Protect Your Bank’s Savings Account Holders with ABSLI’s PMJJBY Plan
Overview:
ABSLI’s Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Plan is a Government-sponsored group protection scheme designed for banks. It provides life insurance coverage of ₹2 lakhs to savings account holders at a very affordable annual premium.
Key Features:
- Fixed Cover: Life insurance cover of ₹2 lakhs for each member.
- Policy Period: Runs from June 1st to May 31st of the next year.
- Premium Payment: Premium of ₹330 (excluding GST) per year, auto-debited from the savings bank account.
- Governance: The plan is guided by the scheme rules specified by the Government of India (GOI).
Benefits:
- Death Benefit: In the event of the insured member’s death, ₹2 lakhs will be paid to the nominee. The policy will terminate upon payment of the death benefit.
- Tax Benefits: Policyholders may be eligible for tax benefits as per existing tax laws.
Eligibility:
- Membership: Available to savings account holders of participating banks.
- Age Limit: Typically, eligibility criteria include age requirements as specified by the scheme rules.
Additional Information:
- Premium Collection: Premium is auto-debited from the beneficiary’s savings bank account before May 31st each year.
- Affordability: The plan offers substantial life cover at a minimal annual cost.
For detailed information, please download the Plan Brochure or visit our website.