Edelweiss Life - Pradhan Mantri Jeevan Jyoti Bima Yojana (‘PMJJBY’) is a yearly renewable group term insurance plan offered to savings account holders of banks. It provides financial security to the family of the group members in case of their demise. This plan meets the requirements of Government of India’s PMJJBY scheme.  

Yes, this plan covers COVID-19 claims.

 The minimum entry age is 18 years. The maximum entry age for new members is 50 years and for renewals is 54 years.

The maximum maturity age is 55 years.

 The policy term is 1 year (renewable every year).

The minimum and maximum sum assured is ₹ 2 lakhs.

Depending upon the month of entry, the minimum premium is ₹114 and the maximum premium is ₹436. 

 The coverage commences after 45 days from the date of enrolment into the Scheme.

The Lien Clause means that claims for deaths that occur during the first 30 days from the date of enrollment will not be paid, effectively meaning that the risk cover will commence only after the completion of 30 days from the date of enrollment into the scheme by the member. However, deaths due to accidents will be exempt from the Lien Clause.

This plan does not offer a surrender value.

 No benefits are payable on maturity.

The Policy may also terminate due to any changes / modifications in the Rules of the Scheme notified by the Government of India from time to time under the Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme.

A grace period of 30 days from the Annual Renewal date will be allowed during which the insurance coverage will remain in-force. If the premium remains unpaid at the end of the grace period, the insurance coverage shall cease. In case of death during the grace period, the Death Benefit will be reduced to the extent of the unpaid premium.