The scheme is available to the people in the age group of 18 to 70 years.
The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
The premium of Rs.12 per annum is to be deducted from the account holder’s bank account through ‘auto –debit ‘ facility in one installment.
For All account holders whose age is between 18 to 70 years
Insurance covers death/ total or partial disability due to accident
Disability claims by the insured and claims by the nominees in the unfortunate event of death of the insured may be filed under PMSBY preferably within 30 days of the accident /death at the bank branch having the underlying bank account in the prescribed claim forms.
Documents to be submitted
Original copy of First Information Report (FIR) of the accident
Post Mortem report & Death Certificate (In case of death insured)
Disability certificate from Civil Surgeon (In case of permanent disability)
Benefits of PMSBY
Death - Rs. 2 Lakh
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
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot - Rs. 1 Lakh
TERMINATION OF THE COVER
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
If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues
HOW TO CLAIM THE PMSBY
Nominee should approach the bank where the insured was having the “Saving Banking Account” through which the insured was covered
Collect the Claim Form and Discharge Receipt form from Bank
Along with duly filled claim and discharge receipt forms , submit death certificate and photocopy of the cancelled cheque of nominee’s bank account to bank
Claim amount will be transferred to nominee bank account within maximum of 60 days