Pradhan Mantri Suraksha Bima Yojana Terms and Conditions

Details of the scheme

The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.

Scope of coverage

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.

Benefits

As per the following table

  Table of Benefits Sum Insured
a. Death Rs. 2 Lakh
b 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
c. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh


Process to activate Social Security Schemes through NetBanking

  • Log in to NetBanking > Click on the 'Insurance' tab.
  • You will be shown both the schemes to choose from.
  • Select the Account through which you wish to pay your premium.
  • Policy Cover amount, Premium amount and Nominee details (as per the selected account) will be displayed. You can choose to replicate the Savings Account nominee OR add a new nominee.
  • Click on the following declarations/details:

       - Good Health declaration
       - Terms & Conditions / Scheme Details / FAQs
       - "I do not hold any other policy of the same"

  • Click on 'Continue'. You will then be shown the complete details of the social security scheme you have registered for.
  • If you are okay with the scheme registration details displayed, click on 'Confirm'
  • Download the Acknowledgement, which carries a unique reference number.
  • Do save the Acknowledgement document for future reference.

Click here to apply

Enrollment Modality / Period

The Accidental death / disability cover period will be from 1st June to 31st May of next year. Subscriber can join the scheme anytime in this period and give consent for auto debit of premium. Along with enrollment, subscriber is also required to give consent for auto-debit of the renewal premium. The renewal premium is debited in the last week of May every year.

Premium

Rs.20/- per annum 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. For enrolments done on or after 1st June'16, the cover shall commence from the date of enrolment into the scheme.

The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that there is no upward revision of premium in the first three years. The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.

Eligibility Conditions

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 / enable auto-debit, as per the above modality, will be enrolled into the scheme.

Master Policy Holder

Participating Bank - HDFC Bank will be the Master policy holder for the Master Policy No. 2999205406037000000 of HDFC ERGO General Insurance Company Limited.

Download Claim Form

Click here to download PMSBY form.

Other Terms and Conditions

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:

  1. 1. On attaining age 70 years (age nearest birth day).
  2. 2. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
  3. 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 only and the premium shall be liable to be forfeited.
  4. 4. 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, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
  5. 5. Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

For SMS based subscription : Customer details will be taken as per the Bank account .In case the customer is interested in updating details which are different from those in the Bank account , the customer is requested to contact the nearest branch for subscribing the policy. Customers who need to update additional details like existing disability , are also advised to contact the nearest branch for subscribing to the policy. No separate intimation shall be provided for the same. The customer response received through their registered mobile number shall be considered as consent for auto debit from there savings bank account.

For emailer based subscription : Customer details as per the bank account number specified will be taken . In case the customer is interested in updating details which are different from those in the Bank account - the customer is requested to contact the nearest branch for subscribing the policy. Customers who need to update additional details like existing disability are advised to contact the nearest branch for subscribing to the policy. Nomination details will be taken as per the information provided in the e mailer response by customer . No separate intimation shall be provided for the same. The customer response received through their registered email in the required format (sent in the emailer for the scheme) shall be considered as consent for auto debit from there savings bank account.

By giving his consent to the scheme , via sms based subscription / email basesd subscription / consent form the customer agrees to abide by the terms and conditions of the Scheme & to conveying his personal details, as required, regarding his admission into the Pradhan Mantri Suraksha Bima Yojana to United India Insurance Cos. Ltd. He also agrees that all information shared by him will form the basis of admission to the above Scheme and that if any information be found untrue, his membership to the Scheme shall be treated as cancelled.

Frequently Asked Questions

The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by PSGICs / chosen insurance company in consultation with the participating bank(HDFC Bank partner for this scheme is United India Insurance Cos. Ltd.).

The scheme would be offered / administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance companies(HDFC Bank partner for this scheme is United India Insurance Cos. Ltd.) willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers.

The accident coverof 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 the 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.

Yes, on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.

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 savings bank account will be required to be given by 31st May of every year. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.

Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. In case of failure of debit of renewal premium, the subscriber will have to enrol again on the scheme as a new subscriber

The benefits are as follows

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.

Yes.

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.

The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.