ICICI Bank Pradhan Mantri Jeevan Jyoti Bima Yojana

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.

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.

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

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.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 44 Reviews)
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ICICI Bank Pradhan Mantri Jeevan Jyoti Bima Yojana Reviews & Ratings

4.2 / 5 (Based on 44 Reviews)
(Showing Newest 25 reviews)
Roshan
Barabanki, March 02, 2021
Check premium online
I checked the premium online when I bought the term insurance policy. I visited to policybazaar website for the same. And I got the icici prudential plan very affordable as per my budget. It has benefits and I really like them.
Nikita
Ahmednagar, February 19, 2021
Claim is fast
I choose policybazaar to buy my term insurance policy. They suggested me to buy a term plan of icici prudential. It is a nice plan which I have come through. I am thankful to whole team and would love to recommend this to everyone.
Ankit
Chandigarh, January 23, 2019
Excellent
One of my close friends had been using ICICI term insurance since last 8 years. He has married 2 years ago and due to unfortunate circumstances involved, he was severely injured in an accident. Thankfully, ICICI team was really considerate and helpful while helping his wife settling the claim. The claim settlement was fast and timely. Following his steps, I have recently bought ICICI Pru iProtect Smart. It is safe to say that investing in ICICI term insurance is definitely worth every penny experience. It has worked as a great deal for me. The staff was really good and was prompt with their service.
Rijool
Garu, September 22, 2016
Good
My term insurance policy is good one which i bought from icici prudential life insurance. The premium is low and paybacks are high. Coverage is about 85% and the claiming is very simple by the help of executives which working 24X7.
Jagdish
Jammu, July 20, 2016
Coverage Is High
ICICI term insurance plan of mine is very beneficial for me and my family. The service of your staff is so quick and claiming become due due to that. The updates of the policy plan is mailed to me regularly on my email address.
Sumeet
Haridwar, July 20, 2016
Term plan
The icici term insurance is on of the best policy among all. Premium of the plan is low and returns are high. Service is fast and behaviour of the staff is very well. Good investment which reduces taxes too. Payments and premiums are done on online portal website of the company.
Vikram
Gurgaon, February 14, 2016
superb plan...
My life insurance term plan is with prudential. The premium amount is Rs.4700 and return is Rs.25 lakh. Policy coverage is also nice. Service is really good provided by executives and agents. Nice policy.
Plan Name: iProtect Smart
Agent Code: BPW00250
Sudhakar
Ghaziabad, February 14, 2016
above average
I have purchase my life insurance from prudential. The services are average. I do not get any kind of alerts for the payments or the policy thought mail or text. The payment options are convenient as I can pay the payment thourgh my ATM cards. The payment is on a yearly basis.
Plan Name: iProtect Smart
Agent Code: BPW01888
Chander
Delhi, February 14, 2016
"Bad service"
I do have a life insurance with icici. The policy has good claiming amount and policy coverage is also high but the service is very slow. The work takes days or weeks to complete. Please speed up your services.
Plan Name: iProtect Smart
Agent Code: BPW00250
ANAND
Jaipur, February 14, 2016
Life insurance plan
I buy life insurance policy with icici, basically i took this plan for the savings purposes. Premium payment is made by cheque and the executive agent is coming to my place to collect this amount. As this policy is endowment policy, I need to pay on yearly basis for 7 years. And the policy holder will get good returns after 13 years.
Plan Name: iProtect Smart
Agent Code: BPW00130
Vijay
Hyderabad, February 14, 2016
Nice term plan.
I found this policy plan on internet and see the benefits of it. So i purchase one for my father. Good claims, policy coverage is high. No worry to wait in queue because service is provided to the door steps. Thanks.
Plan Name: iProtect Smart
Agent Code: BBE05865
Gagan
Chandigarh, February 14, 2016
"perfect policy"
Recently i'm searching for life insurance policy but couldn't find one. An agent from policy bazaar contact me and shown me the policy. I buy it, really good one with Rs.28 lakh amount of claim and 90% of policy coverage. The best service you provided. Thank you...
Plan Name: iProtect Smart
Agent Code: BPW01901
VIMAL
Kadi, February 14, 2016
"Good"
My wife purchase your policy and she did the right thing. First i was little confused but after viewing your terms and conditions i agree with her. The coverage, claims, services, all are great and properly working and the main part is that the premium is in our budget.
Plan Name: iProtect Smart
Agent Code: BPW01888
Tapas
Bengaluru, February 14, 2016
Nice term plan
I have life insurance term plan. I really appreciate your work and services you provide. Claims are high and investment is low. Policy coverage is high around 90%. Best policy than others. Happy with it.
Plan Name: iProtect Smart
Agent Code: BPW01293
Didar
Surendranagar, February 14, 2016
Perfect Policy Plan.
ICICI life insurance is the best with great benefits. I have one with low premiums.Policy coverage and claim is very high and really easy to get without taking any tension or long line waiting. I secure life with this policy.
Plan Name: iProtect Smart
Agent Code: BPW00250
Anurag
Ghaziabad, February 14, 2016
okay plan
i have policy plan through prudential life insurance. Coverage is 80% and claim is Rs.27 lakh. Investment is less returns is high. Service provides is high but one thing should be added that is online updates and mailing.
Plan Name: iProtect Smart
Agent Code: BPW01888
Rahul
Gurgaon, February 14, 2016
Good Plan.
My friend advice me to buy life insurance from icici prudential. So first i search about it then i really know that the plan is good. Policy coverage is 80-90%, Claims are high, services are nice with low premiums. I'm happy
Plan Name: iProtect Smart
Agent Code: BPW01888
S
Lucknow, February 14, 2016
Good Policy
I found best policy for life insurance on internet through icici prudential. The policy contain good coverage ~80%. Claim is approx. Rs.25 lakh. Service providers are good in there work. Overall nice policy.
Plan Name: iProtect Smart
Agent Code: BBE05845
Vijay
Margao, February 14, 2016
Awesome...
I purchase life insurance through prudential and i'm happy to buy it. The plan is good and the returns is amazing. Coverage is high with low premiums. Claiming process is simple because of good services.
Plan Name: iProtect Smart
Agent Code: BBE05752
Vijay
Mumbai, February 14, 2016
"Average"
I bought life insurance plan from icici. The claim is as low as premiums. Policy coverage is okay but the services provided by you is slow, please improve it. Otherwise, the number of customers will decrease including me.
Plan Name: iProtect Smart
Agent Code: BPW01293
Satyen
Pune, February 14, 2016
Good Insurance Policy.
My life insurance plan consist many advantages and benefits too. Like claims are very easy to get and the coverage is high about 91%. The return amount is 24 lakhs. The best part is service which is fast and done in all the working hours.
Plan Name: iProtect Smart
Agent Code: BPW01888
Ajay
Thane, February 14, 2016
Bad claiming experience.
Prudential life provides all the facilities but the claims are not satisfactory. Very long time take to sanction the money and the procedure is very long and slow. Minimum 4 weeks for the claiming.
Plan Name: iProtect Smart
Agent Code: BBE05845
Dinesh
Mumbai, February 14, 2016
service is bit slow
I have term insurance plan, All the things is great just service is bit slow. Claim is Rs.27 lakh with low premiums. Policy coverage is 89%. Even the daily update about policy plan is mailed. Please improve your customer services.
Plan Name: iProtect Smart
Agent Code: BBE05865
YAMINI
Delhi, February 14, 2016
Bad service
My policy is with icici prudential. All is good but the service provided is really very slow. Claim is nice around 18 lakh, policy coverage is also huge but my experience with services is not good at all. Please do something.
Plan Name: iProtect Smart
Agent Code: BPW01260
Roshan
Nagpur, February 14, 2016
Nice term plan
I have a insurance plan with prudential life. Policy is great with nice benefits. Claim is of ~Rs.29 lakh and the policy coverage is 85%. Hospitality is the usp of the plan. Nice work guys.
Plan Name: iProtect Smart
Agent Code: BBE05865
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