Pradhan Mantri Suraksha Bima Yojana (PMSBY)

know more about personal accident insurance scheme for our SB account holders

Learn more about the exclusive Pradhan Mantri Suraksha Bima Yojana Scheme.

Government of India has announced a scheme namely "Pradhan Mantri Suraksha Bima Yojana" in order to facilitate Accidental insurance cover (Accidental Death & Disability) to all the masses of India at affordable cost to economically weaker society.

The insurance cover is available under a One Year Renewable Insurance Plan of United India Insurance Company (UIIC). This scheme provides the Accidental insurance cover (Accidental Death & Disability) for all Savings deposit account holders

The scheme provides insurance cover to all savings account holders in the age group of 18 - 70 years. The scheme will officially come into effect from June 1, 2015.

Salient Features:

The savings bank account holders of TMB between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit will be enrolled into the scheme.
Target Group
All existing and new SB account holders.
Rs. 12.00 per annum. It will be auto-debited in one instalment for subsequent renewals.
Risk Coverage
Rs. 2 Lakhs in case of death / total and irrecoverable loss of both eyes / loss of 1 eye and 1 hand / total and irrecoverable loss of 1 eye and 1 foot. Rs. 1 Lakhs in case of total and irrecoverable loss of 1 eye or 1 hand or 1 foot.
Payment Mode
The payment of premium will be directly auto-debited by the bank from the subscribers account.
Terms of Risk Coverage
A person has to opt for the scheme every year or else he/she can also prefer to give a long-term option of continuing, in which case his account will be auto-debited every year by the bank.

  • Insurance cover commences immediately on debit of premium to the account. The customer does not have to wait for the policy document.
  • Simple payment mechanism: the premium can be debited to customers account and standing instructions can be given for renewal. Thus there is no possibility of lapse of cover.
  • Nomination facility is available.
  • Simple claim settlement process.
  • The insurance cover is provided under the Group Insurance Scheme of UIIC.
  • Note:: Proposal Form is provided in the website with a facility to down load them by the customers. The filled in and signed forms can be sent by the customers by post or courier to the home branch or else the customer has to go personally or through any third party to the Home Branch and deliver the filled in application form to them to enroll under the scheme.

PMSBY Documents for Download:

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Most Important Terms & Conditions governing SB Account Operations:

Download the Application Form: