Why Choose Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana?

The product has been designed to meet the requirements of Government of India’s “Pradhan Mantri Jeevan Jyoti Bima Yojana” (PMJJBY) scheme. The scheme will be administered by Banks and be guided by the scheme rules as specified by Government of India from time to time. The coverage will start from the date of debit of premium from insured member’s account for joining the scheme.

  • Social Security Scheme

    This product has been designed to meet the life insurance requirements under the Benefits of Pradhan Mantri Jeevan Jyoti Bima Yojana(PMJJBY) scheme launched by Government of India.

  • Life Cover at a Reasonable Fixed Rate

    Get Life Coverage of Rs. 2 Lac at a flat premium of Rs. 406 p.a. (for electronic means) & Rs. 436 p.a. (for other means). The product provides flexibility to add new members and eligible account holders can also join the scheme.

  • Easy Enrolment Process

    The product ensures easy and quick process of enrolment with straight through issuance and no medicals are required. Ease of premium payments as the premium amounts are directly auto debited by the bank from the member’s bank account.

  • Tax Benefits

    You can enjoy Tax benefits on the Premiums paid and pay-out benefits received. The Tax benefits fall under Income Tax Act, 1961. They are subject to change as per changes in tax laws from time to time.

Key Benefits

Affordable

Death Benefit

Hassle Free

Tax Benefits**

How Does the Plan Work?

 

Minimum Entry Age

18 years (Age last birthday)

Maximum Entry Age

50 years (Age nearest birthday)

Maximum Maturity Age

55 years (Age nearest birthday)

Minimum/Maximum Sum Assured

₹ 2,00,000 per life

Minimum/Maximum Premium*

For electronic means: 406 p.a.
For all other means: 436 p.a.

Policy Term

One-year renewal

Lien Period

30 days from date of enrolment or re-entry into the scheme (entry date/date of commencement of insurance cover)

* Any applicable taxes and/or any other statutory levy/ duty/ surcharge on your premiums, as notified by the Central and/or State Government from time to time as per the provisions of the prevalent tax law.

What Do You Gain from the Plan?

Death Benefit

In the event of death of the Life Insured, during the period of cover, the sum assured of ₹ 2,00,000 shall be payable to the nominee/beneficiary. The death benefit cannot exceed ₹ 2,00,000 in case a member is covered through multiple bank accounts and / or with multiple insurers. In such an event, the coverage will be restricted to ₹ 2,00,000 (Rupees two lakhs) only by admitting the claims on the first application based on the Date of Enrolment. The premium on the subsequent covers shall be liable to be forfeited.

 

In case, a death claim has already been settled by any other insurer in respect of any insured member, the Company shall not have any liability to admit any claim on the member and shall forfeit the premium(s) received in respect of the said deceased member.

 

In case of death of the Member during the grace period, the death benefit would be payable to the nominee /beneficiary or legal heir, as the case may be, subject to deduction of unpaid due premium.

Lien Period

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.

 

For Members who exit and wish to re-join 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.

Enrolment

The date of commencement of insurance cover is the date of debit of premium from the insured member’s account for joining the scheme and the insurance cover will be upto 31st May of the subsequent year. Thereafter the cover can be renewed on the 1st June every year by debiting the premium to your bank account. The premium is subject to change as specified by the Government of India from time to time. In case the members wish to join the scheme post 1st of June, he/she can do so with the payment of full year’s premium and submission of requisite documents/declarations, if any, as specified by Scheme rules. The enrolment rules would be as specified by the Government of India from time to time.

Tax Benefits

You may be eligible for the tax benefits on the premiums paid along with the benefits received, subject to the prevailing provisions. The tax benefits are subject to change as per the change in tax laws from time to time.

Insurance Jargon Explained

Death Benefit

The payment made to a beneficiary upon the death of the insured person.

-- Whenever an unfortunate event happens, there is both emotional as well as financial loss. An insurance company helps you replace the financial/monetary loss through the Death Benefit, which helps maintain your family’s financial stability. This benefit includes both a guaranteed sum of money called as Sum Assured on Death and also the Accrued Bonuses, if applicable.

Lien

In some cases, extra risk is expected to decrease over a period of time. In such cases proposal is considered and accepted with lien. Lien operates throughout the period, on a decreasing basis. In the event of death, during the lien period the full sum assured is not payable. Eg: If 25% decreasing lien is imposed for 5 years. It is understood that in first year risk cover (sum assured payable) is only up to 75%,second year- 80%, third year-85%, fourth year 90%, fifth year 95%, and from sixth year onwards lien is not operative.

Premium

The payment, or one of the regular periodic payments, that a policyholder makes to an insurer in exchange for the insurer's obligation to pay benefits upon the occurrence of the contractually-specified contingency (e.g., death).

Sum Assured

Sum assured is the amount that an insurer agrees to pay on the occurrence of a stated contingency (eg: Death).

**Tax benefits are in accordance to current tax laws that are subject to change from time to time.