PMSBY, or Pradhan Mantri Suraksha Bima Yojana, is a government-backed accident insurance scheme that provides a one-year, renewable cover for accidental death and disability. It is designed to be highly affordable and accessible to all bank account holders.
Key Features and Benefits
Premium: The annual premium for PMSBY is ₹20 per year, which is auto-debited from the subscriber's bank account. This makes it an extremely low-cost way to get accident insurance.
Risk Coverage: The scheme provides the following benefits:
Eligibility:
Enrollment: You can enroll in the scheme by giving a consent form to the bank. The premium is then automatically debited from your savings account.
Claim Process: In the event of an accident leading to death or disability as defined by the policy, a claim can be filed with the bank. The claim amount will be credited to the nominee's or legal heir's bank account (in case of death) or the insured's bank account (in case of disability).
Policy Period: The policy is valid for one year, from June 1st to May 31st of the following year. It is renewable annually, and the auto-debit of the premium is generally done on or before May 31st.
How to Enroll at "Sri Ganapathi Urban Co-Operative Bank Ltd."
To enroll in the PMSBY scheme through Sri Ganapathi Urban Co-Operative Bank Ltd., you should follow these general steps:
