Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.
The benefits are as follows:
|a||Death||Rs. 2 lakh|
|b||Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot||Rs. 2 lakh|
|c||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 lakh|
Premium payable is Rs.12/- per annum per member.
The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.
The scheme would be offered / administered through United India Insurance Company Ltd. All savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.
Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.
A subscriber is enrolled on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.
Participating Banks will be the Master policy holders. Administration & claim settlement process is simple and subscriber friendly.
The accident cover of the member shall terminate / be restricted accordingly on any of the following events.
- On attaining age 70 years (age neared birth day).
- 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 the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.
- The scheme will be administered by United India Insurance Company Limited, in our bank.
- Enrollment form / Auto-debit authorization / Consent cum Declaration form in the prescribed proforma shall be obtained, as required, and retained by the participating bank. In case of claim, insurance company may seek submission of the same. Insurance Company also reserve the right to call for these documents at any point of time.
This cover will be in addition to cover under any other insurance scheme the subscriber may be covered under.