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.
The insurance cover is available under One Year Renewable Insurance Plan of M/s United India Insurance Company (UIIC). This scheme provides the Accidental insurance cover (Accidental Death & Disability) for all Savings bank account holders subject to payment of annual premium of ₹ 20.00 per account holder.
The scheme provides insurance cover to all savings account holders between the age 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit will be enrolled into the scheme.
Lesser premium of ₹ 20.00 per annum.
₹ 2.00 Lakhs coverage for accidental death / 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.1.00 Lakh coverage for total and irrecoverable loss of sight of one eye (or) loss of use of one hand or foot.
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.
Simple payment mechanism: the premium can be debited from customers account and standing instructions can be given for renewal.
Nomination facility is compulsory.
Simple claim settlement process.
The insurance cover is provided under the Group Insurance Scheme of UIIC.
Since the Bank is the Master Policy Holder, the subscribers may not be provided with separate policy. An acknowledgement may be given as a acknowledgement slip cum Certificate of Insurance.