HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

Eligibility Criteria of HDFC PMJJBY Plan

Here is the eligibility criteria of the policy.

Premium Rate of the Scheme

The first premium payable towards the plan depends on the date of joining of plan as shown below:

Benefits Offered by HDFC PMJJBY Plan

The following are the benefits offered by HDFC Pradhan Mantri Jeevan Jyoti Jeevan Bima Yojana Plan.

Death Benefit

In case of demise of the member during the policy tenure, a fixed sum assured amount of Rs. 2,00,000 is payable to the beneficiary of the scheme. For the new members enrolling into the scheme the plan will not cover any risk during the first 45 days from the enrolment date. Moreover, during the enrolment tenure no claim would be admissible in case of demise of the member other than due to accident.

After the payment of the death benefit, the policy will terminate and further benefits will be payable.

Maturity Benefit

As thus is a pure term insurance policy, no maturity benefit is payable under the plan.

Surrender Benefit

 No surrender benefits are payable under the plan.

Features of HDFC Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

• The participating bank will be the master insurance holder while the savings bank account members will come under the scheme members.
• The savings bank account holder between the age group of 18 years 50 years are eligible to purchase the plan.
• In the absence of the life assured the plan offers Rs. 2 lakh life cover for the family member.
• The policyholder will need to pay a premium amount of Rs.330 for the life cover of Rs. 2,00,000.
• The premium will be deducted from the savings bank account of policyholder through the facility of ‘auto debit’.

Application Process of HDFC PMJJBY

An individual can apply for the scheme through Net Banking and SMS facility in an easy and hassle-free way. Let’s take a look at the application process of the plan.

Using the SMS

• The eligible customers will need to sent an SMS for the activation of the policy.
• Reply ‘PMJJBY Y’ to activate.
• The applicant will receive an acknowledgement message for the receipt.
• To process the application, details such as demographic details and the beneficiary name, beneficiary relationship and date of birth of the nominee will be taken from the savings bank account of the individual.

Using the Process of Net Banking

• The applicant will need to login to the Net Banking and click on the insurance tab.
• Secondly, he/she will have to select the scheme.
• Choose the account for the payment of the premium.
• Premium amount, policy cover amount and the beneficiary details will be displayed as per the chosen account.
• Click on the confirm button to activate policy.
• For the future reference, the applicant should download the unique reference number and acknowledgement number.

Terms and Conditions of HDFC PMJJBY

• The individual who exit the plan can rejoin the scheme anytime in future by paying the applicable premium rate and submitting a good health certificate.
• Exclusion as mandated in the PMJJBY plan, will be applicable as amended from time to time.
• The individual can make delayed enrolment by paying pro-rated premium for the prospective cover with submission of certificate of good health. The coverage for these members will be terminated at the risk cession date of plan I.e. 31^st of May each year.
• The date of risk commencement of the plan will be same as enrolment date and risk cessation date following 31^st Initial cover period will be from the enrolment date to the following 31^st May.