SBI Life Pradhan Mantri Jeevan Jyoti Bima Yojana Plan

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:

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.

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.