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Axis Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Axis Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked, non-participating, one-year renewable group Term Insurance plan. Axis Max Life PMJJBY scheme has certain features and benefits that would help you decide whether this is the right option for you. The PMJJBY scheme covers a period of one year. The premium amount is also low, which makes it affordable. The premium automatically gets deducted from the Account holder’s Savings Account, and therefore, the investor does not need to worry about paying the premium on time. In case of death, the death benefit is ₹2 lakhs.
Features & Benefits
Product Benefits
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Policy Discontinuance
If the premium by the Scheme Renewal Date is not paid, this policy will lapse immediately with effect from the last unpaid premium due date.
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| Event | Benefit payable |
|---|---|
| Death | Rs. 2 lakh |
Understand your plan
Renewal: The renewal premium would be auto-debited by the bank prior to 1st June every year or as per the directives from MOF(Ministry of Finance).
Terms and conditions
The accident cover for the member shall terminate on any of the following events, and no benefits will be payable there under: .
Disclaimer
Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Saving Bank Account of any other bank. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
Policy shall not be issued if nominee details are not provided. No separate intimation shall be provided for the same. The customer response received through their registered mobile number shall be considered as consent for auto debit from their savings bank account
By giving his consent to the scheme, the customer agrees to abide by the terms and conditions of the Scheme and to conveying his personal details, as required, regarding his admission into the Pradhan Mantri Suraksha Bima Yojana to Tata AIG General Insurance Co.Ltd. Under Group Policy no. GPA0008063 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
He also agrees that all information shared by him will form the basis of admission to the above Scheme and that if any information be found untrue; his membership to the Scheme shall be treated as cancelled.
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.
Policy Discontinuance
If the premium by the Scheme Renewal Date is not paid, this policy will lapse immediately with effect from the last unpaid premium due date.
Premiums before the end of the Scheme Renewal Date should be paid to ensure that the members continue enjoying the benefits of the Plan/ Cover. If due premium is not paid by the Scheme Renewal Date then cover ceases and the plan/membership terminates.
Product Benefits
| Event | Benefit payable |
|---|---|
| Death | Rs. 2 lakh |
Pradhan Mantri Jeevan Jyoti Bima Yojana Eligibility
In order to claim your Pradhan Mantri Jeevan Jyoti Bima Yojana insurance, you must have your documentation of Pradhan Mantri Jeevan Bima Yojana ready. Once the assessment of your documents is done, and you qualify for the Pradhan Mantra Jeevan Bima Yojana, your insurance will come through.
Premium
The premium for Axis Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is very nominal, at ₹436. The amount is deducted directly from the Account holder’s Savings Account. Once the entire annual premium for PMJJBY is paid, delayed enrollment for prospective coverage after 31 May will be possible.
The premium of ₹436 will be deducted from the account holder’s Savings Account through the ‘auto debit’ facility in one installment on or before 31 May of each annual coverage period under the scheme. Delayed enrollment for prospective coverage after 31 May will be possible with full payment of the annual premium. The premium will be reviewed based on annual claims experience.
Enrolment Period
Initially, on launch for the cover period 1st June to 31st May, subscribers will be required to enroll and give their auto-debit consent by 31 May. Subsequently, those joining may be able to do so with payment of the full annual premium for prospective cover.
| Enrollment Month | Premium Amount (In ₹) |
|---|---|
| Jun, Jul & Aug (Q1) | 436 |
| Sep, Oct & Nov (Q2) | 342 |
| Dec, Jan & Feb (Q3) | 228 |
| Mar, Apr & May (Q4) | 114 |
Enrolment Modality
The cover shall be for the one year period stretching from 1st June to 31st May for which option to join and pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrollment with payment of full annual premium for prospective cover is possible. 30 days lien may be considered from the date of enrolment to the date of occurrence of claim (Accidental deaths are to be excluded from this)
Terms and Conditions
Before availing the policy, go through terms and conditions for Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana. In case you have any queries please go through this section for the T&C for Max Life Pradhan Mantra Jeevan Jyoti Bima Yojana. If any of your concerns have not been addressed here, please do get in touch with us.
The insurance cover for the member shall terminate on any of the following events and no benefit will be payable there under:
- Expiry of Policy Term or Member Coverage Term and non renewal thereafter
- Date of death of the member
- Date on which due premiums for this Cover remaining unpaid On Member attaining Maturity Age subject to annual renewal upto that date
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered through more than one account and premium is received by the Max Life Insurance inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited
- 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, subject to conditions that may be laid down.
The policy can also terminate in accordance with the changes in the Rules of the Scheme notified by the Government of India under Pradhan Mantri Jeevan Jyoti Bima Yojana from time to time.
Disclaimer
Life Insurance coverage is available in this product. This Life Insurance Product Is Offered and Underwritten By Max Life Insurance Co. Ltd. The Life Insurance contract is between the Proposer and Max Life Insurance Co. Ltd
Customer should not be insured under Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana under any other Saving Bank Account of any other bank. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
Policy shall not be issued if nominee details are not provided. No separate intimation shall be provided for the same.
By giving his consent to the scheme, the customer agrees to abide by the terms and conditions of the Scheme and to conveying his personal details, as required, regarding his admission into the Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana to Max Life Insurance Co. Ltd. Under Group Policy no. Max 35001633 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
He also agrees that all information shared by him will form the basis of admission to the above Scheme and that if any information be found untrue; his membership to the Scheme shall be treated as cancelled.
The date of commencement of the scheme is 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.
Max Life Insurance Company Limited is a Joint Venture between Max Financial Services Limited and Mitsui Sumitomo Insurance Co. Ltd Max Life Insurance Co. Ltd.,11th Floor, DLF Square Building, Jacaranda Marg, DLF City Phase II, Gurugram- 122002 (Haryana). IRDAI Registration No. – 104.Trade logos displayed belong to Max Financial Services Ltd and Mitsui Sumitomo Insurance Co. Ltd. respectively and are used by Max Life Insurance Co. Ltd under a license.For more details on the risk factors, Terms and Conditions, please read the prospectus carefully before concluding a sale. You may be entitled to certain applicable tax benefits on your premiums and policy benefits. Please note all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. Tax benefits are subject to changes in tax laws.
Insurance is the subject matter of solicitation. For further details,customer helpline number no.1860 120 5577
Axis Bank Limited is the Corporate Agent of Max Life Insurance Co. Ltd. Axis Bank Limited, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025. IRDAI Certificate Regn. No: CA0069.The purchase of a Max Life Insurance product by Axis Bank's customer is purely on a voluntary basis. As Axis Bank is not in the business of insurance, there is no link either direct or indirect between the banking services offered by the bank to its customers and use of the insurance products.
BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS
IRDAI clarifies to public that
- IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums
- IRDAI does not announce any bonus
- Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number.
ARN : Max Life/Axis/Website/Content/PMJJBY/ June 2018
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