pmjjby and pmsby union bank of india : What is Pmsby Pmjjby Scheme, premium Amount [pmjjby], Renewal 2024 Portal.
In the budget announcement for 2015-2016, the Finance Minister introduced a social security scheme targeting the poor and underprivileged segments of society. This scheme, implemented through banks in collaboration with Insurance Companies /PFRDA, involves our bank’s partnership with Star Union Dai-ichi Life Insurance Co Ltd (SUD Life) for Pradhan Mantri Suraksha Bima Yojana ( PMSBY ). PMSBY is a yearly renewable life insurance plan offering ₹2,00,000 coverage in case of the policyholder’s demise.
It is a pure-term insurance policy without any investment component, requiring a nominal premium of just ₹330 per year, ensuring affordability. The scheme aims to provide life insurance benefits to a wide populace, particularly focusing on economically weaker sections, thereby ensuring financial security for their families during unforeseen circumstances. Additionally, this article explores the distinctions and similarities between PMJJBY and Pradhan Mantri Suraksha Bima Yojana (PMSBY), both integral to the government’s efforts in offering essential healthcare facilities to Indian citizens.
This table summarizes the key details of the Group Term Insurance Plan linked to a Saving Bank Account offered by M/s SUD Life Insurance Co. Ltd.
| Category | Details |
|---|---|
| Plan Type | Group Term Insurance Plan Linked to Saving Bank Account |
| Insurance Company | M/s SUD Life Insurance Co. Ltd |
| Entry Age | Minimum – 18 Years. Maximum – 50 Years |
| Tenure of Policy | 1 Year, Renewal Every Year |
| Renewability | Renewable up to 55 years of age |
| Sum Assured | Rs. 2 Lac |
| Scheme Launch Date | 1st June 2015 |
| Coverage Period | 1st June to 31st May (1 Year) |
| Enrolment Process | Visit participating bank branches, fill out form, provide auto-debit consent, maintain balance |
| Renewable Policy | Policy can renewed annually until age 55 |
| Master Policy Holder | Union Bank on behalf of participating customers |
| Claim Procedure | Contact nearest bank branch for detailed claim procedure and required documents |
| Coverage | Death due to any cause (after 30 days from enrollment, except accidental death) |
| Benefits | Death: Sum Assured |
| No maturity benefit or bonus payable (Pure Term Insurance Product) |
Eligibility to Subscribe :
- All individual (single or joint) account holders of participating banks/Post offices aged between 18 to 70 years are eligible to enroll.
- If an individual holds multiple accounts across different banks/Post offices, they can join the scheme through only one account.
Enrolment Period and Process :
- The coverage period is from 1st June to 31st May annually.
- During enrolment, subscribers need to fill out the prescribed form and opt for auto-debit from their designated bank/Post office account for paying the annual premium of Rs. 20/- (Rupees Twenty only) or any revised amount.
- Delayed enrolment or renewal is possible by paying the annual premium.
Joining in Subsequent Years :
- Eligible individuals who do not join the scheme initially can enroll in future years by paying the premium through auto-debit.
- The risk cover begins from the date the premium is auto-debited from the subscriber’s account.
Master Policy Holder :
- Participating Banks/Post offices act as the Master policy holders for the scheme.
- The administration and claim settlement processes have been streamlined by Public Sector General Insurance Companies (PSGICs) and other insurers in collaboration with participating banks/Post offices, ensuring simplicity and subscriber convenience.
How to Enroll for PMSBY Scheme ?
- Enrolment for the PMBSY scheme is straightforward and accessible.
- The scheme is managed by LIC (Life Insurance Corporation of India) and other private life insurance companies across India.
- Contact your bank for enrollment if they are tied up with insurance providers.
- Eligibility allows enrollment through only one bank account, even if you hold multiple accounts across different banks.
- You can join the scheme at any time. Renewals are done annually on June 1st by paying the full premium.
- Joining now ensures coverage for the entire 12-month period.
- If you previously exited the scheme, you can rejoin by paying the annual premium.
Benefits and Premiums payable under the PMSBY scheme :
Death Benefit: Rs. 2 lakhs payable on subscriber’s death due to any reason.
Premium Payable :
- Premium for Enrolments Done through Branches:
| Months | Premium (Rs) |
|---|---|
| June, July, August | 436 |
| September, October, November | 342 |
| December, January, February | 228 |
| March, April, May | 114 |
- Premium for Enrolments Done through U-MOBILE, INTERNET BANKING, OTHER ELECTRONIC MODES:
| Months | Premium (Rs) |
|---|---|
| June, July, August | 406 |
| September, October, November | 319.50 |
| December, January, February | 213 |
| March, April, May | 106.50 |
PMSBY Eligibility Criteria :
- Age Requirement: Applicants must aged between 18 to 50 years to qualify for the PMJJBY policy. However, coverage generally extends up to 55 years of age.
- Bank Account and Aadhaar Requirement: You need to have a valid bank or post office account linked for auto-debiting the policy premium. Additionally, an Aadhaar card is required for KYC verification.
PMSBY Exclusions :
- Initial 30-Day Exclusion: For new members, the insurance coverage excludes non-accidental deaths within the first 30 days after enrollment. Claims for non-accidental deaths during this period will not accepted.
- Suicide under Influence: Claims are not payable if the insured commits suicide while under the influence of intoxicating substances.
- Intentional Self-Injury or Suicide: Insurance coverage does not extend to intentional self-injury or suicide.
- Breach of Law: Claims will not honoured if the insured’s death results from a breach of the law, whether with or without criminal intent.
How to Check PMSBY Policy Status Online ?
- Visit the official website of your bank and log in to your internet banking account.
- Navigate to the PMJJBY section and enter your bank account number.
- Provide your PMJJBY application number and click on submit to check the policy status.
Roles of Insurance Company and Bank :
- Administration: The scheme will administered by Public Sector General Insurance Companies (PSGICs) or other general insurance companies in collaboration with banks/Post offices.
- Premium Collection: Participating banks/Post offices are responsible for collecting the annual premium from account holders through auto-debit and transferring the amount to the insurance company.
- Documentation: Banks/Post offices will obtain and retain enrolment forms, auto-debit authorizations, and consent cum declaration forms as required. These documents may requested by the PSGIC/insurance company during the claims process.
Premium Appropriation :
- Insurance Premium: Rs. 20/- per annum per member payable to the insurance company.
- Commission: Re. 1/- per member payable to Business Correspondents, agents, etc., applicable only for new enrolments.
- Administrative Expenses: Re. 1/- per annum per member payable to the participating bank by the insurer.
Note: Any commission saved due to voluntary enrolment through electronic means is passed on as a benefit to subscribers by reducing the insurance premium.
Association of Foreign Insurance Companies with PMSBY :
- Competition and Pricing: All 21 general insurance companies licensed by IRDAI in India, including those with foreign partnerships within the 74% cap, can participate. This promotes competition, potentially leading to better pricing and service for customers.
- Ownership and Operations: Despite foreign partnerships, these companies operate within Indian regulatory frameworks. Public Sector General Insurance Companies (PSGICs) remain the primary insurers involved in executing the scheme.
Profit Considerations for Foreign Insurance Companies :
- Investment Regulations: All policyholder funds of insurance companies in India, including those with foreign partnerships, must invested domestically as per regulatory guidelines.
- Premium Structure: The premium for PMSBY is determined through rigorous actuarial calculations considering risk factors, mortality rates, and adverse selection, minimizing opportunities for excessive profits from the scheme.
| Parameters | Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) | Pradhan Mantri Suraksha Bima Yojana (PMSBY) |
|---|---|---|
| Scheme Type | Life insurance scheme | Accidental insurance scheme |
| Premium Rate (per annum) | Rs. 330 for each person | Rs. 12 for each person |
| Age Limit | Entry age ranges from 18 years to 50 years, with coverage up to 55 years | Entry age ranges from 18 years to 70 years |
| Coverage Type | Provides life insurance coverage to the insured person | Offers personal accidental coverage to the insured person |
| Benefits | Pays Rs. 2 lakhs as a death benefit to the nominee upon the death of the insured | Provides Rs. 2 lakhs to the nominee in case of accidental death. Additionally, offers Rs. 2 lakhs to the insured for permanent total disability due to an accident and Rs. 1 lakh for permanent partial disability |
| Maximum Premium Payment Age | Premium payment can extended up to 55 years if the insured is 50 years old | Allows premium payment extension up to 70 years if the insured is 50 years old |
OFFICIAL WEBSITE >> financialservices.gov.in >> Pmsby Scheme
Click Here – To access all the important information regarding PMBSY Scheme
- What is Pmsby Scheme, premium Amount [pmjjby], Renewal
- Eligibility to Subscribe :
- Enrolment Period and Process :
- Joining in Subsequent Years :
- Master Policy Holder :
- How to Enroll for PMSBY Scheme ?
- Benefits and Premiums payable under the PMSBY scheme :
- PMSBY Eligibility Criteria :
- PMSBY Exclusions :
- How to Check PMSBY Policy Status Online ?
- Roles of Insurance Company and Bank :
- Premium Appropriation :
- Association of Foreign Insurance Companies with PMSBY :
- Profit Considerations for Foreign Insurance Companies :
- How to Download Pradhan Mantri Suraksha Bima Yojana ( PMSBY ) Certificate Online ?
- Difference Between PMSBY & PMJJBY :
- OFFICIAL WEBSITE >> financialservices.gov.in >> Pmsby Scheme
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