Pramerica Life Pradhan Mantri Jeevan Jyoti Bima Yojana

• A Grace Period of 30 days from the Annual Renewal Date will be allowed. The insurance cover for eligible members will remain in force during the grace period, provided the policy is renewed by the Master Policyholder within the grace period.

• Re-instatement will be allowed provided the member fulfils the eligibility criteria and the terms and conditions as prescribed by Government of India from time to time in addition to the prevailing approved underwriting guidelines of the company.

• 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 within the grace period on receipt of full annual premium from the member.

The Master Policyholder/Insured Member will have a period of 30 days from the date of receipt of the Policy Document/ Certificate of Insurance to review the terms and conditions of the Policy. If the Master Policyholder/Insured Member disagree to any of those terms or conditions, he/she has an option to return the Policy stating the reasons for his/her objection. The Master Policyholder/Insured Member shall be entitled to a refund of the Premium paid subject to a deduction of a proportionate risk premium for the period of risk cover, any expenses incurred by the Company towards medical examination and the stamp duty charges, if any. 

The insurance cover would be available for one year period from 1st June to 31st May for which option to join/pay by auto-debit from the designated individual bank/Post office account on the prescribed forms will be required to be given by 31st May of every year. Delayed enrolment for prospective cover is possible with payment of pro-rata premium as laid down in above eligibility criteria. 

• Account holder attains age of 55 years nearest birthday on annual renewal date.

• Closure of account with the Bank/Post office or insufficiency of balance for debiting premium.

• On expiry of the date of insurance cover term for the member.

• On intimation/settlement of the death of the member.

• On non-payment of premium within grace period of 30 days.

• In case of multiple coverage under the scheme, the cover will be restricted to Rs 2 lakhs and other insurance covers are terminated and premium shall be forfeited.