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Pradhan Mantri Jeevan Jyoti Bima Yojana
This is an insurance scheme that offers life insurance cover for death due to any reason. Pradhan Mantri Jeevan Jyoti Bima Yojana is 50 years. The applicant must be 18 years minimum and must have a bank account as well as give their consent to join / enable auto-debit to avail of PMJJBY. Primary KYC details for this account will be the Aadhaar card. Apply online for Pradhan Mantri Jeevan Jyoti Bima Yojana and get a life cover of Rs. 2 lakhs which shall be available for a one-year period beginning 1st June and ending on 31st May and will be renewable. Risk coverage under Pradhan Mantri Jeevan Jyoti Bima Yojana is Rs. 2 Lakh in case of death of the insured, due to any reason. For enrolments through the online mode, the annual premium for the PMJJBY is pro rata basis as defined by the Ministry. Depending on the date of enrollment, the premium will be applicable refer to terms and condition and through the offline mode, the annual premium is Rs. 436 starting from June 1 to May 31.
Highlights of the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 – for Life Insurance) are:
- Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme/enable auto-debit, as per the modality, will be enrolled into the scheme.
- Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Savings Account holder joining on or after June 1, the cover shall commence from the date of the account holder’s request, and end on May 31 of the next year.
- Premium: For enrolments through the online mode, the annual premium for the PMJJBY is pro rata basis as defined by the Ministry. Depending on the date of enrollment, the premium will be applicable refer to terms and condition and through the offline mode, the annual premium is Rs. 436 starting from June 1 to May 31.
With effect from June 1st, 2022, the Ministry of Finance has revised the premium payment structure on a quarterly basis depending on the date that the account holder requested, to enter into the scheme.
The revised structure is as follows:
- Below is the Premium Structure for enrolments through ONLINE mode :
- June, July and August – Annual Premium of Rs 406 is payable
- September, October and November – Premium of Rs 319.5 is payable
- December, January and February – Premium of Rs 213 is payable
- March, April and May – Premium of Rs 106.5 is payable.
- Below is the Premium Structure for enrolments through OFFLINE mode:
- June, July and August – Annual Premium of Rs 436 is payable
- September, October and November – Premium of Rs 342 is payable
- December, January and February – Premium of Rs 228 is payable
- March, April and May – Premium of Rs 114 is payable.
The premium amount will be decided basis the date of request of the Account holder into the scheme and not as per the date of debit from the account.
For e.g. if an account holder has placed a request for the PMJJBY scheme on August 31, 2022, the annual premium of Rs 436 will be applicable to him/her for the entire year. Although, the debit in his/her account will be completed in the month of September 2018.
At the same time, if the account holder has requested the PMJJBY scheme on September 1, 2022, the pro-rata premium of Rs 319.5 will be applicable to him/ her as per the revised structure.
- Payment Mode: The premium will be directly auto-debited by the bank from the account holder’s Savings Account held with the bank. This is the only mode available currently. For renewal of the policy, it will be auto-debited between May 25 and May 31, unless the customer has sent a cancellation request to the bank for the policy.
- Risk Coverage: Sum assured of Rs 2 lakh on the death of the Insured member for any reason, is payable to the Nominee.
Termination of assurance:
- Account holder attains the age of 55 years
- Closure of account with the bank or insufficiency of balance for debiting premium.
- In case of multiple coverages under the scheme, the cover will be restricted to Rs 2 lakh and other insurance covers are terminated and the premium shall be forfeited.
Pradhan Mantri Suraksha Bima Yojana
Accident Insurance Scheme that offers accidental death and disability cover for death or disability on account of an accident. Pradhan Mantri Suraksha Bima Yojana age limit is 70 years. The applicant must be 18 years old minimum and have a bank account as well as give their consent to join / enable auto-debit to avail of PMSBY. Primary KYC details for this account will be the Aadhaar card. Apply online for Pradhan Mantri Suraksha Bima Yojana and get a life cover of Rs. 2 lakhs which shall be available for a one-year period beginning 1st June and ending on 31st May and will be renewable. Risk coverage under Pradhan Mantri Suraksha Bima Yojana is Rs. 2 Lakh in case of accidental death or full disability of the insured and Rs 1 lakh in case of partial disability. For enrolments through the online mode, the annual premium for the PMSBY is Rs 20 and through the offline mode, the annual premium is Rs. 20 starting from June 1 to May which will be auto-debited from the enrolled person’s account. The individual will then be eligible for a total coverage amount of Rs 2 lakh in case of accidental/ unexpected death or full disability and Rs 1 lakh in case of partial permanent disability.
Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:
- Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (where age is closer to birth date) who give their consent to join/enable auto-debit, as per the modality, will be enrolled into the scheme.
- Policy period: The cover shall be for one year, starting from June 1 to May 31 of next year. For the Saving Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of the next year.
- Premium: For enrolments through the online mode, the annual premium for the PMSBY is Rs 20 and through the offline mode, the annual premium is Rs. 20 starting from June 1 to May which will be auto-debited from the enrolled person’s account.
- Payment Mode:The premium will be directly auto-debited by the Bank from the subscriber’s savings account held with the bank. This is the only mode available. For renewal of the policy, it will be auto-debited between May 25 and May 31, unless the customer has sent a cancellation request to the Bank for the policy.
- Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 lakh.
| Table of Benefits* | Sum Insured | |
| I. | Death | Rs. 2 lakh |
| II. | Total and irrecoverable loss of both eyes, or loss of use of both hands or feet, or loss of sight of one eye, and loss of use of one hand or one foot | Rs. 2 lakh |
| III. | Total and irrecoverable loss of sight of one eye, or loss of use of one hand or one foot | Rs. 1 lakh |
| *The total amount that can be claimed under the policy is INR 2 lakh only | ||
The cover is subject to exclusions of the policy.
Major Exclusions: “Intentional self-injury, suicide or attempted suicide whilst under the influence of liquor or drugs, any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer to the Master Policy wordings.
