Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just Rs.12 per year. The Scheme is available to people in the age group of 18 to 70 years.

The scheme is offered/administered by Odisha Gramya Bank through Universal Sompo GIC Ltd.

  • Policy Period: One year period stretching from 1st June to 31st May.
  • Premium: In light of the fact that a large proportion of the population has no accidental insurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just Rs.12 per year.
  • Insurance Benefits: The details of insurance benefit are given below.
Particulars
Sum assured
accidental death and permanent total disability
2 lacs
permanent partial disability
1 lacs
  • Termination of Assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:
    • On attaining age 70 years (age nearer birthday) subject to annual renewal up to that date.
    • Closure of account with the Bank or insufficiency of balance in the SB account for renewal to keep to keep the insurance in force.
    • In the case of multiple coverages under the scheme, insurance cover will be restricted to Rs. 2 Lac and the premium shall be liable to be forfeited.
PMSBY claim form and procedures