Bank of Baroda Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

The Pradhan Mantri Jeevan Jyoti Bima Yojana is a life insurance scheme that is government-sponsored. The Bank of Baroda PMJJBY scheme is renewable and offers life insurance cover in case of demise because of any cause or reason.

Eligibility Criteria of Bank of Baroda PMJJBY

All the account holders of the savings bank account ranging from 18 years to 50 years can easily join the Bank of Baroda PMJJBY scheme. In case an individual holds multiple saving accounts in one or various banks, then the individual can join the scheme via only one savings bank account.

The individuals who join the Bank of Baroda PMJJBY scheme, holds a savings bank account need to give assent to join a scheme and likewise enable the facility of auto-debit for the coverage term on the yearly renewal basis.

Features of Bank of Baroda PMJJBY

The following are the salient features of Bank of Baroda Pradhan Mantri Jeevan Jyoti Bima Yojana:

Mode of Enrollment

An account holder can easily enrol for the Bank of Baroda PMJJBY by the following methods:

  • By visiting the branch
  • Via Baroda Connect (Internet Banking)

If an individual has already exited the scheme then that person can re-join the scheme in the future by simply submitting a declaration of sound health in the proforma prescribed.

Policy Period

The policy period for Bank of Baroda PMJJBY is from June 01 to May 31 of the year subsequently.

Premium

The premium is Rs 330 per member each year for the insurance up to Rs 2 lakh.

The premium is likely to be deducted from the bank account of the account holder through the facility of ‘auto-debit’ in a simple one instalment either before or on May 31 of every yearly coverage period within the scheme. The delayed enrolment for the prospective cover after May 31 is possible with complete payment of the yearly premium and by submitting a sound health self-certificate.

Insurance Benefits

The table below shows the details of the insurance benefits:

Particular

Sum Assured

Permanent Partial Disability

Rs 1 lakh

Accidental Death and Permanent Partial Disability

Rs 2 lakh

It is expected to present the claim within thirty days from the date of the accident and the claim settlement within an intimation of sixty days.

Understanding Termination of Assurance

The assurance upon the life of the member will terminate in case of the following events and likewise, no benefit will payable within the following scenarios:

  • When attained 55 years of age and subject to the yearly renewal up to that date.
  • In case of closure of the account due to insufficiency of funds to keep the insurance active.
  • When there are multiple coverages within the scheme the insurance cover is restricted to Rs 2 lakh and the premium will be forfeited.
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How to Register for the Pradhan Mantri Jeevan Jyoti Bima Yojana?

The customers can easily enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana from the mobile number and send an SMS by typing ‘PMJJB (last four digits of the account number) Y and send it to 8422009988.

The nominee needs to be as per the savings bank account. Moreover, the lien clause of forty-five days will be applicable.

The dedicated toll-free number for PMJJBY is 1800-102-77-88. Anyone may connect on the same between 06.00 a.m. to 10:00 p.m.

Besides, to avail of the Bank of Baroda PMJJBY, contact the nearest branch for detailed information.

Important Terms and Conditions of Bank of Baroda PMJJBY

The following are some of the important terms and conditions that one needs to be aware of in regards to the Bank of Baroda PMJJBY:

  • In case the insurance cover is ceased because of any technical reasons like the insufficient balance on the date due or any of the administrative issues then the same will be reinstated upon receiving the complete yearly premium and a good health statement. During this term, the risk cover is likely to be suspended and the reinstatement of risk cover is going to be the sole discretion of the concerned insurance company.
  • The assurances that are granted within the scheme are subject to a primary lien of forty-days. No claim will be admissible for demise during the initial forty-five from the commencement date of risk. The same will not be applicable in case the cause of demise is an accident. No lien will be applicable upon the renewals subsequently.
Written By: PolicyBazaar - Updated: 25 March 2021
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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