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.