Pradhan Mantri Bima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana

Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance) are:

  • Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be 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 Account holder’s request and end on May 31 of next year.
  • Premium:As per the earlier guidelines by Ministry of Finance, the annual premium for PMJJBY scheme was constant at Rs 330 for a period of 1 year starting from June 1 to May 31 irrespective of the request date of the customer into the scheme.

With effect from September 1, 2018, Ministry of Finance has revised the premium payment structure on quarterly basis depending on the request date of the Account holder into the scheme.

The revised structure is as follows:

  • June, July and August – Annual Premium of Rs 330 is payable
  • September, October and November – Premium of Rs 258 is payable
  • December, January and February – Premium of Rs 172 is payable
  • March, April and May – Premium of Rs 86 is payable.

The premium amount will be decided basis the date of request of the Account holder into the scheme and not as per the date of debit from the account.

For e.g. if an Account holder has placed a request for PMJJBY scheme on August 31, 2018 the annual premium of Rs 330 will be applicable to him/ her for the entire one year. Although the debit in his/ her account will be completed in the month of September 2018.

At the same time, if Account holder has requested for PMJJBY scheme on September 1, 2018 the pro rata premium of Rs 258 will be applicable to him/ her as per revised structure.

  • Payment Mode: The premium will be directly auto-debited by the bank from the Account holder’s Savings Account held with the Bank. This is the only mode available currently. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given the cancellation request to the bank for the policy.
  • Risk Coverage: Sum assured of Rs 2 lakh on death of the Insured member for any reason is payable to the Nominee..

Termination of assurance:

  • Account holder attains age of 55 years
  • Closure of account with the bank or insufficiency of balance for debiting premium.
  • In case of multiple coverage under the scheme, the cover will be restricted to Rs 2 lakh and other insurance covers are terminated and premium shall be forfeited.

 

 

Terms and conditions:

  • If a customer is having multiple Savings Account with the bank, then only one PMJJBY policy will be issued. In case multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid for such additional policy requests.
  • For all enrolments from June 1, 2016, the risk cover will commence only after completion of 45 days from the scheme enrolment date by the customer. Death due to accident will be exempted from the 45 days cooling period.
  • Customer will have to pay premium as per the scheme requirement.
  • Below is the revised Premium Structure:
    • June, July and August – Annual Premium of Rs 330 is payable
    • September, October and November – Premium of Rs 258 is payable
    • December, January and February – Premium of Rs172 is payable
    • March, April and May – Premium of Rs 86 is payable.
  • Policy shall not be issued if mobile number is not updated in Savings Bank Account. The bank shall provide no separate intimation for the same.
  • The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their Savings Bank Account.
  • The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima Yojana will be shared with ICICI Prudential Life Insurance Company Ltd., under Group Policy Number 00002273 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
  • Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
  • Renewal Premium of Rs 330 including Goods and Services Tax (GST) will be auto debited from the Savings Account between May 25 and May 31 of every year. Customers who desire to cancel the auto renewal need to submit such request before of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms.
  • Joint account holders can enrol for the PMJJBY scheme by submitting a separate request for enrolment at ICICI Bank branch only.

Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:

  • Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Saving 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.
  • Premium: Rs. 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the Bank from the subscribers savings account held with the Bank. This is the only mode available. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

 

 Table of Benefits*Sum Insured
I. Death Rs. 2 Lakh
II. Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of one hand or one foot Rs. 2 Lakh
III. Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh

*The total amount that can be claimed under the policy is INR 2 lakh only

 

The cover is subject to exclusions of the policy.

 

Exclusions:

 

Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer the Master Policy wordings.

 

 

Terms and conditions:

  • If a customer is having multiple saving account with the Bank, then only one PMSBY policy will be issued. In case multiple policies are found to exist, the premium(s) of such multiple policies shall be refunded to the customer’s respective account and no claims would be paid for such additional policy requests. The cover shall commence from the date of premium debit
  • Customer will have to pay full annual premium even if he/she joins the Scheme after the commencement of the Group Policy.
  • The membership in the Scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
  • Policy shall not be issued if mobile number is not updated in savings account. The Bank shall provide no separate intimation for the same.
  • The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account.
  • The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima Yojana will be shared with ICICI Lombard General Insurance Company Ltd., under Group Policy Number 4005/132001262/00/000 certifying coverage as per the Scheme, and in accordance to the information available in your account and your authorisation for the auto deduction of the premium amount.
  • Any information provided by the customer if found to be untrue, the membership to the Scheme shall be treated as cancelled from the date of joining the scheme and all premium paid in respect thereof shall stand forfeited.
  • Renewal Premium of Rs. 12 (including GST) will be auto debited from the Savings Account between May 25 and May 31 of every year. Customers, who desire to cancel the auto renewal, need to submit such request before April 30 of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms.
  • Joint account holder(s) can enrol for the PMSBY scheme by submitting a separate request for enrolment at ICICI Bank Branch only.