Pradhan Mantri Jeevan Jyoti Bima Yojana

 

This is an insurance scheme that offers life insurance cover for death due to any reason. Pradhan Mantri Jeevan Jyoti Bima Yojana is 50 years. The applicant must be 18 years minimum and must have a bank account as well as give their consent to join / enable auto-debit to avail of PMJJBY. Primary KYC details for this account will be the Aadhaar card. Apply online for Pradhan Mantri Jeevan Jyoti Bima Yojana and get a life cover of Rs. 2 lakhs which shall be available for a one-year period beginning 1st June and ending on 31st May and will be renewable. Risk coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs. 2 Lakh in case of death of the insured, due to any reason. For enrolments through the online mode, the annual premium for the PMJJBY is Rs 406 and through the offline mode, the annual premium is Rs. 436 starting from June 1 to May 31.

 

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 the account holder’s request, and end on May 31 of the next year.
  • Premium: For enrolments through the online mode, the annual premium for the PMJJBY is Rs 406 and through the offline mode, the annual premium is Rs. 436 starting from June 1 to May 31.

With effect from October 16, 2021, the Ministry of Finance has revised the premium payment structure on a quarterly basis depending on the date that the account holder requested, to enter into the scheme.

The revised structure is as follows:
  • June, July, and August – Annual Premium of Rs 436 is payable
  • September, October, and November – Premium of Rs 319.5 is payable
  • December, January, and February – Premium of Rs 213 is payable
  • March, April, and May – Premium of Rs 106.5 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 the PMJJBY scheme on August 31, 2018, the annual premium of Rs 436 will be applicable to him/her for the entire year. Although, the debit in his/her account will be completed in the month of September 2018.

At the same time, if the account holder has requested the PMJJBY scheme on September 1, 2018, the pro-rata premium of Rs 319.5 will be applicable to him/ her as per the 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 sent a cancellation request to the bank for the policy.
  • Risk Coverage: Sum assured of Rs 2 lakh on the death of the Insured member for any reason, is payable to the Nominee.
Termination of assurance:
  • Account holder attains the age of 55 years
  • Closure of account with the bank or insufficiency of balance for debiting premium.
  • In case of multiple coverages under the scheme, the cover will be restricted to Rs 2 lakh and other insurance covers are terminated and the premium shall be forfeited.

Terms and conditions
  • If a customer has 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, 2021, the risk cover will commence only after the completion of 30 days from the scheme enrolment date by the customer. Death due to an accident will be exempted from the 30 days cooling period.
  • The customer will have to pay the premium as per the scheme requirement.
  • Below is the Premium Structure for new enrolments through ONLINE mode:
  • June, July and August – Annual Premium of Rs 436 is payable
  • September, October and November – Premium of Rs 319.5 is payable
  • December, January and February – Premium of Rs 213 is payable
  • March, April and May – Premium of Rs 106.5 is payable.
  • The policy shall not be issued if a 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 the customer, if found to be untrue, the membership to the scheme shall be treated as canceled from the date of joining the scheme, and all premiums paid in respect thereof, shall stand forfeited.
  • Renewal Premium of Rs 436 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 a request before the end of the year. Renewal premium will be debited until the eligible age of the insured as per the scheme norms.
  • Joint account holders can enroll for the PMJJBY scheme by submitting a separate request for enrolment at the designated ICICI Bank branch only.

Pradhan Mantri Suraksha Bima Yojana

 

Accident Insurance Scheme that offers accidental death and disability cover for death or disability on account of an accident. Pradhan Mantri Suraksha Bima Yojana age limit is 70 years. The applicant must be 18 years old minimum and have a bank account as well as give their consent to join / enable auto-debit to avail of PMSBY. Primary KYC details for this account will be the Aadhaar card. Apply online for Pradhan Mantri Suraksha Bima Yojana and get a life cover of Rs. 2 lakhs which shall be available for a one-year period beginning 1st June and ending on 31st May and will be renewable. Risk coverage under Pradhan Mantri Suraksha Bima Yojana is Rs. 2 Lakh in case of accidental death or full disability of the insured and Rs 1 lakh in case of partial disability. For enrolments through the online mode, the annual premium for the PMSBY is Rs 20 and through the offline mode, the annual premium is Rs. 20 starting from June 1 to May which will be auto-debited from the enrolled person’s account. The individual will then be eligible for a total coverage amount of Rs 2 lakh in case of accidental/ unexpected death or full disability and Rs 1 lakh in case of partial permanent disability.
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 (where age is closer to birth date) 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 the next year.
  • Premium: For enrolments through the online mode, the annual premium for the PMSBY is Rs 20 and through the offline mode, the annual premium is Rs. 20 starting from June 1 to May which will be auto-debited from the enrolled person’s account.
  • Payment Mode:The premium will be directly auto-debited by the Bank from the subscriber’s 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 sent 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.

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

Terms and conditions
  • If a customer has multiple saving accounts 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
  • The customer will have to pay the 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 premiums due are paid until attaining the age of 70 years as on the Annual Renewal Date.
  • The policy shall not be issued if the mobile number is not updated in the 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 4005/151804272/00/000 certifying coverage as per the Scheme, and in accordance with the information available in the account and the customer’s authorization for the auto-deduction of the premium amount.
  • If any information provided by the customer is found to be untrue, then membership to the Scheme shall be treated as canceled from the date of joining the scheme, and all premiums paid in respect thereof shall stand forfeited.
  • Renewal Premium of Rs 436 (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 a request before April 30 of the year. The renewal premium will be debited until the eligible age of the insured as per the scheme norms.

Joint account holder(s) can enroll for the PMSBY scheme by submitting a separate request for enrolment at ICICI Bank Branch only.

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