Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The Accident Insurance scheme will be a one-year cover, renewable from year to year, offering accidental death and disability cover for death or disability on account of an accident.
Scope of coverage: All individual 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 individual bank account on the prescribed forms will be required to be given by 31st May of every year. Joining subsequently on payment of full annual premium may be possible on specified terms.
Premium: Rs. 20/- per annum per member.
Eligibility Conditions: The individual bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
Benefits & Sum Insured
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Death: Rs. 2 Lakh
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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
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Partial loss: Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot. Rs. 1 Lakh