INSUBCONTINENT EXCLUSIVE:
State Bank of India (SBI)'s PMJJBY scheme: Members may also give a one-time mandate for auto-debit.
State Bank of India (SBI) provides an online facility that
enables individuals to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojna (PMJJBY)
SBI, the country's largest lender, informed about this on microblogging website - Twitter
According to bank.sbi, PMJJBY is an insurance scheme offering life insurance cover for death due to any reason
It is a one-year cover, which is renewable from year to year
The scheme is available for people in the age group of 18 to 50 years (life cover up to age 55) having a savings bank account and who give
saving bank accounts held by an individual in one or different banks, the person will be eligible to join the scheme through one savings
Aadhar card number is the primary KYC for the bank account.The cover shall be for one year from June 1 to May 31 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 May 31 of every
member shall terminate on any of the following events and no benefit will become payable there under:1
On attaining age 55 years subject to annual renewal up to that date (entry is not possible beyond the age of 50 years).2
death (other than due to accident) occurring during the first 45 days from the date of enrollment into the scheme.
