Pradhan Mantri Suraksha Bima Yojana

• Premium
  • ₹20/- per annum, per member
• Enrolment Modality/ Period
  • The cover shall be for the one-year period stretching from 1st June to 31st May, for which the option to join/ pay by auto-debit from the designated savings bank account on the prescribed forms must be given by 31st May of every year.
  • The coverage under the scheme shall end every year on 31st May, irrespective of the scheme joining date.

Renewal: The renewal premium would be auto-debited by the bank prior to 1st June every year or as per the directives from MOF(Ministry of Finance).

To know more please, Click here. For Product Benefits

The accident cover for the member shall terminate on any of the following events, and no benefits will be payable there under:

• On attaining 70 years of age (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 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.
• Suppose the insurance cover is ceased due to technical reasons such as insufficient balance on the due date or administrative issues. In that case, it can be reinstated on receipt of the full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended, and reinstatement will be at the sole discretion of the Insurance Company.
• Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year. The deducted amount will then be remitted to the Insurance Company in that same month.

Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Saving Bank Account of any other bank. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.

Policy shall not be issued if nominee details are not provided. 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 their savings bank account

By giving his consent to the scheme, the customer agrees to abide by the terms and conditions of the Scheme and to conveying his personal details, as required, regarding his admission into the Pradhan Mantri Suraksha Bima Yojana to Tata AIG General Insurance Co.Ltd. Under Group Policy no. GPA0008063 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.

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.

The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.