Insurance PMSBY

Overview

We have tied up with The New India Assurance Co Ltd. to provide Pradhan Mantri Suraksha Bima Yojana (PMSBY) to our savings bank account holders in the age group of 18 to 70 years. The scheme offers accidental death and disability cover of ₹2 lakhs for an annual premium of premium of ₹ 20/-. Period of insurance cover will be from 1st June to 31st May every year.

Eligibility & Features

  • Eligibility :
    • All savings bank account holders in the age 18 to 70 years will be entitled to join the Scheme.
  • Features :
      Event Sum Assured
      Death ₹ 2 Lakh
      Permanent Disability like 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 ₹ 2 Lakh
      Partial Disability like total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ₹ 1 Lakh

Other Details

  • Premium :
    • Annual premium of ₹ 20/- only.
  • Enrolment Period :
    • Insurance period is from 01st June to 31st May, every year.
    • Enrolment possible on payment of full annual premium on any date.
  • Premium Payment :
    • Premium auto-debited from enrolled account centrally.
  • Scheme Validity :
    • Scheme validity will be till May 31, every year from the date of debit of premium from customers’ account.
  • Scheme Renewal :
    • In the month of May (before 31st May) every year.
  • Termination of assurance :
    • 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.
  • Enrolment mode :
    • The customers can enrolled for the scheme through Branches as offline mode, by giving a one page application form

    • Due to insufficient balance on due date or any other administrative / technical issues if the insurance cover is ceased,the same can be continued after receiving of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and continuation of risk cover will be at the sole discretion of concerned insurance company.
    • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.

Claim Process

  • Mandatory Documents :
    • Original PMSBY Claim Form signed by nominee and branch.
    • Original PMSBY Discharge Receipt duly filled in and signed by nominee across revenue stamp (₹ 1/-) affixed. Branch should also sign and certify.
    • Copy of enrolment form, attested by branch.
    • Original FIR / Panchnama or copy of the same attested by branch.
    • Copy of Post Mortem report attested by the branch.
    • KYC of nominee attested by branch
    • KYC of the insured (deceased), attested by branch
    • Cancelled Cheque leaf / account statement / copy of front page of passbook of nominee.
  • In Case of Disability :
    • Original Disability Certificate issued by a Civil Surgeon.
  • In Case of Death :
    • Copy of Death Certificate in English, Hindi or Marathi, attested by branch.
  • Note :
    • If the FIR, Death Certificate & Post Mortem report are not in English, Hindi or Marathi, a translated copy of the same, attested by the branch shall also be submitted.
    • If the nominee is a minor, claim form shall be filled by the appointee on behalf of the minor. Contact and account details of appointee may be entered in the claim form and the claim portal.

FAQ

    • The annual premium to be paid would be ₹ 20/- only.
    • The benefits are as follows:
    • Event Sum Assured
      Death ₹ 2 Lakh
      Permanent Disability like 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 ₹ 2 Lakh
      Partial Disability like total and irrecoverable loss of sight of one eye or loss of use of one hand or foot ₹ 1 Lakh

    • The insurance cover under the scheme will be for one year, renewable every year, offering protection against death or disability due to accident.

    • All savings bank account holders in the age 18 to 70 years 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.Customers have to submit the duly filled in application forms at the branches for enrolling to the scheme.

    • The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment. Members may also give one-time mandate for auto-debit facility every year till the scheme is continued.

    • Insurance cover period of the scheme starts from 1st June for each year till31stMay next year. For enrolments after 31st May, scheme validity will be till next year’s May 31 and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts. The enrolment period is till 31st August each year.

    • Our insurance partner for PMSBY is Life Insurance Corporation of India.

    • Yes, the customer can avail this scheme though he / she already have been cover under any other insurance scheme.

    • Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health.For subsequent enrolments, the scheme validity will be till May 31 next year only and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts.

    • Customers 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, irrespective of their date of enrollment.Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

    • Customer who had exited the scheme at any point may re-join the scheme in future years by paying the annual premium and submitting a self-declaration of good health.

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 pay premium amount.
    • 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.