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Objective The objective of PMJJBY scheme is to provide life cover to all Andhra Bank
Savings Bank account holders between age groups 18 yrs to 50 yrs.
Eligibility Entry Age – Persons in the age group 18 yrs (completed) to 50 yrs(age
nearer birthday)
Renewal – Renewal is allowed upto age of 55 yrs (age nearer birthday)
Sum Assured Life Insurance Coverage is given for Rs.2 lakhs. In case of unfortunate death
of accountholder due to natural causes or accident, sum Assured of Rs.2
Lakhs is payable to the nominee.
Insurance Company M/s.IndiaFirst Life Insurance Company Limited
Insurance Period Insurance cover begins from 1st June 2016 to 31st May 2017 for which
the customers are required to give their consent for auto-debit of
premium by 31st May 2016. Customers who join subsequently should
pay the full annual premium by giving Consent Form and cover will be
valid only upto 31st May 2017.
Lien period As per new amendment in the PMJJBY rules with effect from 1st June
2016, whereby claims for death which occur during the first 45 days
from the date of enrollment will not be paid, effectively meaning that
the risk cover will commence only after the completion of 45 days
from the date of enrollment into the scheme by the member. However
deaths due to accidents will be exempt from the Lien Clause.
Premium is Rs.330/- exclusive of Service Tax per member. It is
Premium payable yearly in advance and renewable at rates decided by GOI
from time to time.
The Nominee of the Insured should give Notice to the Bank branch within 90 days from the date
of Accident/Loss. All papers should be submitted to insurer within 180 days from the date of
Accident / Loss / Death / Disablement only becomes admissible under the policy.