Life Insurance 336 views February 5, 2021

Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-linked non-participating group term insurance plan that helps meet the requirements of people seeking life insurance cover. The policy coverage starts from the day when the premium amount is debited from your bank account. Under the policy, there are benefits like life coverage, zero medical tests for enrollment, and the sum assured of INR 2 lakh for your nominee in case of death. Know further about the Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana plan on this page below.

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Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

Buying this scheme means you will get the below-mentioned benefit.

Death Benefit – Your nominee/beneficiary shall receive a sum insured of INR 2 lakh in the event of your death during the policy period. And the death benefit can’t exceed INR 2 lakh if a member is covered through multiple banks/insurers. Here, the maximum death benefit will be INR 2 lakh by considering the claim on the first application basis the enrolment date. The premium on the subsequent covers will get forfeited. If your death claim has already been settled by any other insurer, Bharti AXA Life won’t have any liability to admit any claim and they will forfeit your received premiums. On death during the grace period, the unpaid due premium will be reduced from the death benefit and will be payable to the nominee/beneficiary.

Eligibility for Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana

You need to meet the following requirements to purchase this plan –

  1. Minimum age at entry – 18 years (as on the date of last birthday)
  2. Maximum age at entry – 50 years (as on the date of nearest birthday)
  3. Age at maturity – 55 years (as on the date of nearest birthday)

The Date for Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana Enrollment

You can enroll under Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana scheme until 1st June and the coverage will be up to 31st May of the subsequent year. However, if you wish to join the scheme after 1st June, you need to pay the full year premium and submit the requisite documents.

Note – The enrolment rules for PMJJBY will be specified by the Government of India from time to time.

Renewal

Your Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana will be renewed automatically on 1st June every year by debiting the premium amount from your bank account. If you don’t want to renew this plan on 1st June, you can send a cancellation request to the insurer before the premium payment on the date of renewal.

Terms & Conditions

While buying Bharti AXA Life Pradhan Mantri Jeevan Jyoti Bima Yojana, you should know about the following –

  1. For new members who are enrolling into the scheme, the risk will not be covered during the first 45 days, which is known as the lien period. The lien period will start from the date of enrollment. In case the insured dies other than due to an accident during the lien period, no claim would be admissible.
  2. The lien period will apply to members who have exited from this scheme and wish to rejoin the scheme.
  3. Sum assured – INR 2 lakh per life
  4. Policy term – 1 year
  5. Minimum premium amount – INR 330 per month

Note – The premium may change as specified by the Government of India from time to time.

  1. You won’t get any maturity or surrender benefit under this plan
  2. Grace period – 30 days
  3. No free look period
  4. Tax benefits/exemptions will apply to your premium payments and received benefits as per the income tax laws in India.

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