, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years (Life cover upto age 55), renewable every year.
SSFB Savings Bank Account holders between 18 years (completed) and 50 years (age nearer birthday) who consent to join the scheme / enable auto-debit, as per the Scheme modality.
Minimum Age :18 years
Maximum Age 50 Years (Cover up till 55 years of age)
The cover is for one year starting from June 1 to May 31 of next year. For the Savings Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of next year.
Rs. 330 (per annum)
The premium of Rs.330/- is deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment on or before 31st May (20th -31st May) of each annual coverage period under the scheme. Delayed enrolment for the cover after 31st May will be possible with full payment of annual premium.
On death of the Insured member for any reason a Sum Assured of Rs. 2 Lakh is payable to the Nominee.
Table of Benefits
Rs. 2 Lakh
Exclusions: Major Exclusions: As per Master Policy
Termination of assurance
Account holder attains age of 55 years
Closure of account with the Bank.
Insufficient balance for debiting premium.
In case of multiple coverage under the scheme, the cover is restricted to Rs.2 lakhs and other insurance covers will be terminated, and premium shall be forfeited.
Contact the nearest Branch
Terms & Conditions
If a customer is having multiple Savings Account with the Bank, then only one PMJJBY policy will be issued.
The risk cover will commence only after completion of 45 days from the scheme enrolment date by the customer. Death due to accident is exempt from the 45 days cooling period.
Customer is liable to pay full annual premium even if he/she join the Scheme after the commencement of the Master Policy.
Renewal Premium of Rs. 330 is auto debited from the savings account between May 20 and May 31 of every year. Customers who desire to cancel the auto renewal need to submit such request to the nearest branch before May 20th. Renewal premium is debited until the eligible age of the insured as per the scheme details.
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The audited financial statements of Suryoday Small Finance Bank Limited (“Bank”), as at and for the financial years ended March 31, 2018, March 31, 2019 and March 31, 2020 and the audit reports thereon dated May 30, 2018, May 29, 2019 and May 27, 2020, respectively (collectively, the “Financial Statements”), have been uploaded here by the Bank solely to comply with the requirements specified in the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirement) Regulations, 2018, as amended (“SEBI ICDR Regulations”).
Please note that the Financial Statements do not constitute a draft red herring prospectus, red herring prospectus or final prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum, an advertisement, an offer or a solicitation of any offer or an offer document to purchase or sell any securities under the Companies Act, 2013, the SEBI ICDR Regulations, or any other applicable law in India or elsewhere in the world. The Financial Statements should not be considered as part of information that any investor should consider to subscribe for or purchase any securities of the Bank and should not be relied upon or used as a basis for any investment decision. Anyone placing reliance on the Financial Statements, or any other information on the website of the Bank would be doing so at their own risk.
The information contained herein does not constitute an offer for sale of, or solicitation of an offer to buy, the securities of the Bank in the United States or in any other jurisdiction. Securities may not be offered or sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended.
While care has been taken in preparing the Financial Statements, none of the Bank or any of its advisors, nor any book running lead managers or selling shareholders, nor any of their respective employees, directors, affiliates, agents or representatives accept any liability whatsoever for any loss howsoever arising from any information presented or contained in the Financial Statements, or the opinions expressed therein. None of the foregoing shall be liable for any direct or indirect losses arising from the use thereof and the viewers are requested to use the information contained herein at their own risk.
These Financial Statements should not be copied, reproduced, re-circulated, re-distributed, published or advertised in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing from the Bank. Any unauthorized use of the Financial Statements contained herein is prohibited. Accordingly, any persons in possession of the aforesaid should inform themselves about and observe any such restrictions. Information contained in the Financial Statements is provided “as is” without warranty of any kind, either expressed or implied, including any warranty of fitness for a particular purpose. No reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in these Financial Statements. Further, past performance is not necessarily indicative of future results. Any opinion expressed on the Financial Statements are subject to change without notice.
The Financial Statements are only current as of the dates specified therein and neither the Bank nor any of its respective advisors or representatives is under any obligation to update you in the event the information in the Financial Statements becomes stale or inaccurate. You must make your own assessment of the relevance, accuracy and adequacy of the information contained in the Financial Statements and must make such independent investigation as you may consider necessary or appropriate for such purpose.