Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at
a highly affordable premium of just ₹ 20/- 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 United India Insurance
Company 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 ₹ 20/- 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 lac
- 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.