Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:
• Eligibility: Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
• Policy period: The cover shall be for one year period starting from June 1, 2015 to May 31, 2016 for which option to join / pay by auto-debit from the designated Savings Bank account on the prescribed forms will be required to be given by May 31, 2015 - extendable up to August 31, 2015. For the saving A/c holder joining after May 31, 2015 and on or before August 31, 2015 the cover shall end on May 31, 2016.
• Premium: Rs. 12 per annum.
• Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
• Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.
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Table of Benefits* |
Sum Insured |
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I. |
Death |
Rs. 2 Lakh |
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II. |
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 one hand or one foot |
Rs. 2 Lakh |
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III. |
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot |
Rs. 1 Lakh |
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*The total amount that can be claimed under the policy is INR 2 lakh only |
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The cover is subject to exclusions of the policy.
Exclusions:
Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer the Master Policy wordings.
Terms and conditions:
Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Savings Bank Account. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
The cover shall commence from the 1st of the month, subsequent to the date of enrolment in the scheme.
Customer will have to pay full annual premium even if he/she joins the Scheme after the commencement of the Group Policy.
The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
Policy shall not be issued if nominee details are not provided in SMS / available in SB account. No separate intimation shall be provided for the same. To have a different nomination, please enrol for the scheme at the branch.
The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings Bank account shall be debited on or before May 31, 2015 which is extendable up to August 31, 2015. For the Savings Bank account holder, joining after May 31, 2015 on or before August 31, 2015, the cover shall end on May 31, 2016.