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 account holders at a very affordable cost. The group scheme can help your bank 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 savings 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

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

Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join and pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrollment with payment of full annual premium for prospective cover is possible.  45 days lien may be considered from the date of enrolment to the date of occurrence of claim (Accidental deaths are to be excluded from this)

Policy Discontinuance: If the premium by the Scheme Renewal Date is not paid, this policy will lapse immediately with effect from the last unpaid premium due date.

Premiums before the end of the Scheme Renewal Date should be paid to ensure that the members continue enjoying the benefits of the Plan/ Cover. If due premium is not paid by the Scheme Renewal Date then cover ceases and the plan/membership terminates.

Termination: The insurance cover for the member shall terminate on any of the following events and no benefit will be payable there under following conditions:

  • Expiry of Policy Term or Member Coverage Term and non-renewal thereafter
  • Date of death of the member
  • Date on which due premiums for this Cover remaining unpaid On Member attaining Maturity Age subject to annual renewal up to that date
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by the Max Life Insurance inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of the full annual premium, subject to conditions that may be laid down.

The policy can also terminate in accordance with the changes in the Rules of the Scheme notified by the Government of India under Pradhan Mantri Jeevan Jyoti Bima Yojana from time to time.

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

Minimum Age at entry (age last birthday)
18 years
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   Members who enroll in the scheme after 1st June would need to pay full premium of 330 for coverage till 31st May irrespective of the date of their entry.
Minimum Group Size 50 members within a year of the commencement of the policy
Minimum Sum Assured ₹2,00,000 per member
Maximum Sum Assured ₹2,00,000 per member
Minimum Premium ₹330 per member (exclusive of all applicable taxes, cesses and levies as imposed by the Government)
Maximum Premium ₹330 per member (exclusive ofall applicable taxes, cesses and levies as imposed by the Government))
Premium Payment Mode Annual only
Riders Available Not Available
Policy Loan Provision Not Available
Downloads Actions
Prospectus

Policy Contract

Wondering how group plans offer better benefits over other forms of insurance?

Help me understand Group Plans

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

97.81%

97.81%

Individual death claims paid in FY'17 (Src: IRDAI Annual Report FY 2016-17)

Max Life Presence

143 Cities

143 Cities

With 210 offices

Sum Assured

₹3,77,572 Cr.

₹3,77,572 Cr.

In force (individual) till FY'17 (Src: Public Disclosure, FY2016-17)

Assets Under Management

₹44,370 Cr.

₹44,370 Cr.

Till FY'17 (Src: Public Disclosure, FY2016-17)

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

Buy an Insurance Plan
1860 120 5577
1800 200 3383 (Online Term Plan)

online@maxlifeinsurance.com
SMS 'LIFE' to 5616188

Let us call you back
Customer Service
1860 120 5577

service.helpdesk@maxlifeinsurance.com

Write to us
NRI Helpdesk
0124 - 2385240; 2542001; 3812932

nri.helpdesk@maxlifeinsurance.com