Banking News

Lien clause introduced to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme w.e.f June 1,


Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) Scheme, which is  administered by LIC, offers life insurance cover worth Rs 2 lakhs to all the bank SB account holders between 18 to 50 years of age at a premium of Rs 330 per annum. The Rules for the above scheme has been modified with effect from June 1, 2016. In the revised rules a lien clause is incorporated whereby claims for deaths which occur during the first 45 days from the date of enrolment will not be paid. Therefore, with effect from June 1, 2016, the risk cover under PMJJBY will commence only after the completion of 45 days from the date of enrolment into the scheme by the member. However, it is clarified by the Government of India that the deaths due to accidents will be exempt from the Lien Clause.

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