For Jeevan Jyothi Beema Yojana, When can the assurance on life of the member terminate ?






Komal Komal
Answered on April 05,2019

The assurance on the life of the member shall terminate / be restricted accordingly on any of the following events:

  • On attaining age 55 years (age near birth day), subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
  • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  • In case a member is covered through more than one account and premium is received by LIC / insurance company inadvertently, insurance cover will be restricted to Rs. 2 Lakh and the premium paid for duplicate insurance(s) shall be liable to be forfeited.