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HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

Launched by the Government of India, Pradhan mantri Jeevan Jyoti Bima Yojana is a pure group term insurance product, which provides financial protection to the family members in case of any eventuality. The plan was specifically launched to provide the benefit of insurance coverage to masses. Moreover, with a lower premium rate it can be accessed by all individuals. HDFC Life Insurance Company facilitates very simple and hassle- free process of purchase of PMJJBY plan. Let’s read further to know in detail about HDFC PMJJBY.

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Eligibility Criteria of HDFC PMJJBY Plan

Here is the eligibility criteria of the policy.

Eligibility Criteria

Minimum

Maximum

Entry Age

18 years

New Members- 50 years

Renewals- 54 years

Maturity Age

19 years

55 years

Sum Assured

2,00,0000

Policy Tenure

1 year (annual renewable)

Premium Frequency

Annually

Premium Rate of the Scheme

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

Date of Joining of Plan

Premium Rates

1st June - 31st August

Rs. 330

1st September- 30th November

Rs. 258

1st December- 28th February (29th In case of leap year)

Rs. 172

1st March-31st May

Rs.86

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.


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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.

cover against critical illness
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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. 31st of May each year.
  • The date of risk commencement of the plan will be same as enrolment date and risk cessation date following 31st Initial cover period will be from the enrolment date to the following 31st May.
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HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
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HDFC Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews & Ratings

4.5 / 5 (Based on 96 Reviews)
(Showing Newest 10 reviews)
Jagadish
West Bengal, July 22, 2024
Compared Different Options
I was able to compare different renewal options and choose the one that best suited my needs.
Munna
Maharashtra, July 22, 2024
Great Plan For Me
Found a great policy quickly and easily.
Sushil
Maharashtra, July 22, 2024
Good Price
Found a great term policy at a Good price at policybazaar
Sitaram
Jammu And Kashmir, July 22, 2024
Perfect Policy
Found the perfect policy for my needs in no time at PB
Kishan
Tamil Nadu, July 22, 2024
Satisfied
A friend recommended PolicyBazaar to buy a term plan and I decided to give it a try and I am really satisfied with my decision.
Abhishek
Madhya Pradesh, July 22, 2024
Compared Different Plans
I was pleasantly surprised by how easy it was to compare different policies side by side.
Akshay
Tamil Nadu, July 22, 2024
Easy Renewal Process
The renewal process was quick and hassle free.
Pulkit
Maharashtra, July 22, 2024
Secure and Trusted
Secure and trusted coverage for my family with ICICI Prudential via Policybazaar. Its comforting to know they are protected.
Akhilesh
Uttar Pradesh, July 22, 2024
Perfect and Comprehensive
Found a perfect and comprehensive plan from Kotak Life on Policybazaar. The detailed comparison made it easy to decide.
Lalit
Madhya Pradesh, July 22, 2024
Simple and Clear
Simple and clear process with Policybazaar led me to choose Aegon with confidence.
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