PMSBY- PRADHAN MANTRI SURAKSHA BIMA YOJANA

PMSBY is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. It would be a one year cover, renewable from year to year. The scheme would be offered /
administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.

Beneficiary:

All individual bank account holders in the age group of 18 to 70 years in participating banks will be entitled to join.

Benefits:

Monetary benefits of upto Rs. 2 Lakhs (in case of death or 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) and of Rs. 1 Lakh ( in case of Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot) at the cost of Rs. 12 per annum per member.