• Death Benefit - In the event of death of the member, provided the policy is in force, a fixed Sum Assured of Rs.2 lakhs shall be payable to the nominee.
• For new members enrolling into the scheme Or Scheme Members rejoining into the Scheme/ policy (in case of fresh enrolment after exiting the policy once or in case of late renewal of the policy) the risk will not be covered during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible
• Upon the payment of the Death Benefit, the Policy terminates and no further benefits are payable
• Maturity Benefit - No benefits are payable on maturity
• Surrender Benefit - No benefits are payable on surrender
• Policy Term – Annually renewable

First premium is payable depending upon date of joining the scheme as shown below:

• Exclusions: Exclusions as mandated in Pradhan Mantri Jeevan Jyoti Bima Yojna scheme, as amended from time to time shall be applicable.
• The risk commencement date for the scheme shall be the date of enrolment and risk cessation date shall be the following 31st of May. Initial cover period shall be from the date of enrolment to the following 31st May.
• Premium: Rs.436/ per annum per member. The premium will be deducted from the account holder's bank / Post office account through 'auto debit' facility in one installment, as per the option given, at the time of enrolment under the scheme. Delayed enrolment for prospective cover after 31st May will be possible with payment of pro-rata premium as laid down under "Eligibility conditions" above. The premium would be reviewed based on annual claims experience.
• Individuals who exit the scheme at any point may re-join the scheme in future by paying premium as per the applicable modality. The exclusion of Insurance benefit during the lien period shall also apply to subscribers who exit the scheme during or after the first year, and rejoin on any date on or after 1st June. 
• In Future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing subject to the 30 days of lien period as explained above.
• Termination of Membership: The membership with the scheme will terminate on occurrence of any of the below mentioned event:
  a. On member attaining age 55 years (age neared birthday) subject to annual renewal up to that date
  b. In case a member is covered under more than one account and premium is received by HDFC Life, the insurance cover will be restricted to Rs. 2 lakhs and additional premium, if any, shall be liable to be forfeited.
  c. If the insurance cover is ceased due to any technical reasons such as insufficient balance on the due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health.
  d. Bank shall remit the premium in case of regular enrolment on or before 30th of June every year and in other cases in the same month when received.

• The member of the policyholder of a life insurance on his own life may nominate one or more than one person to whom money secured by the policy shall be paid in the event of his death.
• Where the nominee is a minor, the member of policyholder may appoint any member of the deceased Policy holder to receive the money secured by the policy in the event of member's death during the period of the nominee not attained majority as per law. The manner of appointment to be laid down by the insurer.
• Nomination can be made at any time before the maturity of the policy.
• Nomination may be incorporated in the text of the policy itself or may be endorsed on the policy communicated to the insurer and can be registered by the insurer in the records relating to the policy.
• Nomination can be cancelled or changed at any time before policy matures, by an endorsement or a further endorsement or a will as the case may be.
• A notice in writing of Change or Cancellation of nomination must be delivered to the insurer for making the insurer liable to such nominee. Otherwise, insurer will not be held liable if a bonafide payment is made to the person named in the text of the policy or in the registered records of the insurer.
• Fee to be paid to the insurer for registering change or cancellation of a nomination can be specified by the Authority through Regulations. Section 6 (Nomination) is simplified version prepared for general information only and hence is not comprehensive. For full texts of this section please refer to Section 39 of the Insurance Act, 1938 as amended by Insurance Laws (Amendment) Act, 2015.

• No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy or shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectus or tables of the insurer. Provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bonafide insurance agent employed by the insurer.
• Any person making default in complying with the provisions of this section shall be liable for a penalty which may extend to Ten Lakh Rupees.

• No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
• A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision is based.
• Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer: Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
• A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued: Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based: Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
• Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.

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Disclaimer:

Equitas Small Finance Bank Limited, having office at 4th Floor, Spencer Plaza, No. 769, Phase II, Anna Salai, Chennai - 600002, Tamil Nadu, is an authorized Corporate Agent of HDFC Life insurance Company Limited with IRDAI Registration number – CA0332 & merely acts on a non-risk participation basis and the underlying risk shall be underwritten by the respective insurer. The purchase by a bank’s customer of any insurance products is purely voluntary, and is not linked to availing any other facility from the bank. Details of commission, which Equitas Small Finance Bank Limited is eligible to earn on the sale of Insurance products in its capacity as corporate agent is provided below. For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale.

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IRDAI is not involved in activities like selling insurance policies, announcing bonus or investment of premiums. Public receiving such phone calls are requested to lodge a police complaint.