Pradhan Mantri Suraksha Bima Yojana

Highlights of the Pradhan Mantri Suraksha Bima Yojana (PMSBY – for Accidental Death Insurance) are

• Eligibility: All IndusInd Bank saving 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 period starting from 1st June 2015 to 31st May 2016 for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May 2015 - extendable up to 31st August, 2015. For the saving A/c holder joining after 31st May 2015 and on or before 31st August 2015 the cover shall end on 31st May 2016.
• Premium: Rs. 12/- + service tax (per annum).
• Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
• Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakh.

Terms and conditions:

• Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Saving Bank Account In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
• The cover shall commence from the 1st of the month subsequent to the date of enrollment in the scheme. Customer will have to pay full annual premium even if join the Scheme after the commencement of the Group Policy.
• The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.
• The nominee details as available in the savings account will be updated in the policy. The personal details, as required, regarding admission into the Pradhan Mantri Suraksha Bima scheme will be shared with Cholamandalam MS general Insurance Company Ltd.., under Group Policy No. 2839/00000484/000/00 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
• Any information provided by the customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all monies paid in respect thereof shall stand forfeited.

Rules of the scheme

• Scope of Scheme: 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. Aadhaar would be the primary KYC for the bank account.
• Enrolment: The cover shall be for the one year period from 1st June 2015 to 31st May 2016. Applicants may give an indefinite/longer option for enrolment/auto debit, subject to continuation of the scheme with terms as may be revised. The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join and enable auto-debit will be enrolled in the scheme.
• Benefits and sum insured: The benefits payable, following an accident to the Insured member, under this scheme is as under:

• Premium: Rs 12 /- per member per annum. The premium will be deducted from the account holder’s savings bank account through auto-debit facility in one instalment on or before 1st June of each annual coverage period. If the auto-debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit. In such cases also, the cover shall continue till 31st May of next year.
• 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:
  • On attaining age 70 years (age nearest birthday)
  • Closure of account with the bank or insufficiency of balance to keep the insurance in force
  • 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
  • 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. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company. Participating banks will deduct the premium amount in May every year and remit the amount due to the Insurance Company in that month itself.