With an annual premium of only Rs330, the saving bank account holders of age group 18-50 years can avail the benefit of Rs2 lakh insurance cover under Pradhan Mantri Jivan Jyoti Insurance Scheme (PMJJIS). The scheme starts from May 9. The Senior Divisional Manager (SDM) of life Insurance Corporation (lIC), Ramesh Chandra Verma informed this while addressing newsmen here on Thursday.
The Narendra Modi-led NDA Government had announced this scheme in the budget and Prime Minister would formally launch this scheme at Kolkata on Saturday. The SDM said that account holders needed to fill a form in which they would authorise the bank concerned to deduct the premium of the plan from their savings account; these forms would be available in all the banks and offices of lIC.
He informed the banks would forward the details of their customers to the pension and group insurance division of lIC, which would process the request. Verma said that lIC would pay the claim amount in case of death of the policy holder during the policy term. The term of the plan is from June 1, 2015 to May 31, 2016, after the end of policy term the policy holders have the option to renew the policy.
Verma said that the premium of this plan is kept very low as compared to other prevalent term plans in insurance market. This social security initiative of the government is expected to boost the number population under insurance cover in a major way.
With an annual premium of only Rs330, the saving bank account holders of age group 18-50 years can avail the benefit of Rs2 lakh insurance cover under Pradhan Mantri Jivan Jyoti Insurance Scheme (PMJJIS). The scheme starts from May 9. The Senior Divisional Manager (SDM) of life Insurance Corporation (lIC), Ramesh Chandra Verma informed this while addressing newsmen here on Thursday.
The Narendra Modi-led NDA Government had announced this scheme in the budget and Prime Minister would formally launch this scheme at Kolkata on Saturday. The SDM said that account holders needed to fill a form in which they would authorise the bank concerned to deduct the premium of the plan from their savings account; these forms would be available in all the banks and offices of lIC.
He informed the banks would forward the details of their customers to the pension and group insurance division of lIC, which would process the request. Verma said that lIC would pay the claim amount in case of death of the policy holder during the policy term. The term of the plan is from June 1, 2015 to May 31, 2016, after the end of policy term the policy holders have the option to renew the policy.
Verma said that the premium of this plan is kept very low as compared to other prevalent term plans in insurance market. This social security initiative of the government is expected to boost the number population under insurance cover in a major way.