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LOGINPradhan Mantri Suraksha Bima Yojana
The scheme will be a one year cover, renewable from year to year; Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered /administered through New India Assurance Co. Ltd. for which bank has tied up for this purpose.
Enrollment Modality / Period:
The insurance cover is valid for one year, from 1st June to 31st May each year.- To join the scheme, customers must submit the prescribed form and give the option for auto-debit from their savings bank account by 31st May, extendable up to 31st August.
- Individuals can also join after the deadline by paying the full annual premium, subject to specified conditions.
- Applicants may provide an indefinite or long-term auto-debit authorization, which will continue as long as the scheme remains active and its terms may change based on experience.
- Anyone who exits the scheme can re-join in future years.
- New members who become eligible in future years, or those who were eligible earlier but did not join, can enroll in later years as long as the scheme continues.
Eligibility Conditions
Benefits | Sum Insured | |
|---|---|---|
| 1 | Death | ₹. 2 Lakh |
| 2 | 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 |
| 3 | Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot | ₹. 1 Lakh |
Premium:
- ₹.20/- per annum per member. The premium will be deducted from the account holder’s savings bank account through auto debit facility in one installment on or before 1st 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 first day of the month following the auto debit.
Eligibility Conditions:
- Savings bank account holders of participating banks aged between 18 years (completed) and 70 years (nearest birthday) are eligible to enroll.
- Enrollment requires the customer’s consent to join the scheme and enable the auto-debit facility as per the rules.
- Joint account holders are also eligible, and each account holder may join the scheme by paying the premium separately.
- ₹.20/- per annum per member. The premium will be deducted from the savings bank account through auto-debit in one installment on or before 1st June each year.
- If auto-debit occurs after 1st June, the insurance cover will start from the first day of the next month after auto-debit.