Pradhan Mantri Suraksha Bima Yojana (PMSBY) (started from 09 May 2015) is an accidental insurance policy of the Government of India, under which there is a provision to provide insurance amount up to Rs.2.00 lakh in case of death or disability due to accident. This cover is for one year which is renewable every year. This scheme will be introduced/administered by affiliating banks/post offices after necessary approvals by the interested life insurance companies.
Necessary
Terms/Conditions
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All individual bank/post office account holders in the age group of 18 to 70 years will be eligible.
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In case of multiple accounts, that person will be eligible to join the scheme through only one account.
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Aadhar card will be the primary KYC for the bank account.
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Annual premium of Rs. 20/- will be payable.
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Person has to give consent for auto-debit for deduction of premium.
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This cover is for one year which will be from 01st June to 31st May every year, which will have to be renewed every year before 01st June.
There is a provision for payment under the scheme in the following way :
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Death by accident - Rs 2.00 lakh
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Permanent Total Disability (Disability of both eyes/both hands/both legs/one eye and one hand or one leg) - Rs.2.00 lakh
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Permanent partial disability (one eye or one hand or one leg) - Rs.1.00 lakh
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No payment in case of natural death
