Premium Components of Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana

If a member passes away, the sum assured of ₹2 Lakhs is paid to the nominee or legal heir as applicable. This benefit ensures financial support for the member's family in case of their demise.

This policy is focused on providing life insurance cover and does not provide any surrender benefits, loans or maturity benefits.

The premium for each member is fixed at ₹330 per year, providing a simple and affordable insurance solution.

Shriram Life Pradhan Mantri Jeevan Jyoti Bima Yojana is a one-year renewable group term insurance plan. If the renewal premium is not paid by the end of the grace period, the policy will lapse. The lapsed policy can be renewed by payment of the premium within the policy term of one year, along with other requirements as per the company's board-approved underwriting.

If the policy holder is not satisfied with the terms and conditions of the policy, it can be returned to the company with reasons for cancellation within 15 days (or 30 days if the plan is sold through distance marketing) of receipt of the policy document. The company will refund the premium after deducting the proportionate risk and rider premiums for the period the company has provided cover, stamp duty paid and any medical expenses incurred.