Pradhan Mantri Suraksha Bima Yojana (PMSBY)

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

The Pradhan Mantri Suraksha Bima Yojana is government-backed accidental insurance scheme, formally launched by Prime Minister Narendra Modi on 9 May in Kolkata. It was originally presented by Finance Minister Arun Jaitley in February 2015.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a one year accident cover insurance scheme which is renewable from year to year. This scheme offers accidental death and disability cover for death or disability on account of an accident. It has specially been designed for the majority of people in rural areas who are mostly below the poverty line and who are not at all covered under any kind of insurance in spite of many insurance companies operating in India with their variety of products and schemes.After the success of Pradhan Mantri Jan Dhan Yojana, the major aim of Pradhan Mantri Suraksha Bima Yojana (PMSBY) is to reach such people with its benefited insurance schemes.

Eligibility

All savings bank account holders in the age 18 to 70 years in participating banks are eligible 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.

Premium

Rs 12/- per annum for each member which will be deducted from the policy holder’s saving bank account through an ‘auto debit’ facility in the month of June every year. This cover will 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 is required to be given by 31st May of every year.

Benefits

  • The death benefits are up to 2 lakhs.
  • In case of 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, the insurance cover would be up to 2 lakh.
  • In case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the sum assured would be Rs 1 lakh.

Termination

The cover of the member will terminate under any of the following events automatically:

  • On policyholder’s attaining age 70 years (age neared birth day).
  • Closure of account with the bank.
  • If the premium has not been paid due to insufficient balance in the saving account.
  • 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 other insurance covers are terminated and premium shall be forfeited.

Upcoming Bank Holidays

2017 June 09 is a bank holiday in Sikkim due to Saga Dawa.
2017 June 15 is a bank holiday in Mizoram due to Y.M.A Day/Raja Sankranti.
2017 June 22 is a bank holiday in Jammu And Kashmir due to Shab-I-Qadr.
2017 June 23 is a bank holiday in Jammu And Kashmir due to Jumat-ul-Veda.

Search IFSC/MICR/ATM

 

 

 

Financial Calculators

Search Bank By Branch

Bank Interest Rates

ALL INDIA BANKS LIST
A B BANK LIMITED ABN-AMRO Bank N.V ABU DHABI COMMERCIAL BANK AIRTEL PAYMENTS BANK LIMITED
ALLAHABAD BANK American Express Banking Corp ANDHRA BANK Antwerp Diamond Bank NV
AXIS BANK B N P PARIBAS BANDHAN BANK LIMITED BANK OF AMERICA
BANK OF BAHARAIN AND KUWAIT BSC BANK OF BARODA BANK OF CEYLON BANK OF INDIA
BANK OF MAHARASHTRA BANK OF TOKYO MITSUBISHI LIMITED BARCLAYS BANK BHARATIYA MAHILA BANK LIMITED
Calyon Bank CANARA BANK CATHOLIC SYRIAN BANK LIMITED CENTRAL BANK OF INDIA
CHINATRUST COMMERCIAL BANK LIMITED CITI BANK CITY UNION BANK LIMITED CORPORATION BANK
DBS Bank Ltd DCB BANK LIMITED DENA BANK DEUSTCHE BANK
DHANALAKSHMI BANK EQUITAS SMALL FINANCE BANK LIMITED EXPORT IMPORT BANK OF INDIA FEDERAL BANK
HDFC BANK HSBC BANK HSBC BANK OMAN SAOG ICICI BANK LIMITED
IDBI BANK IDFC BANK LIMITED INDIAN BANK INDIAN OVERSEAS BANK
INDUSIND BANK JAMMU AND KASHMIR BANK LIMITED JP MORGAN BANK JSC VTB BANK
KARNATAKA BANK LIMITED KARUR VYSYA BANK KOTAK MAHINDRA BANK LIMITED Krung Thai Bank Public Co. Ltd
LAXMI VILAS BANK MASHREQBANK PSC MIZUHO CORPORATE BANK LIMITED OMAN INTERNATIONAL BANK SAOG
ORIENTAL BANK OF COMMERCE PUNJAB AND SIND BANK PUNJAB NATIONAL BANK RBL Bank Limited
SBM BANK MAURITIUS LIMITED SHINHAN BANK SOCIETE GENERALE SONALI BANK LTD
SOUTH INDIAN BANK STANDARD CHARTERED BANK STATE BANK OF BIKANER AND JAIPUR STATE BANK OF HYDERABAD
STATE BANK OF INDIA STATE BANK OF MYSORE STATE BANK OF PATIALA STATE BANK OF TRAVANCORE
SURYODAY SMALL FINANCE BANK SYNDICATE BANK TAMILNAD MERCANTILE BANK LIMITED THE BANK OF NOVA SCOTIA
THE NAINITAL BANK LIMITED UBS AG UCO Bank Ujjivan Small Finance Bank Limited
UNION BANK OF INDIA UNITED BANK OF INDIA UNITED OVERSEAS BANK LIMITED UTKARSH SMALL FINANCE BANK
VIJAYA BANK Woori Bank YES BANK ZILA SAHAKARI BANK LTD