PRADHAN MANTRI SURAKSHA BIMA YOJANA

PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one year cover, renewable from year to year. The scheme would be offered/administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.

The cover shall be for the one year period stretching from 1st June to 31st May for which option to join/pay by auto-debit from the designated bank account on the prescribed forms will be required to be given by 31st May of every year. Joining subsequently on payment of full annual premium would be possible. However, applicants may give an indefinite / longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.

Rs.12/- per annum per member. The premium will be deducted from the account holder’s bank account through ‘auto debit’ facility in one installment on or before 1 st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the date of the auto debit of premium by Bank.

For more details, you can visit the site – Jan-Dhan se Jan Surksha

Beneficiary:

All individual bank account holders in the age group of 18 to 70 years in participating banks

Benefits:

As per given : 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