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PRADHAN MANTRI JEEVAN JYOTI BIMA JOYANA (PMJJBY) – TERMS & CONDITIONS

The Government of India has implementing “PRADHANMANTRI JEEVAN JOYTI BIMA


JOYANA(PMJJBY)” providing Life Insurance Cover of Rs.2 Lakhs per person in case of death due to any
reason.
SCHEME GUIDELINES:

Objective The objective of PMJJBY scheme is to provide life cover to all Andhra Bank
Savings Bank account holders between age groups 18 yrs to 50 yrs.
Eligibility Entry Age – Persons in the age group 18 yrs (completed) to 50 yrs(age
nearer birthday)
Renewal – Renewal is allowed upto age of 55 yrs (age nearer birthday)
Sum Assured Life Insurance Coverage is given for Rs.2 lakhs. In case of unfortunate death
of accountholder due to natural causes or accident, sum Assured of Rs.2
Lakhs is payable to the nominee.
Insurance Company M/s.IndiaFirst Life Insurance Company Limited
Insurance Period Insurance cover begins from 1st June 2016 to 31st May 2017 for which
the customers are required to give their consent for auto-debit of
premium by 31st May 2016. Customers who join subsequently should
pay the full annual premium by giving Consent Form and cover will be
valid only upto 31st May 2017.
Lien period As per new amendment in the PMJJBY rules with effect from 1st June
2016, whereby claims for death which occur during the first 45 days
from the date of enrollment will not be paid, effectively meaning that
the risk cover will commence only after the completion of 45 days
from the date of enrollment into the scheme by the member. However
deaths due to accidents will be exempt from the Lien Clause.
Premium is Rs.330/- exclusive of Service Tax per member. It is
Premium payable yearly in advance and renewable at rates decided by GOI
from time to time.

Break up of Premium* Amt. per annum per


person (Rs.)
Premium payable to Insurance co 289
Premium Rate per Charges payable to BC(Bank 30
head per annum Correspondence)
Administrative Expenses payable to 11
Bank*
Total Premium 330
*Service tax is not applicable
Joint Accounts In case of Joint accounts, each of the persons in a joint account
holders are also eligible for insurance cover by paying the relative
premium.
Consent –cum- A simple “Consent-cum-Declaration Form” are available at branches
Declaration Form for joining the scheme.
Renewal premium Renewal premium shall be collected automatically every year in one
installment from the customer accounts linked to PMJJBY scheme
provided they select the option of auto-debit from their account for
continuing upto the maximum age limit. Alternatively, customers can
give option to debit their accounts before 31st May every year.
Grace Period of 30 days is allowed for payment of renewal premium
Grace Period from the due date.
Non payment of PMJJBY customers who have discontinued in the scheme due to
Premium non-payment of renewal premium during the subsequent years are
eligible to rejoin the scheme even after the grace period on payment
of full year‟s premium and a satisfactory statement of good health,
subject to age restriction.
The assurance on the life of the member shall terminate on any of the
following grounds and no benefit will be paid there under:
Termination of 1)On attaining age 55 years (age nearer birth day) subject to annual
Assurance renewal upto that date (entry, however, will not be possible beyond
the age of 50 years).
2)Closure of account with the Bank or maintenance of insufficient
balance to keep the insurance in force.
3)In case a member is covered under PMJJBY with other Bank
through more than one account and premium is received by any other
insurer inadvertently, insurance cover will be restricted to Rs.2 Lakhs
and the premium shall be liable to the forfeited.
4)If the insurance cover is ceased due to any technical reasons such
as insufficient balance on due date or due to any administrative
issues, the same can be reinstated on receipt of full annual premium
and a satisfactory statement of good health.
5)Bank shall remit the premium to insurance company in case of
regular enrolment on or before 30th of June every year and in other
cases in the same month when received.
In case a customer hold multiple accounts in different Banks or
Multiple Accounts Andhra Bank branches and premium is paid from each of such
accounts, the claim shall be restricted to Rs.2 Lakhs only by the
insurer.
On unfortunate death of the account holder the Nominee should
intimate the branch. The nominee should submit the following
Claim Procedure documents to the branch:
 PMJJBY Claim Form
 Original Death Certificate
 Copy of ID & Address proof of Nominee
 Age proof of Life Assured
Address of the IndiaFirst Life Insurance Company Ltd
Insurance Company 301, „B‟ Wing, The Qube
Infinity Park, Dindoshi-Film City Road
Malad(East), Mumbai-400097

Time Limit for Lodging Claims:

The Nominee of the Insured should give Notice to the Bank branch within 90 days from the date
of Accident/Loss. All papers should be submitted to insurer within 180 days from the date of
Accident / Loss / Death / Disablement only becomes admissible under the policy.