DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)
“Pradhan Mantri Jiwan Jyoti Bima Yojana” provides life insurance to an individual in any unfortunate event causing death of policy holder due to any reason. The cover shall be for one-year period stretching from 1st June to 31st May. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as laid down in below para for which risk will start from the date of auto-debit of the premium. It would be a one-year cover, renewable from year to year. This scheme is designed to provide utmost convenience with auto debit facility from the bank account of the policy holder.
The Amritsar Central Coop. Bank Ltd has also implemented this scheme for its valuable customers and other eligible persons through all its branches across the district. The scheme will be administered by bank and be guided by the scheme rules as specified by the Govt. of India from time to time.
In brief the scheme is as follows:
Age at Entry | Min:Â 18 years (Age last birthday) Â |
Maximum Maturity Age | 55 years (Age nearest birthday) |
Policy Term | One year renewable |
Sum Assured | Rs. 200,000 (Two lakhs only) |
Premium Amount | Per annum basis a) For enrolment in June, July and August – Full Annual Premium of Rs.436/- is payable. b) For enrolment in September, October, and November – pro rata premium of Rs. 342/ – is payable. c) For enrolment in December, January and February – pro rata premium of Rs.228/- is payable. d) For enrolment in March, April and May – pro rata premium of Rs. 114/- is payable. |
Lien period of 30 days shall be applicable from the date of enrolment.
Benefits:Â
Death Benefit:Â
In the unfortunate event of death of the insured member during the period of cover, the sum assured of Rs 2 lakh is payable.Â
The death benefit for a member under Pradhan Mantri Jeevan Jyoti Bima Yojana cannot exceed Rs. 2,00,000 even in case the member is covered through multiple bank accounts or through multiple insurers. In such an event, the claim will be payable for the first application (based on the date of enrolment) and the premium on the subsequent covers is liable to be forfeited.Â
Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.
Termination of assurance:
1) On attaining age 55 years (age near birthday) subject to annual renewal upto that date (entry, however, will not be possible beyond the age of 50 years).
2) Closure of account with the Bank/ Post office or insufficiency of balance to keep the insurance in force.