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Insurance - PMSBY

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 ₹12/-. Period of insurance cover will be from 1st June to 31st May every year.

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
Premium :
  • Annual premium of ₹ 12/- 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 first day of following month from 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
Important terms :
  • 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.
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.
  • Central KYC form from Nominee
  • 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.
Q1. What would be the premium payable and benefits under the scheme?
Q2. What is the nature of the scheme?
Q3. Who will be eligible to avail the scheme?
Q4. How will the premium be paid?
Q5. What is the enrolment period and mode?
Q6. Who is our insurance partner for the scheme?
Q7. Will this cover be in addition to cover under any other insurance scheme the customer may be covered under?
Q8. Is enrolment possible after August 31?
Q9. What is the procedure for renewal?
Q10. Can any customer at any point rejoin the scheme if he / she had exited the scheme?
Q11. When the assurance on life of the member can get terminated?