PMSBY
PMSBY: Pradhan Mantri Suraksha Bima Yojana
A one-year accidental insurance cover, renewable every year, offering accidental death and disability protection. The scheme is administered through New India Assurance Co. Ltd. for which the bank has tied up for this purpose.
Premium
Rs. 20/- per annum per member
Eligibility Condition
- Savings bank account holders 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.
- The premium will be deducted from the savings bank account through auto-debit in one installment on or before 1st June of each annual coverage period.
- If auto-debit occurs after 1st June, the cover starts from the first day of the following month after auto-debit.
Benefits
| Benefits | Sum Assured |
|---|---|
| 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 irrecoverable loss of sight of one eye or loss of one hand or foot | Rs. 1 lakh |