Prime Minister Suraksha Bima Yojana (PMSBY)
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 to implement the scheme for their subscribers.
Scheme Guidelines:
Plan Type | Personal Accidental Insurance Plan linked to Saving Bank Account |
Insurance Company | The New India Assurance Company Ltd. |
Entry Age | Minimum – 18 Years Maximum – 70 Years |
Tenure of Policy | 1 Year, Renewal Every Year |
Sum Assured | Maximum Rs. 2 Lac |
Scheme Launch Date | 1st June 2015 |
Coverage Period | 1st June to 31st May (1 Year). |
Coverage | Death due to accident/ Permanent disability due to accident. |
Benefits |
| Table of Benefits | Sum Insured | 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 one hand or foot. | Rs. 1 Lakh | c. | Total and irrecoverable loss of sight of one eye or loss of one hand or foot | Rs. 1 Lakh |
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Premium Rates | Rs. 20/- per annum per member for enrolments done through bank branches. |
Claim Procedure | For detailed claim procedure and claim documents, please contact to the nearest bank branch. |
