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Axis Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
The Pradhan Mantri Jeevan Jyoti Bima Yojana, (PMJJBY) is a government-sponsored life insurance scheme launched to provide financial security to Indian families. Offered through Axis Bank in partnership with IndiaFirst Life Insurance Company, this one-year renewable Term Life Insurance policy provides a safety net of ₹2 lakhs in the event of the policyholder's death due to any reason. The PMJJBY scheme is designed to increase insurance penetration among the economically vulnerable sections of society who often remain outside the insurance umbrella. With an affordable PMJJBY premium of just ₹436 per annum, it represents a significant step towards universal life insurance coverage in India.
Features & Benefits
Product Benefits
- Death benefit: It provides the nominee with a sum assured of ₹2 lakhs upon the insured member's death, regardless of the cause.
- Affordable premium: The annual PMJJBY policy premium is just ₹436, making it accessible to all income groups
Policy Discontinuance
The PMJJBY policy coverage may cease under the following circumstances:
- Upon reaching 55 years of age (maximum renewal age).
- Insufficient balance in the bank account for premium deduction.
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.
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.
How to enrol in PMJJBY?
Applying for a Personal Loan, even with a salary of ₹30,000, has been simplified for your convenience. Follow these steps to start your online application:
- 01
Branch visit
Visit any Axis Bank branch with your savings account details.
- 02
Digital channels
Enrol through Axis Bank's online banking platform.
- 03
Business correspondent
Enter your mobile number, PAN card, Aadhar details.
- 04
SMS enrolment
Send 'PMJJBY (last four digits of the account number) Y' to 8422009988. Required documents include:
- Complete enrolment form with nomination details.
- KYC (Know Your Customer) documents as per bank requirements.
- Active Savings Bank Account with sufficient balance for premium deduction.
A 30-day lien period applies to new enrollments, except for accidental deaths, where coverage begins immediately.
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
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) vs Pradhan Mantri Suraksha Bima Yojana (PMSBY)
| Feature | PMJJBY | PMSBY |
|---|---|---|
| Coverage | Life insurance (natural/accidental death) | Accidental death and disability |
| Sum assured | ₹2 lakh (death) | ₹2 lakh (accidental death), ₹1 lakh (partial disability) |
| Premium | ₹436 annually | ₹20 annually |
| Age eligibility | 18-50 years (renewable till 55) | 18-70 years |
| Risk coverage | All causes of death | Accidents only |
Pradhan Mantri Jeevan Jyoti Bima Yojana - Downloads
Secure your loved ones
with Max Life PMJJBY at just ₹436 per year.
Limitations of Pradhan Mantri Jeevan Jyoti Beema Yojana
- Fixed coverage amount of ₹2 lakhs, which may be insufficient for families with higher financial needs.
- Age restriction (entry limited to individuals aged 18-50, with coverage extending to 55).
- No maturity or surrender benefits.
- Exclusion of suicide from coverage.
- The requirement of an active bank account with sufficient balance.
- Limited to one policy per person.
Frequently Asked Questions
All Axis Bank Savings Account holders aged 18-50 can enrol in the PMJJBY scheme.
Enrolling in the PMJJBY policy requires an active Savings Account. The scheme operates through automatic debit of premiums from your bank account.
While Aadhaar is not explicitly mandatory, KYC compliance is required for enrolment. Providing Aadhaar can simplify the KYC process, but other valid identity and address proofs can also be used per the bank's KYC norms.
You can change your nominee at any time during the policy term by submitting a nomination change request form at your bank branch
The PMJJBY premium represents a small investment for significant financial protection, ensuring your loved ones have support when they need it most.
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