Pradhan Mantri Jeevan Jyoti Bima Yojana: Life Insurance by PNB MetLife

Key Benefits of PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana

  • 1

    Protection at nominal cost

  • 2

    Straight through processing, no medicals required

  • 3

    Ease of enrolment, simplified proposal form

Overview

This is a non-linked, non-participating, one year renewable term insurance product. This product has been designed to meet the life insurance coverage requirements under the provisions of “Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)” scheme launched by Government of India.

PNB MetLife Pradhan Mantri Jeevan Jyoti Bima Yojana ensures

  1. Protection at nominal cost
  2. Straight through processing, no medicals required
  3. Ease of enrollment, simplified proposal form

Product Benefits

Death benefit

In the unfortunate event of the death of the insured member during the period of cover, the sum assured will be paid. Death due to any clause is covered (including suicide) under this product.

A Death benefit of Rs. 200,000 shall be payable to the nominee /beneficiary or legal heir on the death of the Insured member during the policy term and subject to the following:

  1. Death benefits payable under Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) across all bank accounts and insurance companies for any insured member shall not exceed Rs. 200,000.
  2. In case a member is covered with multiple insurers through a single or multiple bank accounts and premium is received in respect of all covers, the insurance cover will be restricted to Rs. 200,000 (Rupees two lakhs) by admitting the claim on the first application based on the date of enrolment. In case, a death claim has already been settled by any other insurer in respect of any insured member, PNB MetLife shall not have any liability to admit any claim on the member and shall forfeit the premium(s) received in respect of the said deceased member.

Waiting Period

The Company will not be liable to make benefit payment under the policy if the death occurs during a waiting period of 45 days for reasons other than accident.

Waiting period applies at individual member level from the member’s date of joining. The waiting period applies only once upon 1st time enrollment in the scheme from any insurer and is not re-imposed again upon continuous renewal of cover.

Particulars

Boundary Conditions

Age at entry

Minimum: 18 years (age last birthday)
Maximum: 50 years (age nearer birthday)

Maximum maturity age

55 years (age nearer birthday)

Policy term

1 year, on yearly renewable basis

Sum assured

Rs.200,000

Premium amount

Rs. 330 per Annum per member

Type of Cover

Voluntary participation, based on good health declaration

Maturity/Surrender

No benefits payable

Download Brochure Terms & Conditions

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