pmjjby faqs - maharashtra gramin bank
YOT
of the scheme?
?l;il*l^,le,1r3,ure
Theschem" *ri'["
r=;"";::r.::f .,
rear to
vear
ori"iing lire insurance
vear, offering
verr,
,f"r;.'rffi;.?f:,i;lT":,,r;JHirffi
lnsu.rance scheme,
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renewabre from
:"l'Jsil: :g: r r : r. yd p re m u m p a y a b, e ?
['-15i|;;'"HXTi".1;18$,[:1il'*:nT[i:'#,0.g:r,,ypavab,e?
reason' The premium
subscriber.^"
.
H
:n3iHi:Y"T:iff
"" s oueucl"lo€ll:
is
Rs.330/- p"t inn '"' per
um
subscriber.
Q3. How will th.e premium
be paid?
rhe premirT_*.1J. b"-;,#,}Jj
no,
the account
n
i
h
lfi '::3ll,ti[,I#;Jhl,t#munl-,,"0"1','n3]"i,ii'llfl:';?f
,,:,;J#ffi
:?i;?;JflH*ff
Q4. Who
:i1':H.*";l"l;:SJ:ii;{i[f
*iil.?tr,r/ administer
the
rhe schem.
y:lr9 b; ;;f";;'.1
ff irr:?:nxillirJ:-",ffi
:TH;;fr
:fl
rhrguoh Lrc and other
Lire rnsurance
iil;sr,1.t*,ix#1#Tu;;st#*:1t",,il,,n,t]H,#;
such rife insurance'.orp5nv'rxr
irpr*;r];;;'rh""Jtnur"
Q5. Who will be eligible
to subscribe?
All savings bank-acc6"iff#.i1
tn." age
entiiled to ioin.
o me i" n t r ;;it
;:,: : r
bank account oi;
if,
1B to 50
for their subscribers.
v9als in participating banks
wi, be
#H[ i* :,t i,1: ffi r f, :
5 f"H#i:
Q6. What is th
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l ;1. :i,J
i ffiJ
j:itii:i5il:fl:i1"il",qrj'Jr:
ffi:tr"1rifHir,"#:*,l[t*-*i'.;ldfi
Subscribers who
yvis.fr to continue beiond
the first v
il#*i*t*'lgfi#l;
s ve,he r
il[:i",3,",Tiif rHH if
i::ffii
submission orl serr-certificate
i::'.,,ffi:*ri:i{
ryment !ff.:Jffired'['
of ful;;;;r1t*rflilTj
of gooo
heatth.
ilfll.mndividuals
gooo heiJil'
who fail to join the
scheme in rhe initiar
year join in
iff:[fi?J:XT#ilrlL;?:.,,::Tff,:lolission
or a serr_certiricate
or
lso join accordingly.
Q8. Can individu_als
who leave the scheme
lndividuals who exit
rejoin?
tf.,"..f.,"r"
payin tn e a
s
n n ua i prem i
um ;il;t,11il,ff
: :T,? I J:nH
i
iiffiT,"#
c
scheme?
ig-riri;;
payable
,i'l
.l.j?.:T ? g fitu re yea rs by
Q9. who would be the Master poricy hotder for the sctreriez
Participating Banks will be the Mastei policy hotoers.
A simpte and subscriber friendly
administration & .J."iT settlement process shall be finalized 'by
-' .-t LIC
-' I cnosen insurance
company in consultation with the participating
bank
Q10. when can the assurance on life of the member terminate?
The assurance on the life of the member shall terminate / be restricted
any of the following events:
accordingly on
i' on attaining.age 55 years (age near birth day), subject to annual renewal up to
tlrt date (entry, however, will not be possible 6eyond the age of 50 years).
..
ii'
account with the Bank or insuificiency of balance to keep the
9^P:::^:f
tnsurance in force.
iii' ln case a member is covered through more than one account and premium is
received by LIC / insurance compiny inadvertently, insurance
cover will be
restricted to Rs. 2 Lakh and the premium shatl be liable
to Oe iori"it"o.
Q11. what
i'
ii'
iii'
will be the rore of the insurance company and the Bank?
The scheme will be administered by LIC or any other Life lnsurance
company
which is willing to offer such a produit in partnership with a bank
/
banks.
lt will be the. responsibility of :the participatin! oanr to recover the appropriate
annual premium in one installment, as per the option, from
the account holders
on or before the due date through 'auto-debit' process and transfer
the amount
due to the insurance company.
Enrollment form / Auto-debit authorization / Consent cum Declaration
form in the
prescribed proforma, as required, shall be obtained
and
retained by the
participating bank. ln case of claim, Llc insurance
.orprny may seek
submission of the same. LIC / lnsurance Company also reserve
the right to call
for these documents at any point of time.
/
Q12. How woutd the premium be appropriated?
a' lnsurance Premium to LIC /other insurance company: Rs.2ggl per annum
per
member;
r
b' Reimbursement of Expenses to BC/Micro/Corporate/Agent :
c'
Rs.30/- per
annum per member;
Reimbursement of Administrative expenses to participating Bank:
Rs.11l- per
annum per member.
Q13' Will this cover be in addition to cover under any other insurance
scheme the
subscriber may be covered under?
Yes.
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