The Pradhan Mantri Jeevan Jyoti Bima Yojana is the life insurance move that is valid for one year and remains renewable from year to year. The ICICI PMJJBY offers coverage for death because of any reason.
The Pradhan Mantri Jeevan Jyoti Bima Yojana covers mortality with no investment component.
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.
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.
Important Terms and Conditions of ICICI PMJJBY
Listed below are the important terms and conditions of the ICICI PMJJBY scheme:
- In case the customer has multiple savings account with the bank then one PMJJBY policy will be issued. If multiple policies are somewhat found to exist then the premium to those multiple policies will be refunded to the respective account of the customer and no claims will be paid for any such additional request of the policy.
- For the enrolments from 01 June 2016, the risk cover will begin only after 45 days have been completed from the date of the enrolment scheme by the customer. The demise due to an accident will remain exempted from the forty-five days cooling period.
- The customers need to pay the premium as per the ICICI PMJJBY scheme requirement.
- The policy will not be issued if the contact number is not updated in the savings bank account. For the same, the bank will provide no separate intimation.
- The response of the customer received via the registered mobile number will be considered as the assent for auto-debit from the respective savings bank account.
- In case any information provided by the customer is false the membership to the ICICI PMJJBY scheme will be cancelled from the joining date of the scheme and the premiums paid will stand forfeited.
- Any customer who wishes to cancel the auto-renewal has to submit the request before the year. The renewal premium will be debited till the entitled insured age as per the norms of the scheme.
- The joint account holders can easily enrol for the ICICI PMJJBY scheme by simply putting forward a separate request for enrolment at the branch only.