Rules, Terms and Conditions for the PRADHAN
MANTRI SURAKSHA BIMA YOJANA
DETAILS OF THE SCHEME PMSBY
The PMSBY scheme will be a one
year cover, renewable from year to year, Accident Insurance Scheme offering
accidental death and disability cover for death or disability on account of an
accident.
Scope of coverage:
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All savings bank account holders in the age 18 to 70 years in
participating banks will be entitled to join. In case of multiple saving bank
accounts held by an individual in one or different banks, the person would be
eligible to join the scheme through one savings bank account only.
Enrollment Modality / Period:
The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account 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. However, 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 of PMSBY
As per the following
table:
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 hand or foot
|
Rs. 2 Lakh
|
c.
|
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 installment on or before 1st June
of each annual coverage period under the scheme. 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.
The premium would be
reviewed based on annual claims experience. However, barring unforeseen adverse
outcomes of extreme nature, efforts would be made to ensure that there is no
upward revision of premium in the first three years. The scheme is liable to be
discontinued prior to commencement of a new future renewal date if
circumstances so require.
Eligibility Conditions
Other Terms & Conditions
Termination of cover:
The accident cover for the member shall terminate on any of the
following events and no benefit will be payable there under:
1.
On attaining age 70
years (age nearest birth day).
2.
Closure of account with
the Bank or insufficiency of balance to keep the insurance in force.
3.
In case a member is
covered through more than one account and premium is received by the Insurance
Company inadvertently, insurance cover will be restricted to one only and the
premium shall be liable to be forfeited.
4.
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.
5.
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.