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State Bank of India (SBI) Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY): Here's All You Need To Know

State Bank of India (SBI)'s PMJJBY scheme is available for people in the age group of 18 to 50 years (life cover up to age 55).

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State Bank of India (SBI) Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY): Here's All You Need To Know

State Bank of India (SBI)'s PMJJBY scheme: Members may also give a one-time mandate for auto-debit.


State Bank of India (SBI) provides an online facility that enables individuals to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY). SBI, the country's largest lender, informed about this on microblogging website - Twitter. According to bank.sbi, PMJJBY is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, which is renewable from year to year. The scheme is available for people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account and who give their consent to join and enable auto-debit. 
Here are all the details you need to know about SBI's PMJJBY scheme: 

In case of multiple saving bank accounts held by an individual in one or different banks, the person will be eligible to join the scheme through one savings bank account only. Aadhar card number is the primary KYC for the bank account.

The cover shall be for one year from June 1 to May 31 for which option to join/pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by May 31 of every year, said SBI. 

Members may also give a one-time mandate for auto-debit every year till the scheme is in force.

One needs to pay a premium of Rs 330 per annum per member and is entitled for Rs 2 lakh on member's death due to any reason. 

However, the assurance on the life of the member shall terminate on any of the following events and no benefit will become payable there under:

1. On attaining age 55 years subject to annual renewal up to that date (entry is not possible beyond the age of 50 years).
2. Closure of account with SBI or insufficiency of balance to keep the insurance in force.

Also,  insurance cover shall not be available for death (other than due to accident) occurring during the first 45 days from the date of enrollment into the scheme.

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