DETAILS OF THE SCHEME:
The
scheme will be a one year cover, renewable from year to year, Insurance Scheme
offering life insurance cover for death due to any reason.
The scheme would be
offered / administered through LIC of India and other Life Insurance companies
willing to offer the product on similar terms with necessary approvals and tie
ups with Banks for this purpose.
Participating
banks will be free to engage any such life insurance company for implementing the
scheme for their subscribers.
Scope of coverage..!
All
savings bank account holders in the age 18 to 50 years in participating banks
will be entitled to join.
In
case of multiple saving bank accounts held by an individual in one or different
banks, the person would be eligible to join the scheme through one savings bank
account only.
Aadhar
would be the primary KYC for the bank account.
Enrolment period..!
Initially
on launch for the cover period 1st June 2015 to 31st May 2016, subscribers will
be required to enroll and give their auto-debit consent by 31st May 2015. Late
enrollment for prospective cover will be possible up to 31st August 2015, which
may be extended by Govt. of India for another three months, i.e. up to 30th of
November, 2015.
Those
joining subsequently may be able to do so with payment of full annual premium
for prospective cover, with submission of a self-certificate of good health in
the prescribed proforma.
Enrolment Modality..!
The cover shall be for the one year period
stretching from 1st June to 31st May 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 31st May of every year, with the exception as
above for the initial year.
Delayed
enrollment with payment of full annual premium for prospective cover may be
possible with submission of a self certificate of good health. Individuals who
exit the scheme at any point may re-join the scheme in future years by
submitting a declaration of good health in the prescribed proforma.
In
future years, new entrants into the eligible category or currently eligible
individuals who did not join earlier or discontinued their subscription shall
be able to join while the scheme is continuing, subject to submission of self-certificate
of good health.
Benefits..!
Rs.2 lakhs is payable on member’s death due to
any reason Premium: Rs.330 per annum per member. The premium will be deducted
from the account holder’s savings bank account through ‘auto debit’ facility in
one installment, as per the option given, on or before 31 st May of each annual
coverage period under the scheme.
Delayed
enrollment for prospective cover after 31st May will be possible with full
payment of annual premium and submission of a self-certificate of good health.
The premium would be reviewed based on annual claims experience. However,
barring unforeseen adverse outcomes of extreme nature, efforts would be made to
ensure that there is no upward revision of premium in the first three years.
Eligibility Conditions..!
(a)
The savings bank account holders of the participating banks aged between 18
years (completed) & 50 years (age nearer birthday) who give their consent
to join / enable auto-debit, as per the above modality, will be enrolled into
the scheme.
(b)
Individuals who join after the initial enrollment period extending up to 31st
August 2015 or / 30th November 2015, as
the case may be, will be required to give a selfcertification of good health
and that he / she does not suffer from any of the critical illnesses as
mentioned in the applicable Consent cum Declaration form as on date of
enrollment or earlier.
Master Policy Holder..!
Participating
Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process shall be finalized by LIC / other
insurance company in consultation with the participating bank. Termination of
assurance:
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 (age near birth day) subject to annual renewal up to
that date (entry, however, will not be possible beyond the age of 50 years).
(2) Closure of account with the Bank or
insufficiency of balance to keep the insurance in force.
(3)
In case a member is covered under PMJJBY with LIC of India / other company
through more than one account and premium is received by LIC / other company
inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium
shall be liable to be forfeited.
(4)
If the insurance cover is ceased due to any technical reasons such as
insufficient balance on due date or due to any administrative issues, the same
can be reinstated on receipt of full annual premium & a satisfactory
statement of good health.
(5)
Participating Banks shall remit the premium to insurance companies in case of
regular enrolment on or / before 30th of June every year and in other cases in
the same month when received.
Administration..!
The
scheme, subject to the above, will be administered by the LIC P&GS Units /
other insurance company setups. The data flow process and data proforma will be
informed separately. It will be the responsibility of the participating bank to
recover the appropriate annual premium in one installment, as per the option,
from the account holders on or before the due date through ‘auto-debit’
process.
Members
may also give one-time mandate for auto-debit every year till the scheme is in
force. 3 Enrollment form / Auto-debit authorization / Consent cum Declaration
form in the prescribed proforma 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 reserves the right to call for these documents at any point of
time.
The
acknowledgement slip may be made into an acknowledgement slip-cum-certificate
of insurance. The experience of the scheme will be monitored on yearly basis
for re-calibration etc., as may be necessary.
Appropriation of Premium..!
(1)
Insurance Premium to LIC / insurance company : Rs.289 per annum per member
(2)
Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.30 per annum per
member
(3)
Reimbursement of Administrative expenses to participating Bank: Rs.11 per annum
per member The proposed date of commencement of the scheme will be 1st June
2015.
The
next Annual renewal date shall be each successive 1 st of June in subsequent
years. The scheme is liable to be discontinued prior to commencement of a new
future renewal date if circumstances so require.
No comments:
Post a Comment