Prices Increasing soon Prices Increasing Soon

SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked and non-participating group term product that is one-year renewable. The intent behind this product is to meet the requirements of the PMJJBY scheme.

Read more
Gets ₹1 Cr. Life Cover at just
COVID-19 Covered
The Policybazaar Advantage
Dedicated claim support for family FREE
Upto 10% discount for buying online
Only certified experts will call you on 100% recorded lines
We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

By clicking on "View plans" you agree to our Privacy Policy and Terms of use

~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

Life is Unpredictable! Protect your family’s future
Get ₹1 Crore Life cover starting from ₹384/month+
+91
Secure
We don’t spam
Check Your Premium Now
Please wait. We Are Processing..
Get Updates on WhatsApp
The Policybazaar Advantage
Policybazaar Advantage Icon
Dedicated claim support for family FREE
Policybazaar team will help and support you at the time of claim. A personal claim handler from our team of experts will get in touch with you when your nominee applies for a claim on our website.
Policybazaar Advantage Icon
100% calls recorded to ensure no mis-selling
We will make sure you get what is promised by the advisors. We conduct regular monitoring of our calls to make sure you get the best experience.
Policybazaar Advantage Icon
Exclusive lifetime discount upto 5% for buying online
The discounts will be valid for the entire policy payment term and is not available if you choose to buy the insurance through offline agents.
Policybazaar Advantage Icon
Advisors available in your city
Our advisors are available in more than 55 cities across India and can help you at your doorstep in understanding the plans and in documentation.
Policybazaar Advantage Icon
Refund at the click of a button
In case you aren’t happy with your purchase, you can cancel your policy hassle-free at the click of a button. We will help you with the cancellation and refund of your policy.

The SBI Life- PMJJBY scheme will be administered by the rules provided by the Indian government from time to time. The insurance cover within this product will begin from the premium debit date from the account of the insured member for joining this scheme.

Highlights of SBI Life- PMJJBY

The following are the key highlights of SBI Life- PMJJBY:

  • The SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana offers protection at a cost-effective cost.
  • This scheme is processed instantly and does not require an individual to undergo any medical examination.
  • The enrolment process for this scheme is easy and can be done through a simplified proposal form.

Eligibility Criteria of SBI Life- PMJJBY

The table below shows the eligibility criteria of SBI Life- Pradhan Mantri Jeevan Jyoti Bima Yojana:

Parameter

Details

Entry Age

18 years to 50 years

Maturity Age

55 years (Maximum)

Policy Term

One-year Renewable Term

Sum Assured

Rs 2 lakh

Lien Term

Forty-five days from the enrolment date into this scheme

Premium Amount

The yearly premium is Rs 330 that includes the administrative costs, which are payable to the banks and currently is Rs 41 for every subscriber each year. In the initial enrolment year, the premium will be applicable as per the table below:

Enrolment Mode

Payable Premium

Payable Premium Amount

June, July and August

Complete Policy Year

Rs 330 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 41 for every subscriber each year

September, October and November

Three- quarters

Rs 258 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 33 for every subscriber for3 quarters

December, January and February

Two- quarters

Rs 172 and applicable taxes includes the administrative costs that are payable to the banks, which are Rs 22 for every subscriber for 2 quarters

March, April and May

One Quarter

Rs 86 and applicable taxes includes the administrative costs that are payable to the banks, which is Rs 11 for every subscriber each year

Note: Any applicable tax or other duty/statutory levy or surcharge will be applicable on the premiums that are notified by the government from time to time and as per the prevalent tax laws provision.

Best term Insurance Plans in India

Benefits of SBI Life- PMJJBY

The following are some of the benefits of SBI Life- PMJJBY:

Death Benefit

In case of demise of the insured member within the period of cover, the sum assured is to be paid. The death benefit for the member within the SBI Life- PMJJBY cannot be more than Rs 2 lakh in case the member is covered via multiple bank accounts/ insurers. In such scenarios, the claim will be payable to the initial application on the premise of the enrolment date and subsequent cover premiums is to be forfeited.  

Grace Period/ Revival

The grace period of thirty days from the yearly renewal date that is June 01 will be permitted. The insurance cover will remain active within the grace period. Towards the end of the grace period, any premium remains unpaid; the cover of insurance will lapse. In case of reinstatement or revival after the grace period expiry, the members can easily reinstate or revive the insurance cover for complete benefits that is effective from the date of reinstatement or revival on the payment of complete years’ or pro-rata premiums and submission of the declaration/ documents as specified by the SBI Life-PMJJBY scheme rules. The reinstatement or revival will be permitted only when the members fulfil the eligibility criteria and adhere to the terms and conditions. 

Tax Benefits

The income tax benefit or any exemptions is applicable as per the prevailing income tax laws in the country that is subject to change from time to time.

Understanding Termination of the Insurance Cover

Under the following events, the insurance cover for the member can get terminated:

  • On the date when the member attains 55 years and on the yearly renewal date.
  • The demise of the insured member.
  • Upon the non-payment of the premium beyond the grace period of 30 days
  • Closure of the account designated with the bank due to insufficiency of funds to keep the insurance active.
  • The date when the claim on the member insured is settled by other insurers in case the member has been insured in more than one bank or holds more than one savings bank account with the existing bank.

Exclusion of SBI Life- PMJJBY

For any new member enrolling into this scheme, the risk will be uncovered within the initial 45-days from the enrolment date into the scheme that is the lien period and in case of demise other than because of an accident within the lien period, the claims will not be admissible.

Premium By Age

SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan
SBI Life - Saral Shield
SBI Life Sampoorn Suraksha


Term insurance articles

  • Recent Article
  • Popular Articles
23 May 2024

Term Insurance for Individuals with a 35K Salary

Securing your financial future is essential, especially when

Read more
07 May 2024

Term Insurance for 45K Salary Individuals

In life, unpredictability looms large, and while you may

Read more
07 May 2024

Term Insurance for 30K Salary Individuals

Turning your dreams into reality, like owning your home and car

Read more
11 Apr 2024

Government Term Insurance Schemes 2024

The Government of India is committed to the welfare and

Read more
03 Apr 2024

How Policybazaar Helps With Dedicated Claim Assistance

Mr. Kumar has been working with a Public sector bank in Delhi.

Read more
20 Aug 2014

Term Insurance for Women in India

Term insurance for women is a type of life insurance specifically designed for fulfilling women’s needs and

Read more
03 Dec 2020

What Is Saral Jeevan Bima

Saral Jeevan Bima (SJB) is a simple term insurance plan that offers financial protection for policyholder’s

Read more
13 Apr 2021

2 Crore Term Insurance Plan

2 Crore term insurance provides cover amount of 2 Crore as death benefit to your family in the event of your

Read more
07 Mar 2023

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus

TATA AIA Smart Sampoorna Raksha Param Rakshak Plus is a comprehensive life insurance policy for individuals

Read more

SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 10 reviews)
Rishi
Abohar, March 10, 2021
Financial stability for my family
I got the sbi general term insurance plan last year as I am concerned about my family. I searched various great plans and got to know into the website of policybazaar. Such great plans. Great work.
Sudhir
Baripada, March 09, 2021
Various good offers
I have recently bought a sbi term insurance plan from the website of the policybazaar. I am happy that policybazaar and team provided me with so many good offers at reasonable prices. Thanks.
Awedesh
Ambala, January 08, 2019
Less costly
This is the plan which I have bought from SBI. Here we have to make the lump sum payment of premium amount. And in case if the person dies then the amount which has been paid will be given to the family. The premium amount is less costly. I like the plan and would recommend everyone.
Vinay
Mubarakpur, October 10, 2016
SBI term insurance
SBI life eshield Term insurance policy which i buy from sbi life insurance ltd is perfect policy plan. Insurance gave me more security and more benefits. Service is fast which is given by the company members. Renewal of the plan can be done through online portal service.
Ojasvi
Sorada, August 24, 2016
Good
My my sbi life eshield insurance policy is the best. Policy gives maximum coverage and claims are good. The service is quick and behaviour is very nice from the whole members of the company. Good decision to take this term insurance plan.
Devesh
Kota, July 27, 2016
SBI term policy
Every one have insurances in this time, so i buy one for me and my family safety. Service given by the company members is fabulous and my plan is sbi term insurance which is a quality product. It gives full facilities to me and my parents.
Nirbhaya
Tezpur, July 27, 2016
Fantastic Insurance
Very fine terms and conditions of my sbi life eshield insurance plan. The coverage is maximum and claims are even better. Services provided by executives of the company is awesome and on time. 24X7 assistance by the staff members.
Pulkit
Katehri, July 27, 2016
High Coverage
SBI eshield insurance plan i have is fabulous, i took it from sbi policy insurers. Just the premiums are little bit high but the returns are huge with good number of benefits. The service is super fast and renewals can be done on web portal.
Lokendra
Madhuban, July 27, 2016
Term plan
The colleague of mine suggested me a online sbi saral plan. The policy is perfect and it coverage ratio is about 91%. Service by the members of the insurance company is quick and due to this the claiming become more easier than before. Sbi policy i have satisfies me completely.
Rahul
Rajkot, April 21, 2016
Great Policy
I buy sbi life term insurance plan. The policy coverage is 94% and the premiums are low ~28 K. The claims are easily sanctioned because the service is fast from the executives side and from online web page also. The policy premiums are 5% less for women. Great investment which saves taxes too.
Need Help? Request Callback
top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL