ICICI Bank Pradhan Mantri Jeevan Jyoti Bima Yojana

Benefits of ICICI PMJJBY

Take a look below to understand the benefits of ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana in brief:

• This scheme provides a life cover of Rs 2 lakh to the nominee in case of the sudden demise of the policyholder.
• The payable premium is entitled to the tax benefits as the deduction within Section 80C. The tax benefit is subject to change as per the existing laws.

Eligibility Criteria of ICICI PMJJBY

• The age will be between eighteen years and fifty years.
• The applicant needs to hold a savings bank account in the ICICI bank.
• To avail, the benefits make sure that the Aadhar card is linked to the savings bank account as it is a mandate. Aadhar card is the primary KYC for the bank account.

Understanding the Policy Period for ICICI PMJJBY

The cover will be for a year beginning from 01 June to 31 May of the next year. For anyone who holds the savings account joining either on or after 01 June, the cover will begin from the account holder request date and end on 31 May of the next year.

Break-up of the ICICI PMJJBY Premium

As per the earlier directives issued by the Ministry of Finance, the yearly premium for the Pradhan Mantri Jeevan Jyoti Bima Yojana was constant at a sum of Rs 330 for a term of one year beginning from 01 June until 31 May regardless of the date of request of the customer into the scheme.

The following is the revised structure of the ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana:

• The yearly premium of a sum of Rs 330 will be payable for June, July and August.
• The premium of a sum of Rs 258 will be payable for September, October and November.
• The premium of a sum of Rs 172 will be payable for December, January and February.
• The premium of a sum of Rs 86 will be payable for March, April and May.

The premium sum will be on the premise of the requested date of accountholder into this scheme and not as per the debit date from the account. For instance, in the case when the account holder places a request for the Pradhan Mantri Jeevan Jyoti Bima Yojana in 2018, 31 August the yearly premium of Rs 330 will apply for the complete one year. However, the debit will be completed in 2018, September.

Likewise, when the account holder requested for the Pradhan Mantri Jeevan Jyoti Bima Yojana on 01 September 2018 then the pro-rata premium for a sum of Rs 258 will be applied as per the structure revised.

• Risk Coverage: The sum assured of Rs 2 lakh on the demise of the member insured for any reason will be payable to the nominated beneficiary.
• Mode of Payment: The premium will be auto-debited from the savings account by the bank. As of now, this is the only payment mode available. In case of renewal of the ICICI PMJJBY, it will be auto-debited between 25 May and 31 May, unless the customer has given a request for cancellation of the policy to the bank.

How to Apply for the ICICI PMJJBY?

Anyone who wishes to apply for the ICICI Pradhan Mantri Jeevan Jyoti Bima Yojana can do so in the following ways:

• Branch Banking: The customers can enrol for the ICICI PMJJBY scheme by simply visiting the branch of the bank.
• Internet Banking: To enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana simply login to the internet banking account of the ICICI bank.
• Phone Banking (Via IVR): Get in touch with the ICICI customer support and select the options of IVR for the PM insurance scheme and then select option one to enrol for the Pradhan Mantri Jeevan Jyoti Bima Yojana.

What Leads to ICICI PMJJBY Termination of Assurance?

• The holder of the account has attained the age of 55 years.
• In case of insufficiency of the balance for debiting the premium, the sum leads to the closure of the account.
• When there are multiple coverages within the scheme, the cover is limited to Rs 2 lakh and the other insurance covers will be discontinued and the premium will be forfeited.