Pradhan Mantri Suraksha Bima Yojana
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Scope of coverage: All savings bank account holders in the
age 18 to 70 years in participating banks are entitled to join. Participating
banks must tie up with any approved non-life insurer who will offer a Master
Policy to such bank for the cover. Any person would be eligible to join the
scheme through one savings bank account only and if he enrols in more than one
bank, he gets no extra benefit and the extra premium paid will stand forfeited.
Aadhar would be the primary KYC for the bank account.
Enrollment Modality / Period: The cover shall be for the one year
period from 1st June to 31st May 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 31st May of every year, extendable up to 31st August
2015 in the initial year. Initially on launch, the period for joining may be
extended by Govt. of India for another three months, i.e. up to 30th of
November, 2015.
Joining subsequently on payment of full annual premium may be
possible on specified terms. Applicants may give an indefinite / longer option
for enrolment / auto-debit, subject to continuation of the scheme with terms as
may be revised on the basis of past experience. Individuals who exit the scheme
at any point may re-join the scheme in future years through the above modality.
New entrants into the eligible category from year to year or currently eligible
individuals who did not join earlier shall be able to join in future years
while the scheme is continuing.
Benefits under the insurance are as follows:
Sum Insured
Death
Rs. 2 Lakh
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
Rs. 2 Lakh
Total and irrecoverable loss of sight of one eye or loss of use of
one hand or foot
Rs. 1 Lakh
Premium: Rs.12/- per annum per member. The premium will be
deducted from the account holder‟s savings bank account through „auto debit‟
facility in one instalment on or before 1st June of each annual coverage
period.
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.
Participating banks will deduct the premium amount in the same month when the
auto debit option is given, preferably in May of every year, and remit the
amount due to the Insurance Company in that month itself.
The premium would be reviewed based on annual claims experience
but efforts would be made to ensure that there is no upward revision of premium
in the first three years.
Termination of cover: The accident cover for the member shall
terminate:
1. On member attaining the age of 70 years (age nearest birth day)
or
2. Closure of account with the Bank or insufficiency of balance to
keep the insurance in force or
3. In case a member is covered through more than one account,
insurance cover will be restricted to one only and the other cover will
terminate while the premium shall be forfeited.
If the insurance cover is ceased due to any technical reasons such
as insufficient balance on due date or due to any administrative issues, the
same can be reinstated on receipt of full annual premium, subject to conditions
that may be laid down. During this period, the risk cover will be suspended and
reinstatement of risk cover will be at the sole discretion of Insurance
Company.
