Govt. Schemes

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Pradhan Mantri Suraksha Bima Yojana is a Govt. Sponsored Accidental Death Insurance Scheme. The scheme is a one year Accidental Death cover Insurance Scheme, renewable from year to year, offering accident death insurance cover.

The salient features of the scheme are given below:

  • Eligibility

    All Savings Bank Account holders in the age 18 to 70 years can join this scheme. 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.

  • Policy period

    From 1st June to 31st May of subsequent year

  • Premium

    Rs.12/- per annum per member for insurance upto Rs 2 Lacs.

    The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment, as per the option given, on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health.

  • Enrollment Mode

    An account holder can enroll for PMSBY by any of the following methods

    • Visiting the branch
    • Visiting the BC
    • Through Baroda Connect (Internet banking)

    Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa.

  • Insurance Benefits

    The details of insurance benefit are given below.

  • Insurance Benefits

    The details of insurance benefit are given below.

    Particulars Sum assured
    Accidental Death 2 lacs
    Full Disability 2 lacs
    Partial Disability 1 lacs
  • Termination of Assurance

    The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:

    • On attaining age 70 years (age neared birth day) subject to annual renewal up to that date (entry, however, will not be possible beyond the age of 50 years).
    • Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
    • In case of multiple coverage under the scheme, insurance cover will be restricted to Rs. 2 Lac and the premium shall be liable to be forfeited.

Other important terms and conditions

  • 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 and a satisfactory statement of good health. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of UC / insurance company concerned.
  • The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.
  • Exclusions and other details can be viewed in Master Policy

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