JAN SURAKSHA BIMA YOJNA & MAHILA SURAKSHA BIMA YOJNA FAQs

How is premium rate decided?

 A non-tariff class of business, the standard premium shall be charged @Rs. 0.60% of the group sum insured, provision for Group Discount available too.

What is the age limit?

  • Standard age limit is 5 to 70 years.
  • Renewal beyond 70 years is possible only up to 80 years.
  • Fresh or renewal cover shall not be accepted beyond 80 years.

How is sum insured decided?

Fixation of Capital Sum Insured is done by seeing the insured’s profitable premium paying capacity. Limits include, each person’s minimum sum insured is Rs 10,000 yearly and the maximum insured amount, Rs.1,00,000, cannot be exceeded.

Policy Cancellation Details:

We may cancel this Policy by sending 15 days’ notice in writing by Regd. A.D. to You at Your last known address. You will then be entitled to a pro rata refund of premium for the unexpired period of this Policy from the date of cancellation, which We are liable to repay on demand. You may cancel this Policy by sending a written Notice to Us. We will then arrange a refund after retaining the premium based on the following Short Period scale.

Cancellation Period

Refund

Within One Week of inception of cover

25% of premium

Beyond One Week of inception of cover but within 15 days of inception of cover.

12.5% of Premium

Beyond 15 days of inception of cover

NIL

 

How is premium rate decided?

 A non-tariff class of business, the standard premium shall be charged @Rs. 0.60% of the group sum insured, provision for Group Discount available too.