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Our article Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna gives an overview of the Pradhan Mantri Suraksha Bima Yojana,Pradhan Mantri Jeevan Jyoti Bima Yojana and Atal Pension Yojna. There were many questions, some repeated, which were asked like List of Banks which are offering these schemes, does nominee have to pay premium, if we many saving bank accounts then can we enrol for multiple times. We have tried to collect answers to those questions here.

Who will provide the insurance ?

The scheme would be offered through LIC and other Life Insurance companies in collaboration with participating Banks. The Insurance policy will be a group insurance policy. Group Insurance policy is one of the insurance policies where large number of people are covered under the single policy, it is issued to insure the life or health of a specific group of people, the contract which is formed for the group insurance policy is called as a Master group insurance contract.  An example of group insurance is the Health insurance provided by the various companies to their employee as a part of employee benefit scheme.

To save administrative costs, there is often a Master Policy Holder who will retain the documentation on behalf of the members, and may deal with the members on behalf of the insurer. Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by  chosen insurance company in consultation with the participating bank.

What will be the role of the insurance company and the Bank?

The scheme will be administered by LIC or any other Life Insurance company which is willing to offer such a product in partnership with the bank. Participating banks will be free to tie up with any such life insurance company for implementing the scheme for their subscribers. For example HDFC Bank has tied up with LIC for Pradhan Mantri Suraksha Bima Yojana  and United Insurance for Pradhan Mantri Jeevan Jyoti Bima Yojana

Responsibility of the Bank will be to recover the premium, as per the option, from the account holders on or before the due date through auto-debit process and transfer the amount due to the insurance company. Enrollment form / Auto-debit authorization / Consent cum Declaration form, as required, shall be obtained and retained by the participating bank.

In case of claim, insurance company may seek submission of the same. Insurance Company also reserve the right to call for these documents at any point of time.

Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?

Yes. It is over and above any other covers that you have. So if you have any personal accident or life insurance policy you can claim from that policy and this one. Please note that insurance cover for PBJJBY & PMSBY will be for 2 lakh only.

Can one subscribe to both Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy?

Yes one can enrol for both Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY).

If one enrols for  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)  and pays all the due premiums then if death happens through natural or accident till  subscriber is 55 years of age nominee will get 2 lakh.

If one enrols for Pradhan Mantri Suraksha Bima Yojana (PMSBY)  and pays all the due premiums then if death happens ,due to accident ,only till 70 years of age nominee will get 2 lakh. Incase of natural death nominee will not get 2 lakh. In case of Disability of both eyes, both hands, both legs or one eye and one limb due to accident one will get Rs 2 lakhs. And  for  Disability of one eye or one limb  one will get Rs 1 lakh

If one has many saving bank accounts, can one get multiple insurance policies?

In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. So You can have one type of insurance policy per saving bank account.So with same saving bank account you can take 1 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & 1 Pradhan Mantri Suraksha Bima Yojana (PMSBY). One can also take Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from 1 saving bank account  & Pradhan Mantri Suraksha Bima Yojana (PMSBY) from other saving bank account.

But one cannot enrol for more than 1 Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or  Pradhan Mantri Suraksha Bima Yojana (PMSBY) policy. In case one buys Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Pradhan Mantri Suraksha Bima Yojana (PMSBY)  covered through more than one account and premium is received by insurance company , insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

Consent cum declaration form of the scheme says.

I declare that I am not insured under Pradhan Mantri Suraksha Bima Yojana under any other Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.

Can one transfer the Bima Yojna from one bank to another bank?

Say one enrols for scheme in one bank account but then has to close his bank account  Will it be possible for one to transfer from one bank account to another? We could not find any details wrt to transfer of scheme and  that closure of bank account will terminate the cover. So we think it is not possible to transfer the scheme but one can close the saving bank account and open another one and enrol for scheme in the new bank account, if it provides. If you don’t do it in May when the premium will be auto debited You would have to pay premium two times one with old account and one with new account.

What does nearest birthday mean?

To calculate age and hence premium which depends on age, Life insurance companies use actual date or nearest birthday. Nearest Birthday Age calculates your life insurance age based on your nearest birthday, which could be either your last birthday or your next.  Here’s how it works.

If your date of birth is Apr 15,1960 and you are enrolling on Apr 16 2015 then as per your nearest birthday , your age is 2015-1960 = 55 years . This is similar to actual age.

Butt nearest birthday on Nov 21,2015 would be 56 years i.e 2015-1960+1 as you would nearer to your 56th birthday than 55th birthday. So after 6 months from your birthdate you have to take your add 1 more to your current age.

Till when can one enrol in these policies?

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendible up to 31st August 2015. Enrolment after 31 Aug 2015 will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.

Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?

Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.

Can individuals who leave the scheme rejoin?

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self declaration of good health.

What happens when one dies does nominee have to pay the premiums?

No the nominee would NOT have to pay remaining premium. Like any other insurance policy, when the subscriber to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or Pradhan Mantri Suraksha Bima Yojana (PMSBY) passes away but has paid all the due premiums till then, his nominee will get the assurance cover i,e 2 lakh if conditions are met. For example nominee cannot claim Pradhan Mantri Suraksha Bima Yojna if one passes away via natural death.

When can the assurance on life of the member terminate?

The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:

  • On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.

How will one claim the insurance on death of subscriber?

If the subscriber passes away then nominee has to inform the bank branch from which policy was taken. On receipt of death intimation, the servicing bank branch shall send the Claim form , Death Certificate, Discharge form and Certificate of Insurance from the nominated Beneficiary to Insurance company. On admission of the claim, the claim amount will be paid to the bank account of the nominee with intimation to the designated branch of the Bank . In case of requirements or claim is not accepted, the same will be intimated to designated branch of the Bank. Please inform the nominee of the paper work.

Links to Claim form for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) from jansuraksha.gov.in are here English(pdf format) and Hindi(pdf).

Links to Claim form for Pradhan Mantri Suraksha Bima Yojana (PMSBY) from jansuraksha.gov.in are here English(pdf format) and Hindi(pdf).

Should one subscribe to Pradhan Mantri Suraksha Bima Yojana (PMSBY)  scheme?

For 12 Rs per annum it does not require much thinking. If one enrols at age of 18 and does not claim it till age of 70 the total premium he would have paid is 12*52(70-18) = 624 Rs for a cover of 2 lakh. State Bank of India Savings Bank Account holders can enrol for  Personal Accident Insurance cover issued by SBI General Policy  Two variants are available:

  • Cover of Rs. 2 lac for an annual premium of Rs. 100
  • Cover of Rs. 4 lac for an annual premium of Rs. 200

Should one subscribe to  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)?

It depends. The insurance for Pradhan Mantri Jeevan Jyoti Bima Yojana  is till 55 years only and that too for 2 lakh.  Your insurance cover  depends on how much your family needs when you are not around and one should take it for at least till you retire. Remember that premium of life insurance increases if you subscribe to it at later age. In LIC , HDFC eTerm plan minimum sum assured is Rs 25 lakh. For organised sector like maids, drivers etc who don’t enrol for any insurance plan it is an option worth taking.  Whether it suits you , you need to take a call. But if earn more than 2  lakh this should not be the only life insurance cover you have. Our article  Checklist for buying Life Insurance Policy might be of help to you.

SMS from bank &  Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) or Pradhan Mantri Suraksha Bima Yojana (PMSBY) ?

Those who have bank account with banks like ICICI Bank, HDFC Bank would have got SMS similar to one given below.

Dear Customer, Get Rs 2 lac Accident Cover with Pradhan Mantri Suraksha Bima Yojna for an annual premium of Rs 12. To subscribe SMS PMSBY Y to 5676712 from your registered mobile number. Premium amount will be debited from Your HDFC Bank Savings Account. For T & C & other details click here

Please note, that if subscribe to scheme through SMS, Nomination details as updated in the bank account will be taken. In case the customer is interested in updating details which are different from those in the Bank account, the customer is requested to contact the nearest branch for subscribing the policy. 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 there savings bank account. By giving his/her consent to the scheme via sms based subscription / email based subscription / consent form, the customer agrees to abide by the terms & conditions of the scheme & to conveying his personal details as required, regarding his admission into the Pradhan Mantri Jeevan Jyoti Bima Yojana/Pradhan Mantri Suraksha Bima Yojana  to HDFC . 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.

How do one find which Insurance company is tied up with the bank?

It would be mentioned in Terms and Condition and also in Consent-cum-declaration form. Either or both of the sentences given below tell which Insurance company has the bank tied up with

Name of Insurance company for PMJJBY and PMSBY

Name of Insurance company for PMJJBY and PMSBY

How is the response to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

You can track the response to the schemes by going to jansuraksha.gov.in/REPORTS.aspx. Excerpt from report of 11 May 2015 is given below

Summary Reports of PMJJBY, PMSBY & APY

Summary Reports of PMJJBY, PMSBY & APY

List of Banks offering the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Insurance companies providing Insuance for Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY) are National Insurance, United India Insurance, ICICI Lombard, Cholamandalam MS, New India Assurance, Universal Sompo, Bajaj Allianz, Reliance General Insurance. We shall be updating the tables as more information becomes available.

Pradhan Mantri Suraksha Bima Yojana

S.No Bank Name Insurance Company
1 Allahabad Bank  Universal Sompo General Inirance Company
2 Andhra Bank
3 Axis Bank
4 Bank of Baroda
5 Bank of India
6 Bank of Maharashtra  United India Assurance
7 Bhartiya Mahila Bank  New India Assurance
8 Canara Bank  United India Assurance
9 Central Bank of India  New India Assurance Company Ltd
10 City Union Bank Ltd
11 Corporation Bank  New India Assurance Company Ltd
12 Dena Bank  United India Assurance
13 Federal Bank Ltd  New India Assurance Company Ltd
14 HDFC Bank Ltd  LIC
15 ICICI Bank Ltd  ICICI Lombard General Insurance Company Ltd
16 IDBI Bank Ltd  Bajaj Alliance
17 Indian Bank
18 Indian Overseas Bank
19 Induslnd Bank Ltd  Cholamandalam MS
20 Jammu & Kashmir Bank Ltd
21 Karur Vysya Bank Ltd
22 Kotak Mahindra Bank Ltd  ICICI Lombard GIC
23 Lakshmi Vilas Bank
24 Oriental Bank of Commerce
25 Punjab & Sind Bank  New India Assurance Company Ltd
26 Punjab National Bank
27 Ratnakar Bank Ltd
28 South Indian Bank Ltd  New India Assurance Company Ltd
29 State Bank of Bikaner & Jaipur
30 State Bank of Hyderabad
31 State Bank of India  National Insurance Company
32 State Bank of Mysore
33 State Bank of Patiala
34 State Bank of Travancore
35 Syndicate Bank  United India Assurance
36 UCO Bank  Reliance General Assurance
37 Union Bank of India  New India Assurance Company Ltd
38 United Bank of India  New India Assurance Company Ltd
39 Vijaya Bank
40 Yes Bank Ltd

PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)

S.No Bank Name Insurance Company
1 Allahabad Bank  LIC of India
2 Andhra Bank
3 Axis Bank
4 Bank of Baroda
5 Bank of India
6 Bank of Maharashtra  LIC
7 Bhartiya Mahila Bank  LIC
8 Canara Bank  LIC
9 Central Bank of India
10 City Union Bank Ltd
11 Corporation Bank
12 Dena Bank  LIC
13 Federal Bank Ltd  LIC
14 HDFC Bank Ltd  United India Insurance Cos. Ltd
15 ICICI Bank Ltd  ICICI Prudential Life Insurance Company Ltd
16 IDBI Bank Ltd LIC
17 Indian Bank
18 Indian Overseas Bank
19 Induslnd Bank Ltd  LIC
20 Jammu & Kashmir Bank Ltd
21 Karur Vysya Bank Ltd
22 Kotak Mahindra Bank Ltd  LIC
23 Lakshmi Vilas Bank
24 Oriental Bank of Commerce
25 Punjab & Sind Bank  LIC
26 Punjab National Bank
27 Ratnakar Bank Ltd
28 South Indian Bank Ltd
29 State Bank of Bikaner & Jaipur
30 State Bank of Hyderabad
31 State Bank of India  SBI Life Insurance Company Limited
32 State Bank of Mysore
33 State Bank of Patiala
34 State Bank of Travancore
35 Syndicate Bank  LIC
36 UCO Bank  LIC
37 Union Bank of India  Star Union Dai Chi
38 United Bank of India
39 Vijaya Bank
40 Yes Bank Ltd

After applying for the policy what happens? What proof do I have that I have applied for the policy?

When you apply, the premium amount would be deducted from your account. After some time, You would get the policy certificate from the bank. I had applied in ICICI Bank for both Jeevan Jyoti and Surakhsa Bima Yojna, through net banking in July and got the policy certificate for Pradhan Mantri Jeevan Jyoti Bima Yojana in Aug. The Pradhan Mantri Jeevan Jyoti Bima Yojana policy certificate looks as following (click on image to enlarge)

Pradhan Mantri Jeeavn Jyoti Beema Yojna Policy certificate

Pradhan Mantri Jeeavn Jyoti Beema Yojna Policy certificate

Related Articles:

Hope these helped to clarify questions regarding the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY). Did you subscribe to the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) & Pradhan Mantri Suraksha Bima Yojana (PMSBY)? Why or Why not?

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