Pradan Matri Jeevan Jyoti Bhima Yojana

Pradan Matri Jeevan Jyoti Bhima Yojana

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

Government through the Budget Speech announced three ambitious Social Security Schemes pertaining to the Insurance and Pension Sectors, namely Pradhan MantriJeevanJyotiBimaYojana (PMJJBY), Pradhan Mantri Suraksha BimaYojana (PMSBY)and an the Atal Pension Yojana (APY) to move towards creating a universal social security system, targeted especially for the poor and the under-privileged. Hon’ble Prime Minister launched PMJJBY and PMSBY schemes nationally in Kolkata on 9th May, 2015.

The Pradhan MantriJeevanJyotiBimaYojana (PMJJBY) is a one year life insurance scheme, renewable from year to year, offering coverage for death due to any reason and is available to people in the age group of 18 to 50 years( life cover upto age 55) having a savings bank account who give their consent to join and enable auto-debit. The risk cover on the lives of the enrolled persons has commenced from 1st June 2015.

Under PMJJBY scheme, life cover of Rs. 2 lakhs is available for a one year period stretching from 1st June to 31st May at a premium of Rs.330/- per annum per member and is renewable every year. It is offered / administered through LIC and other Indian private Life Insurance companies. For enrolment banks have tied up with insurance companies. Participating Bank is the Master policy holder.

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) A person can join PMJJBY with one Insurance company with one bank account only.

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health. Initial enrolment period in the scheme was from 1st May to 31st May ‘2015, which has now been extended up to 31st Aug’ 2015, by this date eligible persons can join the scheme without giving self-certification of good health, even though eligible persons can join the scheme on any date by paying the premium for full year. In case of claim the nominees/heirs of the insured person have to contact respective bank branch where the insured person was having bank account. A death certificate and simple claim form is required to submit and the claim amount will be transferred to nominees account.

News & Events

Interest Rate for deposits Changed from 10.10.2019
Financial Literacy Week: June 3-7, Theme: Financial Literacy to Farmers.
KDC Mobile Banking Application is now available in Apple platform
KDC Bank RuPay Cards- Get Accidental insurance cover and many more offers
IFS Codes of bank/branches has changed
KDC Bank Received the NABARD AWARD for the best financial perfomance and initiative under Developmental field during the year 2015-16
Bank will not ask your ATM Card Number and Secret PIN in any case. beware of such frauds
RTGS/NEFT Facility is absolutely FREE at Our Bank without any limit.
NRE account facility is available at all branches of KDC Bank. Fix an appointment with our branch at your convenience..
Customers can now easily change their existing bank to our bank for AADHAAR Linking. Submit the Mandate Form to our branch immediately
All type Scholarship Schemes for School going students can be availed through their KDC Bank accounts,
All our customers can now enjoy the facility of DBT and All AADHAAR based payments. Link your AADHAAR Number immediately
KDCB RuPay Debit cum ATM Card is acceptable in ATMs/Retail Outlets/PoS all over India. Enjoy the convenience of Cashless Shopping Conact KDC Bank Branch for your ATM card
Unclaimed deposits Transferred to RBI - DEAF(Depositor Education and Awareness Fund Scheme)-2014 for more details see link Downloads
Back to Top