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Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)

Insurance Scheme that offers life insurance cover for death due to any reason. The scheme will be a one year cover and renewable from year to year.

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 period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by May 31, 2015, extendable up to May 31, 2016.
  • Premium: Rs. 330 (per annum).
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ savings bank account. This is the only mode available currently.
  • 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 lakhs and other insurance covers are terminated and premium shall be forfeited.

For more details, Click here.