Pradhan Mantri Jeevan Jyoti Bima Yojana Features and benefits

 Introducing SBI Life, a Pradhan Mantri Jeevan Jyoti Bima Yojana: In this article we will discuss and put some Light on Benefits of Scheme (Jeevan Jyoti Bima Yojana).

Group term life insurance that is renewable every year and is not linked or offered by any participating companies

SBI Life - Pradhan Mantri can help you plan for the future of your family. The "Jeevan Jyoti Bima Yojana" programme.

This plan provides:

·         Safety, as it will pay out in the event of an emergency;

·         Simplicity, as it will allow you to sign up quickly and easily without having to undergo any sort of medical examination;

·         Affordable, since it will have low premiums for people of all ages.

Inclusion/Exclusion Criteria • Plan Perks • Who Can Join

Features

Cover of Rs.2 lakh at a reasonable rate

·         Simplified proposal form for enrolling

·         Protect your family's financial stability in case of any emergency

Advantages

Safekeeping:-

·         Shield your loved ones from monetary hardships.

Effortlessness:-

·         Quick Sign-Up and Instant Approval

·         No Medical Exam Necessary

·         Acceptance Is Based on Self-Declaration of Good Health Form

TAX REWARDS*

Before finalising the sale, please read the sales brochure in its entirety for further information on the associated risks, terms, and conditions.

There is no maturity or surrender benefit available for this plan.

When a person enrols in the scheme, coverage begins on the date the premium is debited from their account and continues until May 31 of the following year. Every year on June 1st, the premium will be automatically deducted from your Savings Bank account, ensuring that you always have coverage. This premium may be adjusted from time to time in accordance with directives from the Government of India.

 

 

To become a member of the scheme after June 1st, you must provide the required documents/declaration, if any, and pay the full year premium or a prorated payment based on the month you join. In other words, enrolment regulations will be set by the Government of India as the need arises. At renewal, you must pay the full annual premium of Rs.330, rather than a prorated amount.

In the event of a member's death within the first 45 days after enrolment in the scheme (the "lean period"), the member's beneficiary will not be eligible to file a claim for benefits (other than by accident)

Tax breaks*: Income tax breaks/concessions in accordance with current income tax legislation in India, which are subject to change. For further information, talk to your tax preparer.

Brief details of the strategy are outlined above. Before finalising the sale, please read the sales brochure in its entirety for further information on the associated risks, terms, and conditions.

Eligibility:-

Minimum age for entry- 18 years

Maximum Age for Entry- 50 years

Policy Maximum Maturity Age- 55 years

Sum insured- Rs.2 Lacs only

Premium Amount- Annual charges are Rs.330 including all the administrative charges payable to banks. Currently these charges are Rs.41 per subscriber per annum.