Pradhan Mantri Jeevan Jyoti Bima Yojana is a Govt. Sponsored Life Insurance Scheme.
The scheme is a one-year cover Term Life Insurance Scheme, renewable from year to year,
offering life insurance cover for death due to any reason.
The scheme is offered/administered by Odisha Gramya Bank through Life Insurance Corporation
of India (LIC).
- Eligibility: All Savings Bank Account holders in the age 18 to 50 years can join this scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
- Policy Period: From 1st June to 31st May of the subsequent year
- Insurance Benefits:In case of death of the policyholder, the nominee is entitled to get coverage benefits of ₹ 2 Lakh.
- Termination of Assurance - The assurance on the life of the member
shall terminate on any
of the following events and no benefit will be payable under the following
scenarios:
- On attaining age 55 years (age neared birthday) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
- Closure of account with the Bank or insufficiency of balance in the SB account for renewal to keep the insurance in force.
- In the case of multiple coverages under the scheme, insurance cover will be restricted to ₹ 2 Lac and the premium shall be liable to be forfeited.
- The assurances granted under the scheme are subject to an initial lien of 30 days. No claim is admissible for deaths during the first 30 days from the date of commencement of risk. However the same is not applicable if the cause of death is due to an accident. No lien is applicable on subsequent renewals.