Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna
The Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna is an affordable insurance plan introduced in 2015 for all with an active savings bank account. Those who have joined the Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna would receive an annual coverage of INR 2 lakh.
PMJJBY is an abbreviation for Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna. PMJJBY is a yearly renewable insurance policy that provides a life insurance coverage of INR 2,000,00 to all savings bank account holders till their demise. The Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna was introduced with two other insurance plans, the Pradhan Mantri Suraksha Bima Yojana and the Atal Pension Yojana, to increase insurance growth in India and meet the requirements of the ordinary man.
Terms and Conditions
- If a consumer has various bank savings accounts, and more than one Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna insurance policies are issued no claims will be paid for such extra insurance requests.
- The claim amount shall not exceed Rs. 2 Lacs.
- Every year, a renewal premium of INR 436 (including GST) will be deducted automatically from the Savings Account between the time frame of the 25th of May and the 31st of May. Customers who want to cancel their auto-renewal must do so by the 30th of April each year. The renewal premium will be deducted until the insured reaches the eligibility age. Joint account holders can join the Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna scheme by completing a separate enrollment request at any Aviva Life Insurance branch.
Anyone with a savings account between 18 and 50 can participate in Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna through Aviva Life Insurance. Even if an individual possesses many bank accounts, they can only enroll in this program through one savings bank. To receive the advantages of this plan, you must have an Aadhar card linked to your linked bank account.
|Minimum Entry Age
|Maximum Entry Age
|Maximum Maturity Age
|55 years on the Annual renewal date
|Minimum Policy Term
|This is one year renewable term
|Minimum / Maximum Sum Assured
Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna can be purchased for a very reasonable premium. The premium will be debited from your savings bank account in one installment using the auto debit option. Every month, premiums must be paid before or on the 31st of May. Payments made after the due date will be accepted under specific conditions. Premiums may be changed based on an annual claim of experience.
With the help of Aviva Life Insurance, you can join a Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna program. Public life insurance firms such as the Life Insurance Corporation of India (LIC) or other general insurance providers with a banking relationship would be eligible to provide the scheme. PMJJBY schemes have gone into effect after the 1st of June, 2015. Participating banks can list any life insurance provider to implement this program for their customers.
- The coverage will be for one year, from the 1st of June to the 31st of May, with the option to join or pay by auto-debit from the selected individual bank or post office account on the necessary forms by the 31st of May each year. Delayed enrolment for prospective cover is allowed with payment of a pro-rata premium as specified in the preceding paragraph, with risk beginning on the date of auto-debit of the premium.
- If a member desires to join the plan after the 1st of June he or she must pay the full year’s/pro-rata premium depending on the month of joining and provide any required documents/declarations as indicated by scheme rules.
- Customers who leave the program at any time may rejoin in future years. The omission of insurance benefits during the lien period also applies to customers who leave the plan during or after the first year and rejoin on or after the 1st of June of the following year.
The Revised Structure
The revised structure of Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna is as follows:
- For June, July, and August INR 436 is the annual premium payable amount.
- For September, October, and November, the premium amount of INR 342 is payable.
- For December, January, and February, the premium amount of INR 228 is payable
- For March, April, and May, the premium amount of INR 114 is payable
The premium amount will be calculated on the basis of the date of the account holder’s request into the plan, not the date of deduction from the account. For example, if an account user requested the PMJJBY program on the 31st of August, 2018, an annual premium of INR 436 will be charged for the entire year. Nonetheless, the debit on their account will be finalized in September 2018. At the same time, if the account holder requested the Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna on the 1st of September, 2018, the amended structure will apply a premium of INR 319.5 to them.
Termination of PMJJBY
- The account holder is of the age of 55.
- Closure of a bank account or insufficient balance for debiting premium
- In the event of multiple coverages under the plan, the cover would be limited to INR 2 lakh. All other insurance covers will be canceled, with the money forfeited.
Why should you buy Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna
Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna is that one plan which offers you both, wealth creation and financial security, with added convenience.
The Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna benefits are valid for one year.
Individuals can leave the program at any time and rejoin it later.
The scheme’s master policyholder will be a participating bank.
The scheme’s coverage will be cancelled if the individual’s age is over 55, the member is covered by more than one bank account, and there is insufficient money in the savings account to maintain the insurance in effect.
Individuals who do not join the program in the first year may rejoin later by paying yearly premiums and providing a self-certificate of good health.
The Aviva Pradhan Mantri Jeevan Jyoti Bima Yojna plan is open to suitable candidates in the future.
The coverage will last one year, from the 1st of June to the 31st of May of the following year. For Saving Account holders who join on or after the 1st of June, coverage begins on the date of premium deduction. It ends on the 31st of May of the following year.
The bank will automatically deduct the premium from the customer’s savings account.
The insurance will be auto-debited between the 25th and 31st of May unless the consumer has filed a cancellation notice for the policy.
The policy provides total coverage (sum-insured) of INR 2 lakh.