According to the information given on the website of Bank of Baroda, an insurance of Rs 2 lakh can be found by depositing 330 annually. Let’s know about it …
Bank of Baroda, the third largest state-run bank in the country, is giving an insurance of Rs. 2 lakhs per day under the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). This is a term insurance plan. If a person dies after investing in Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY), then his family gets 2 lakh rupees. PMJJBY was launched on 9 May 2015 by the Modi government of the Center to provide the benefit of life insurance to every person of the country.
What is Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
According to the information given on the bank’s website, the Prime Minister is the Jeevan Jyoti Bima Yojana. This is a safe future plan. The annual premium for the Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY) is Rs 330.
This amount is taken from your bank account through ECS. Banks charge administrative fees for the amount of the scheme. Apart from this, GST is also applicable on this amount.
Who can take policy
Under Prime Minister Jeevan Jyoti Bima Yojana (PMJJBY), the minimum age for taking a term plan is 18 years and maximum age is 50 years. The maturity age of this policy is 55 years.
PMJJBY policy is purchased on any date, its coverage for the first year will be till 31 May next year.
In later years, the cover of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) can be renewed on June 1 every year by paying the premium amount from the bank account.
Insurance Period: 1 June to 31 May
The annual premium is deducted from the bank account through auto debit facility. Your medicine should be done within 30 days of the accident. Claim settlement within 60 days of notice. Customers who are already availing these running schemes must keep sufficient balance in their accounts as on 31 May 2018, so that the benefits of these schemes continue to be continued.
Contact your nearest branch for more information. You should also protect yourself from the risk of accident, which 13.25 crore people have already taken.
Pradhan Mantri Jeevan Jyoti Bima is a government sponsored life insurance scheme. This scheme is a one-year cover term life insurance plan, which can be renewed every year and it provides life insurance cover in case of death due to any reason.
The scheme is provided / operated by Bank of Baroda through M / s India First Life Insurance Company.
Policy term
From 1 June to 31 May in the following year
Premium
For insurance up to 2 lakhs, Rs 330 / – per person per year
The premium amount will be deducted from the account holder’s savings bank account through ‘Auto Debit’ facility in an installment as per the option given on or before 31 May for each annual coverage period under the scheme.
Delayed nomination for possible cover after May 31, full payment of annual premium and self-certificate of good health will be possible.
By going to the branch, going to BC, through Baroda Connect (Internet Banking), the person who goes out of the scheme at any time, can join the scheme by submitting a declaration of good health in the prescribed format in future.
If the insurance cover is terminated due to any technical reasons such as insufficient balance on the due date or any other administrative reason, it can be reapplied on receipt of full annual premium and satisfactory statement of good health.
During this period, the risk cover will be suspended and the re-imposition of the risk cover will be subject to the discretion of the concerned UC / Insurance company.
The insurance provided under this scheme will be subject to an initial lien of 45 days. No claim shall be admissible in case of death during the first 45 days from the date of commencement of risk.
However, if the cause of death is accident then this rule will not be applicable. No lien will apply to subsequent renovations. Exceptions and other details can be found in the master policy. Toll free number 1800 102 77 88 for customers of Pradhan Mantri Jan Dhan Yojana (PMJDY) and other financial inclusion schemes
(06.00 AM to 10.00 PM Indian time)
