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Product Information
Group Plans Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana
Synopsis:
Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana aims to provide life cover to bank account holders at a very affordable cost. The group scheme can help your bank in increasing customer retention. You can partner with Max Life Insurance for a simple and subscriber-friendly administration and claim settlement process.

Features:

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  • Affordable financial protection for your savings account holders.
  • With low-cost insurance, you can improve customer retention.
  • Members can get certain tax benefits based on the prevailing tax laws.

Benefits:

  • Death Benefit: In case of death of the Life Insured during the term of the Policy, the nominee will be entitled to receive Rs.2,00,000 as the death benefit.
  • 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.  45 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).
  • 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.
  • Termination: The insurance cover for the member shall terminate on any of the following events and no benefit will be payable there under following conditions:

  • 1.Expiry of Policy Term or Member Coverage Term and non-renewal thereafter.
    2.Date of death of the member.
    3.Date on which due premiums for this Cover remaining unpaid On Member attaining Maturity Age subject to annual renewal up to that date.
    4.Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
    5.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.
    6.If the insurance cover is ceased due to any technical reasons such as insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of the 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. The policy does not offer any maturity or surrender benefit to the members.
Eligibility:
Minimum Age at entry (age last birthday) : 18 years
Maximum Age at entry (age nearest birthday): 50 years
Maximum Maturity Age (age nearest birthday) : 55 years
Policy Term : 1 year
Scheme Year(Coverage Period) : 1st June to 31st May every year Members who enroll in the scheme after 1st June would need to pay full premium of 330 for coverage till 31st May irrespective of the date of their entry.
Minimum Group Size : 50 members within a year of the commencement of the policy
Minimum Sum Assured : Rs.2,00,000 per member
Maximum Sum Assured : Rs.2,00,000 per member
Minimum Premium : Rs.330 per member (exclusive of all applicable taxes, cesses and levies as imposed by the Government)
Maximum Premium : Rs.330 per member (exclusive of all applicable taxes, cesses and levies as imposed by the Government)
Premium Payment Mode : Annual only
Riders Available : NA
Policy Loan Provision : NA