Terms and Conditions

The Life Cover period will be from 1st June to 31st May of next year. Subscriber can join the scheme anytime in this period and give consent for auto debit of pro-rata premium. Along with enrollment, subscriber is also required to give consent for auto-debit of the renewal premium. The renewal premium is debited in the last week of May every year.

The first premium for the scheme is fixed on a pro-rata basis depending on the month in which the customer has applied for the scheme. The structure of the pro-rata premium is given below

The renewal premium to be debited in last week of May every year will be Rs.436/-. The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment at the time of enrollment and thereafter, on or before 31st May of each annual coverage period under the scheme. The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years. The scheme is liable to be discontinued prior to commencement of a new future renewal date, if circumstances so require. For enrolments done on or after 1st June'16, the risk cover will commence only after the completion of 30 days from the date of enrollment into the scheme by the member. However deaths due to accidents will be exempt from this Lien Clause.

Any person who satisfies all of the following conditions shall be eligible to participate in the Scheme.

1. Person is not aged less than 18 years as set out in the Schedule,
2. Person is not aged more than 50 years (age nearer birthday)
3. Person who has savings bank account with the Policyholder with sufficient balance,
4. Person who is not already insured under the PradhanMantriJeevanJyotiBimaYojana by any other insurer,

The Insurer shall pay the Claim amount in relation to the Death Benefit in the name of the Nominee of the deceased Scheme Member.

HDFC Bank will be the Master policy holder for the master policy No.PM000001 of HDFC Life.

Click here to download PMJJBY form.

Termination of Assurance The Life cover for the member shall terminate on any of the following events and no benefit will be payable there under:

1. On attaining age 55 years.
2. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3. In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
4. 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. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
5. Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

For SMS based subscription : Customer details will be taken as per the Bank account .In case the customer is interested in updating details which are different from those in the Bank accounts the customer is requested to contact the nearest branch for subscribing the policy. Nomination details will be taken as per the SMS response . 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.

For emailer based subscription : Customer details as per the bank account number specified 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. Nomination details will be taken as per the information provided in the emailer response by customer . No separate intimation shall be provided for the same. The customer response received through their registered email in the required format (sent in the emailer for the scheme) 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 PradhanMantriJeevanJyotiBimaYojana to HDFC Life. 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.

• What is the nature of the scheme?

The scheme will be a one year cover Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.

•  What would be the benefits under the scheme and premium payable?

Rs.2 lakhs is payable on a subscriber's death due to any reason. The premium payable is as per table given below.

• How will the premium be paid?

The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

• Who will offer / administer the scheme?

The scheme would be offered / administered through LIC and other Life Insurance companies (HDFC Bank partner for this scheme is HDFC Life) willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such life insurance company for implementing the scheme for their subscribers.

• Who will be eligible to subscribe?

All savings bank account holders in the age 18 to 50 years in participating banks will be entitled to join. 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.

• What is the enrolment period and modality?

The cover shall be for the one year period stretching from 1st June to 31st May. Subscriber can join anytime in this period and consent for auto-debit of pro-rata premium from the designated savings bank account will be required to be given.

Subscribers who wish to continue beyond the first year of joining will be expected to give their consent for auto-debit of annual premium before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

• 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.

• Who would be the Master policy holder for the scheme?

Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by LIC / chosen insurance company in consultation with the participating bank (HDFC Bank partner for this scheme is HDFC Life).

• 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:

1. 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).
2. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3. In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.

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

Yes.​​​​​​​