Whereas Smt Leena Mathew W/o late Rev Mathew Thomas, resident of Thazhathekuttu, Kumbanad P O, Thiruvalla Taluk, Pathanamthitta District, Kerala State is the only legally wedded wife of late Rev Mathew Thomas and gave a valid discharge to the Oriental In

REVISED RULES FOR PRADHAN MANTRI JEEVAN JYOTI BIMA

YOJANA (w.e.f. 1.6.2022)

1. Details of the scheme: PMJJBY is an insurance scheme offering life

insurance cover for death due to any reason. It is a one-year cover, renewable from

year to year. The scheme is offered / administered through LIC and other Life

Insurance companies willing to offer the product on similar terms with necessary

approvals and tie ups with Banks / Post office for this purpose. Participating

banks/ Post office are free to engage any such life insurance company for

implementing the scheme for their subscribers.

2. Scope of coverage: All individual account holders of participating banks/

Post office in the age group of 18 to 50 years are entitled to join. In case of

multiple bank / Post office accounts held by an individual in one or different

banks/ Post office, the person is eligible to join the scheme through one bank/

Post office account only. Aadhaar is the primary KYC for the bank / Post office

account.

3. Enrolment period: The cover shall be for one-year period stretching from

1st June to 31st May for which option to join / pay by auto-debit from the

designated individual bank / Post office account on the prescribed forms will be

required to be given by 31st May of every year. Delayed enrolment for prospective

cover is possible with payment of pro-rata premium as described below;

a) For enrolment in June, July and August – Full Annual Premium of

Rs.436/- is payable.

b) For enrolment in September, October, and November – pro rata premium

of Rs. 342/- is payable

c) For enrolment in December, January and February – pro rata premium of

Rs. 228/- is payable.

d) For enrolment in March, April and May – pro rata premium of Rs. 114/-

is payable.

Lien period of 30 days shall be applicable from the date of enrolment.

4. Enrolment Modality: The cover shall be for one-year period stretching

from 1st June to 31st May for which option to join / pay by auto-debit from the

designated individual bank / Post office account on the prescribed forms will be

required to be given by 31st May of every year. Delayed enrolment for prospective

cover is possible with payment of pro-rata premium as laid down in above para for

which risk will start from the date of auto-debit of the premium.

For subscribers enrolling for the first time on or after 1

June 2021, insurance

cover shall not be available for death (other than due to accident) occurring 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.

Individuals who exit the scheme at any point may re-join the scheme in future

years. The exclusion of insurance benefits during the lien period shall also apply to

subscribers who exit the scheme during or after the first year, and rejoin on any

date on or after 01

June 2021.

In future years, new entrants into the eligible category or currently eligible

individuals who did not join earlier or discontinued their subscription shall be able

to join while the scheme is continuing subject to the 30 days lien period described

above.

5. Benefits: Rs.2 lakh is payable on member’s death due to any cause.

6. Premium: Rs.436/- per annum per member. The premium will be

deducted from the account holder’s bank / Post office account through ‘auto

debit’ facility in one instalment, as per the option given, at the time of enrolment

under the scheme. Delayed enrolment for prospective cover after 31st May will be

possible with payment of pro-rata premium as laid down in para 3 above. The

premium would be reviewed based on annual claims experience.

7. Eligibility Conditions:

Individual bank/ Post office account holders of the participating banks/ Post

office aged between 18 years (completed) and 50 years (age nearer birthday) who

give their consent to join / enable auto-debit, as per the above modality, will be

enrolled into the scheme.

8. Master Policy Holder: Participating Banks/ Post office are the Master

policy holders. A simple and subscriber friendly administration & claim settlement

process has been finalized by LIC / other insurance companies in consultation

with the participating banks / Post office.

9. Termination of assurance: The assurance on the life of the member shall

terminate on any of the following events and no benefit will become payable there

under:

1) On attaining age 55 years (age near birth day) subject to annual renewal up

to that date (entry, however, will not be possible beyond the age of 50 years).

2) Closure of account with the Bank/ Post office or insufficiency of balance

to keep the insurance in force.

3) In case a member is covered under PMJJBY with LIC of India / other

insurer through more than one account and premium is received by LIC / other

company inadvertently, insurance cover will be restricted to Rs. 2 lakh and the

premium paid for duplicate insurance(s) shall be liable to be forfeited.

4) If the insurance cover is ceased due to insufficient balance on due date or

due to exit from the scheme, the same can be reinstated on receipt of

appropriate premium as mentioned in Para 3 above, subject however to the

cover being treated as fresh and the 30 days lien clause being applicable.

5) Participating Banks shall remit the premium to insurance companies in case

of regular enrolment on or before 30th of June every year and in other cases in

the same month when received.

10. Administration: The scheme, subject to the above, is administered by the

LIC P&GS Units / other insurance company setups. The data flow process and

data proforma has been informed separately.

It is the responsibility of the participating bank/ Post office to recover the

appropriate premium in one instalment, as per the option, from the account

holders on or before the due date through ‘auto-debit’ process.

Enrolment form / Auto-debit authorization / Consent cum Declaration form in

the prescribed proforma shall be obtained and retained by the participating bank/

Post office. In case of claim, LIC / insurance company may seek submission of

the same. LIC / Insurance Company reserve the right to call for these documents

at any point of time.

The acknowledgement slip may be made into an acknowledgement slip-cum-

certificate of insurance.

The scheme is liable to be discontinued prior to commencement of a new future

renewal date if circumstances so require.

11. Appropriation of Premium:

Appropriation of

Premium Where:

Full

Annual

Premium

Rs.436/-

collected

Rs.342/-

collected in

the 2nd

quarter of

risk Period

Rs.228/-

collected

in the 3rd

quarter of

risk period

Rs.114/- is

collected

in the 4th

quarter of

risk period

(1)

Insurance Premium

to LIC/ Insurance

Company

Rs.395/-

Rs.309/-

Rs.206/-

Rs.103/-

(2)

Commission

payable to Business

Correspondents,

agents, etc. (For

new enrolments

only)

Rs.30/-

Rs.22.50

Rs.15/-

Rs.7.50

(3)

Administrative

Expenses payable

to participating

Banks

Rs.11/-

Rs.10.50

Rs.7/-

Rs.3.50

Note: The amount of commission payable to Business Correspondents, agents, etc.

as specified in item (2) saved in case of voluntary enrolment by an accountholder

through electronic means shall be passed on as a benefit to the subscriber by

correspondingly reducing the amount of the Insurance Premium payable specified

above.