Max Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a non-participating group term life cover that offers pure protection to the members of the master policy in the event of loss of life. Here, the bank is the life insurance scheme owner and members holding a savings bank account with the participating bank are provided the risk coverage.

Features and Benefits

• Benefits - In the event of the demise of an insured individual, a lump sum is paid out. A uniform sum assured of ?2l is payable. Maturity benefits are not paid put under this plan.

• Coverage - Coverage is provided at low cost and death is covered from day one.

• Premium Payment- The premium to be paid0 is fixed irrespective of the age of the individual. The premium payment mode is annual.

• Voluntary Participation- participation in this plan is voluntary.

Eligibility Criteria

• The minimum age at entry is 18 years.

• The maximum age at entry is 50 years.

• The maximum maturity age is 55 years.

• The policy term is 1 year.

• The minimum group size should be 50 members within a year of the policy commencement.

• The minimum sum assured is Rs 2,00,000 per member.

• The maximum sum assured is Rs 2,00,000 per member.