Life Insurance Coverage is available in this Product.

Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana

Banks in India have an uphill task taking India towards larger financial inclusion. A large population of India lacks any form of financial protection. Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana aims to provide life cover to bank/post office account holders at a very affordable cost. The group scheme can help your bank/post office in increasing customer retention. You can partner with Max Life Insurance for a simple and subscriber-friendly administration and claim settlement process.

 

3 reasons why this is an ideal plan

  • Affordable financial protection for your account holders
  • With low-cost insurance, you can improve customer retention
  • Members can get certain tax benefits based on the prevailing tax laws

What does this plan offer?

What does this plan offer?

Here’s all you need to know about this plan

Here’s all you need to know about this plan

Insert Image Death Benefit

In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive Rs. 2,00,000 as the death benefit.

Insert Image General Conditions

The policy does not offer any maturity or surrender benefit to the members.

* This product can be offered to those individuals who hold a valid account with the participating bank / post office

* In case of multiple accounts held by an individual in one or different banks / post office, the person would be eligible to join the scheme through one account only

* In case a member is covered through more than one account and premium is received by us inadvertently, insurance cover will be restricted to Rs 2,00,000 only and the premium received towards duplicate insurance shall be forfeited

* The plan is a one year contract and can be renewed at the then prevailing premium rates and terms and conditions mutually agreed by the master Policyholder and Max Life Insurance Company

* For new members enrolling into the scheme, the risk will not be covered during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible.

* Sum Assured for the member of a scheme cannot be increased or decreased and shall remain unchanged throughout the period of contract

* New members can be added into the scheme after the initial enrolment period with the payment of pro-rata premium and consent form. 

Insert Image Revival of Policy

If an individual member exits from the group due to reasons other than death, nothing shall be payable..

On surrender of the master policy - Master Policyholder can discontinue the scheme by giving one month notice. No fresh enrolments shall be allowed after the expiry of the notice period, however, for the existing members insurance cover will continue till the end of the policy anniversary.

The cover under this Policy cannot be revived once the same has been terminated. However, a Member may rejoin subject to satisfying the eligibility criteria and Waiting Period of 45 (forty-five) days from the Effective Date of Coverage will again be applicable.

Insert Image Termination of Risk Coverage

The risk coverage on the life of a Member shall terminate upon happening of any of the following events whichever occur first:-

a. On death of the insured member

b. On attaining age 55 years (age nearest birthday) as on the annual renewal date

c. Closure of account with the Bank / Post Office or insufficiency of balance to keep the insurance in force

d. In case a member is covered through more than one bank / post office and the premium is received by the company inadvertently, insurance cover shall be restricted to Rs. 2 Lakh and the premium paid for the duplicate insurance(s) shall be liable to be forfeited

Minimum Age at entry (age last birthday) 18 years
Maximum Age at entry (age nearest birthday) 50 years
Maximum Maturity Age (age nearest birthday) 55 years
Policy Term 1 year
Scheme Year(Coverage Period) 1st June to 31st May every year
Minimum Group Size 50 members within a year of the commencement of the policy
Minimum Sum Assured Rs. 2,00,000 per member
Maximum Sum Assured Rs. 2,00,000 per member
Premium Payment Mode Annual only
Riders Available Not Available
Policy Loan Provision Not Available
Premium Premium payable per member per scheme is dependent upon the month of joining of the scheme as specified below:

a) June to August – Annual premium of Rs. 330 plus any applicable tax, cesses and levies

b) September to November – Premium for three quarters at Rs. 86 per quarter; i.e. Rs. 258 plus any applicable tax, cesses and levies

c) December to February – Premium for two quarters at Rs. 86 per quarter; i.e. Rs. 172 plus
any applicable tax, cesses and levies

d) March to May – Premium for one quarter at Rs. 86 plus any applicable tax, cesses and levies.
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Prospectus
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Consent cum Acknowledgement form
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Why Choose Max Life

Here are some of the numbers which speak about our accomplishments

Why Choose Max Life

Here are some of the numbers which speak about our accomplishments
Claims Paid Percentage

99.35%

99.35%

(Source : Max life annual audited financials FY 20-21)

Max Life Presence

277 Offices

277 Offices

(Source : As reported to IRDAI, FY 20-21)

Sum Assured

₹1,087,987 Cr.

₹1,087,987 Cr.

In force (individual) (Source : Max Life Public disclosure, FY 20-21)

Assets Under Management

₹90,407 Cr.

₹90,407 Cr.

(Source : Max Life Public disclosure, FY 20-21)

More reasons why our customers choose us
See what customers have to say about this plan
See what customers have to say about this plan

We are glad to partner with Max Life Insurance. Our bank is committed to ensuring 100% customer satisfaction and we believe Max Life Insurance will help us add value to our services.

CEO

A leading private bank in India

Let’s Connect

Let’s Connect

Online Sales Helpline
0124 648 8900
 (09:00 AM to 09:00 PM Monday to Saturday)

service.helpdesk@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service Helpline
1860 120 5577
(9:00 AM to 6:00 PM Monday to Saturday)
  Chat with us

Please write to us incase of any escalation/feedback/queries.

Write to us
NRI Helpdesk
011-71025900; 011-61329950
(9:00 AM to 6:00 PM Monday to Saturday)

nri.helpdesk@maxlifeinsurance.com