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.

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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.

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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.

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Average Rating
(Based on 29 Reviews)
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SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan Reviews & Ratings

4.3 / 5 (Based on 29 Reviews)
(Showing Newest 25 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.
Akash
Kanpur, April 21, 2016
Above Average
SBI life term insurance plan is one of the perfect insurance i took it. The policy is good in service and it can be buy online also. The web service is awesome and 5% less for women on premiums. Policy coverage and the claims are high. Due to online facility, it reduces the paper work and the waiting part is erased. It saves taxes also.
Hemant
Ooty, April 21, 2016
Satisfactory
My sbi life term insurance plan is good with nice benefits. The policy coverage is high ~89% and the claims are approx. Rs.36 L after policy get mature. Claims are easily sanctioned because of fast services provided by the executives. Fantastic policy plan which provides good terms and conditions.
Devesh
Navi_mumbai, April 21, 2016
Good Investment
I own sbi life term insurance plan and it really very good. The premiums are ~Rs.39.3 K per year. The claims are good and easily sanctioned. Service facilitate by executives and staff members are very nice and fast. The policy saves taxes and it is really very good investment for future.
Nirmal
Jajpur, April 21, 2016
Very Nice
Policy plan is nice with huge benefits like low premiums and the policy coverage is high 87%. Claims are are good and the payback amount is around Rs.33 L after the policy get mature. Internet services are great with easy interface and vast variety of policies are there with full descriptions. Good future investment which saves taxes.
Gautam
Agartala, April 21, 2016
Good Service
I purchase sbi life term insurance plan. They has good in facilitate the fast services. Policy coverage is 91% and the claims are good with easy claiming process. The investment is good and it saves taxes also. The behaviour of executives and staff members is good with great service provided anytime.
Duggandla
Hyderabad, March 02, 2016
"Good"
My term plan has all benefits which i bought from sbi life insurance. Policy coverage is 90% and claims are ~Rs.18 L. Service are good and claiming process get easy due to fast service. I really like the policy terms and conditions.
Plan Name: eShield
Agent Code: BPW00301
Satish
Udaipur, March 02, 2016
superb plan.
My term policy plan is with sbi life insurance. Policy is nice with low premiums and even terms and conditions are also good. Policy coverage and claims are high. Service is the best and executives and staff behave well with any query or conversation.
Plan Name: eShield
Agent Code: BPW00301
VIJAY
Delhi, March 01, 2016
Good Plan.
I purchase sbi life insurance term policy plan and i'm really happy with the terms and conditions of the policy. Coverage of the plan is high and the investment is low. Claims are also good ~Rs.13 L. The service is fast and always on time. Thanks for this great policy plan.
Plan Name: eShield
Agent Code: BEW00148
Ankita
Mumbai, February 25, 2016
Average Policy.
I bought sbi life insurance term plan. The policy coverage and the claims are not that much as i expected. Premiums are high and services are okay not the best and not even poor. Kaam chalau plan hai.
Plan Name: eShield
Agent Code: BPW00301
Gaurav
Indore, February 24, 2016
Okay.
My policy plan is not that good as i expected. Even the premiums are high but the returns are not. SBI life insurance term plan provide good services but not much good in other fields. Claims are also fair.
Plan Name: eShield
Agent Code: BPW00065
Prashant
Vadodara, February 24, 2016
Policy coverage is less.
I have sbi term insurance plan which has low policy coverage but the service provided is great. Premium is low but the returns are also not much higher. An average policy plan according to me.
Plan Name: eShield
Agent Code: BEW00148
ROHIT
Patna, February 19, 2016
Great Policy Plan.
I have sbi term insurance policy plan which has low premiums. But the investment is also little bit high. Policy coverage is 90% and the claims are easy to get without any waiting. Service is really good, i'm happy with my policy plan.
Plan Name: eShield
Agent Code: BEW00148
Gaurav
Indore, February 18, 2016
Average Policy.
I bought term policy plan and sbi life insurance has low premiums on policies. You guys provided the nice services but please improve on your websites. Claims and policy coverage are high. I must say an average policy with okay benefits.
Plan Name: eShield
Agent Code: BPW00065
Neeraj
Delhi, February 18, 2016
Fine term plan
SBI life insurance term plan i have which provides me many benefits. Low premiums and high returns. Policy coverage is 80% and Policy claims are around eighteen lakhs. Services are pretty fast and on time time now. Great work.
Plan Name: eShield
Agent Code: BPW00301
SatheeshKumar
Bengaluru, February 12, 2016
Good Life Insurance Policy.
My life is secure with sbi insurance. The policy is good enough to give five stars with closed eyes. The policy coverage is 90% and the claim is ~Rs.25 lakh. The service is very fast and follow-ups is time to time with nice response.
Plan Name: eShield
Agent Code: BBE06282
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