WELCOME TO THE FATEHGARH SAHIB CENTRAL COOPERATIVE BANK LTD. - IFS Code : UTIB0SFGH01 - LICENSE NO. RPCD.(CHD) (FGS) PB-06 “COMMITED TO DEVELOPMENT”.
The Fatehgarh Sahib Central Cooperative Bank Ltd.
As a step towards social security at a nominal cost to the millions of countrymen, The worthy Prime Minister of India Sh. Narinder Modi Ji has launched a "Pradhan MantriJiwanJoytiBimaYozna which provide insurance to individual in any unfortunate event causing death of policy holder. This scheme is designed to provide utmost convenience with auto debit facility from the bank account of the policy holder.
The Fatehgarh Sahib Central Coop. Bank Ltd., Sirhind has also implemented this scheme for its valuable customers and other eligible persons through all its 25 branches across the district from 1st June 2015.
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. At present last date for enrolment (without certificate of good health ) is upto 31stMay 2016.
In brief the scheme is as follows:
Age at Entry
Min: 18 years (Age last birthday) Max: 50 years (Age nearest birthday)
Maximum Maturity Age
55 years (Age nearest birthday)
One year renewable
Rs. 200,000 (Two lakhs only)
Rs. 330 /- (Exclusive of Service tax*).
Death Benefit: In the unfortunate event of death of the insured member during the period of cover, the sum assured will be paid. The death benefit for a member under Pradhan Mantri Jeevan JyotiBimaYojana cannot exceed Rs. 200,000 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.
Maturity/ Surrender Benefit: There is no maturity or surrender benefit under this plan.
Enrolment: The policy commencement date is 1st June, 2015 and the period of initial cover will be up to 31st May 2016. Thereafter, the cover can be renewed on the 1st of June every year by debiting the premium to the bank account. The premium amount of Rs. 330 is payable for the cover period of 1st June to 31st May. This premium is subject to change as specified by the Government of India from time to time. In case members wish to join the scheme post policy commencement date, he/ she can do so with the paym
ent of full year’s premium and submission of self certificate of good health. The enrolment rules would be as specified by the Government of India from time to time.
Exclusions: No Exclusions.
Tax Benefits: Income Tax benefits/exemptions are as per the applicable income tax laws in India, which are subject to change from time to time. Please consult your tax advisor for details
FAQs on PRADHAN MANTRI JEEVAN JYOTI BIMA YOJANA (PMJJBY)
Q1. What is the nature of the scheme?
The scheme is a one year Term Life Insurance Scheme, renewable from year to year, offering life insurance cover for death due to any reason.
Q2. What would be the benefits under the scheme and premium payable?
Rs.2 lakhs is payable on a subscriber’s death due to any reason. The premium payable is Rs.330/- per annum per subscriber.
Q3. How will the premium be paid?
The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one instalment, as per the consent to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme.
Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through Bank and Life Insurance Corporation of India.
Q5. Who will be eligible to subscribe?
All individual (single or joint) bank account holders in the age 18 to 50 years in participating banks will be entitled to join. In case of multiple bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme throughone bank account only.
Q6. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers were expected to enrol and give their auto-debit option by 31st May 2015, which has been extended up to 30th September 2015. Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.
Q7. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?
Yes, on payment of premium through auto-debit and submission of a self-certificate of good health. New eligible entrants in future years can also join accordingly.
Q8. Can individuals who leave the scheme re-join?
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.
Q9. Who would be the Master policy holder for the scheme?
Bank will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process has been finalized by LIC insurance company in consultation with the participating bank.
Q10. When can the assurance on life of the member terminate?
The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:
i. On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
iii. In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium shall be liable to be forfeited.
Q11. What will be the role of the insurance company and the Bank?
i. The scheme will be administered by LIC which is willing to offer such a product in partnership with a bank / banks.
ii. It will be the responsibility of the bank to recover the appropriate annual premium in one instalment, as per the option, from the account holders on or before the due date through ‘auto-debit’ process and transfer the amount due to the insurance company.
iii. Enrolment form / Auto-debit authorization / Consent cum Declaration form in the prescribed performa, as required, shall be obtained and retained by the participating bank. In case of claim, LIC / insurance company may seek submission of the same. LIC / Insurance Company also reserve the right to call for these documents at any point of time.
Q12. How would the premium be appropriated?
a. Insurance Premium to LIC /other insurance company: Rs.289/- per annum per member;
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30/-per annum per member;
c. Reimbursement of Administrative expenses to participating Bank: Rs.11/- per annum per member.
Q13. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?
Q14. Can all holders of a joint bank account join the scheme through the said account?
In case of a joint account, all holders of the said account can join the scheme provided they satisfy its eligibility criteria and pay the premium at the rate of Rs.330 per person per annum.
Q15. Which Bank Accounts are eligible for subscribing to PMJJBY?
All bank account holders other than institutional account holders are eligible for subscribing to PMJJBY scheme.
Q17. Does the PMJJBY cover death / disability resulting from natural calamities such as earthquake, flood and other convulsions of nature? What about coverage from suicide / murder?
All these events are covered as PMJJBY covers death due to any reason. .
Q.18. Contrary to other Life Insurance products, benefit under PMJJBY is payable only to nominee of the insured on the death of the insured. Why is there no maturity benefit or surrender value, which is available in normal life insurance policies?
The cover under PMJJBY is for death only and hence benefit will accrue only to nominee. PMJJBY is a pure term insurance policy, which covers only mortality with no investment component. The pricing is also accordingly low when compared to other life insurance policies where maturity benefits, surrender value etc.is available. It has been designed to provide life insurance cover to weaker sections of the society. With this aim, the premium is kept low, eliminating the investment component.