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Pradhan Mantri Suraksha Bima Yojana(PMSBY) Gujarat

Pradhan Mantri Suraksha Bima Yojana(PMSBY) Gujarat

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.



New Delhi: What’s good at Rs 12 these days? Even a cup of good tea costs Rs. Not found in 12. In such a situation, if the cost of insurance cover is only Rs 12, is it a matter of happiness? We are talking about the Prime Minister’s Security Insurance Scheme (PMSBY). This is a plan that is insuring the common man at a very low premium. The goal of the scheme in the days of this Koro epidemic is that even the poorest person in the country can get insurance so that there is no financial hardship during any accident in his life.

Who will get the benefit of this scheme?

The benefits of Pradhan Mantri Suraksha Bima Yojana can be availed by any citizen from the age of 18 to 70 years. In this plan, the insurer has to pay a premium of Rs. 1 per month.

How to avail the benefits of this scheme?

The application form can be downloaded from the website of Financial Services or from the link Download Form . Or visit the bank. The form is available in English, Hindi, Gujarati, Bengali, Kannada, Oriya, Marathi, Telugu and Tamil. You can take this insurance through any bank. In the public sector, private banks have also provided complete information related to their websites. The applicant must have a bank account to avail this scheme. Thus the premium amount is deducted from your account only. The bank will automatically deduct the premium amount from your account every year. It is important that you always keep a minimum amount in the savings account as per the rules of the bank. If for some reason the auto debit of the premium fails, your insurance cover will expire.
  • Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 – for Accidental Death Insurance) are:
  • Eligibility: ICICI Bank Savings Bank (SB) Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.
  • Policy period: The cover shall be for one year starting from June 1 to May 31 of next year. For the Saving Account holder joining on or after June 1, the cover shall commence from the date of premium debit and end on May 31 of next year.
  • Premium: Rs. 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the Bank from the subscribers savings account held with the Bank. This is the only mode available. For renewal of the policy, it will be auto debited between May 25 and May 31, unless the customer has given a cancellation request to the Bank for the policy.
  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.
Table of Benefits Sum Insured
  • I. Death Rs. 2 Lakh
  • II. 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 one foot Rs. 2 Lakh
  • III. Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh 

The total amount that can be claimed under the policy is INR 2 lakh only

The cover is subject to exclusions of the policy.

Exclusions:

Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.” For more details, please refer the Master Policy wordings.

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