Low Cost Insurance Policy in India Rs 12 Only - Prime Minister Suraksha Bima Yojana

Low Cost Insurance Policy in India Rs 12 Only - Prime Minister Suraksha Bima Yojana,
Prime Minister of India Narendra Modi will  launched 'Pradhan Mantri Suraksha Bima Yojana' (PMSBY) Scheme on 09 May 2015 in Kolkata. Pradhan Mantri Suraksha Bima Yojana is a government -backed Accident insurance scheme in India. Only 20% of India's population has any kind of insurance, this scheme aims to reduce the number. Indian government announced 'PMSBY' scheme for Accidental Death and Disability.insurance scheme with very Low Cost Insurance in India .

Low Cost Insurance Policy in India Rs 12 Only_ap_info_service_.com

Details of the 'PMSBY' Scheme :

The scheme will be a one year cover, renewable from year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered/ administered through Public sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approval and tie up with Bank for this purpose.Participating bank will be free to engage any such insurance company for implementing the scheme for their subscribers.

What is the Benefits of Under the 'PMSBY' Scheme ?



Table of Benefits Sum Insured
aDeath Rs. 2 Lakh
bTotal and irrecoverable loss of both eyes or loss of use of both handsRs. 2 Lakh
or feet or loss of sight of one eye and loss of use of hand or foot
cTotal and irrecoverable loss of sight of one eye or loss of use of oneRs. 1 Lakh
hand or foot

Premium : Rs. 12/- per annul 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 case auto debit takes place after 1st June , the cover shall commence from the first day if the month following the auto debit.

Download PMSBY Scheme Clime Form

Download Consent-cum-Declaration Form

Who will be eligible for subscribe PMSBY Scheme ?
The saving bank account holders in the age 18 to 70 years (nearer birthday) in participating bank will be entitled to join. In case of multi saving bank accounts held by an individual one different bank, the person would be eligible to join the scheme through one saving bank account only. Aadhaar would be the primary KYC for the bank account.In case joint Account holders,both the Account holders are eligible to join on payment of premium for each account.

What is the enrollment period and modality ?
Initially on launch for the cover period from 1st June 2015 to 31st May 2013 subscribers are expected enroll and give their auto debit option by 31st may 2015, extendable up to 31st August 2015. Enrollment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.

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When can the accident cover assurance terminate ?
The accident cover of the member shall terminate/be restricted accordingly on any of the following events:

1. On attaining age 70 years ( age neared birth day)
2. Closure of account with 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 account and the premium shall be liable to be forfeited.

What will be the role of the insurance company and Bank ?

1. The scheme will be administered by PSGICs or any other General Insurance company which si willing to offers such a product in partnership with a bank/banks.

2. It will be the responsibility of the participating bank to recover the appropriate annual premium in one installment, as per the option, from the account holders on or before the due date through 'auto-debit' process and transfer the amount due to the insurance company.

3.  Enrollment form/ Auto-debit authorization/ Consent cum Declaration form in the prescribed proforma shall be obtained as required, and retained by the participating bank. In case of claim, PSGIC/ insurance company may seek submission of the same. PSGIC/Insurance Company also reserve the right to call for these documents at any point of time.

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How Would the premium be appropriated ?

1. Insurance Premium to PSGIC/Other insurance company : Rs 10/- per annum per member.
2. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs .1/- per annum per member.
3. Reimbursement of Administrative expenses to participating Bank: Rs .1/- per annum per member.

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