SOS Sar LIFE INSURANCE CORPORATION OF INDIA. P&GS DEPARTMENT, CENTRAL OFFICE, MUMBAI Ref. : CO/P&GS/PMIBY 1.06" August, 2018. Circular No. : PMJSBY/1550 TO, ALL ZONAL/DIVISIONAL OFFICES & P&GS UNITS OF THE CORPORATION Re: Pro-rata Premium for enrollment under PMJJBY — UIN 512G300V01. ‘This is further to the introductory Circular of Pradhan Mantri Jeevan Jyoti Bima Yojana = CO/PD/71 dated 30" May, 2015 issued by Product Development Department and Administrative instructions vide Circular Ref: P&GS/1369 dated June 1, 2015 issued by P&GS Department. Goverment of India through its Notification has allowed the enrolment at a later stage Ghose who are enrolling after August 31" in any policy year of 1* June to 31" May) under PMJJBY on payment of Pro-rata premium. Accordingly, the following modifications in the PMJJBY scheme have been approved by the Competent Authority. : 1. Eligible Bank account holders may join the scheme at a later stage on payment of pro-rata Premium for enrolment under PMJJBY with the minimum premium of Rs.86/- for one, quarter required to be paid even if a person enrolls under the scheme one or two months before the end of the policy year (je., if he enrolls in March, April or May). ‘Thus, if the enrolment takes place during the months of a, June, July & August - Annual premium of Rs.330/- is payable. b. September, October & November — 3 quarters of Premium @ Rs.86/- ie., Rs.258/- is payable. &- December, January & February — 2 quarters of premium @ Rs.86)- ie., Rs.172/- is payable. 4. March, April & May~ 1 Qly premium @ Rs.86/-is payable. 2. In case of pro-rata premium, the administrative charges payable to Banks (which is currently @ Rs 11/- per subscriber per annum for premium of Rs.330/-) shall also be paid on pro-rata basis (ie. for Qly premium of Rs:86/-, Bank will retain an amount of Rs.3.50 ps, for two uarters of premium of Rs.172/-, Bank will retain an amount of Rs.7/- and for three quarters of premium of Rs.258/-, Bank will retain an amount of Rs.10.50 ps). In case of paymentt ofpro-rata premium, the Banking correspondent/Micro agent/Corporate agent shall be paid (currently @ Rs.30/- per annum per member) would also be payable on pro-rata basis (ie., for Qly premium of Rs.86/-, it would be Rs.7.50 ps, for two quarters of premium of Rs.172/-, it ‘would be Rs.15/- and for three quarters of premium of Rs.258/-, it would be Rs,22.50 ps). ‘Accordingly, LIC will receive in respect of each insured member a. Rs.289/- in respect of enrolment takes place during the months of June, July & August where Annual premium @ Rs.330/- is payable and the balance amount will be retained by the bank as its share. b. Rs.225/- in respect of enrolment takes place during the months of September, October & November where 3 quarters of Premium @ Rs.86/- ie., Rs.258/- is payable and the balance amount will be retained by the bank as its share. c. Rs.150/- in respect of enrolment takes place during the months of December, January & February where 2 quarters of premium @ Rs.86/- ie., Rs.172/- is payable and the balance amount will be retained by the bank as its share. 4. Rs.75/- in respect of enrolment takes place during the months of March, April & May where 1 Qly premium @ Rs.86/- is payable and the balance amount will be retained by the bank as its share. 3. Full year’s premium @ Rs. 330/- would be payable at the time of renewal under the scheme and pro-rata premium would not be allowed. 4. Lien period of 45 days shall be applicable from the date of enrollment 5. All the concerned are to be educated suitably for smooth implementation of the modifications in the Scheme. 6. Adequate publicity activity has to be carried out by way of posters, hoardings etc., to encourage eligible arid potential account holders to join PMJJBY at a later stage (those who are enrolling after 31 August in any policy year which extends from 1% June to 31% May) on payment of pro-rate premium. Other administrative instructions will be issued separately. ergo Chief (P&GS) re