Seminar Topics

www.seminarsonly.com

IEEE Seminar Topics

PMSBY Renewal : One Year Accident Insurance Scheme


Published on Mar 04, 2023

PMSBY Renewal : One Year Accident Insurance Scheme


PMSBY Renewal : PMSBY (Pradhan Mantri Suraksha Bima Yojana) is a one year accident insurance scheme, auto renewed every year.

The PMSBY scheme is open to anyone between the ages of 18 and 70 and with a CSB Savings Bank Account. There is an annual premium of Rs.12. The amount will be automatically debited from the linked savings account.

In case of accidental death or full disability, the payment to the nominee will be Rs. 2 lakh and in case of partial Permanent disability Rs.1 lakh. Full disability has been defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet. Partial Permanent disability has been defined as total and irrecoverable loss of one eye or loss of use of one hand or foot.




Provisions

Pradhan Mantri Suraksha Bima Yojana is available to people (Indian Resident or NRI) between 18 and 70 years of age with bank accounts. It has an annual premium of ₹12 (17¢ US) exclusive of taxes. The GST is exempted on Pradhan Mantri Suraksha Bima Yojana. The amount is automatically debited from the account. The accident insurance scheme can have one year cover from 1 June to 31 May and would be offered through banks and administered through public sector general insurance companies.

In case of accidental death or full disability, the payment to the nominee will be Rs.2 lakh (US$2,800) and in case of partial Permanent disability Rs.1 lakh (US$1,400). Full disability has been defined as loss of use in both eyes, hands or feet. Partial Permanent disability has been defined as loss of use in one eye, hand or foot.[5][6] Further, death due to suicide, alcohol, drug abuse, etc. are not covered.

This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes. Now all Bank account holders can avail this facility through their net-banking service facility at any time of the year

What is the nature of the scheme?

The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.

What would be the benefits under the scheme and premium payable? The benefits are as follows:

1. Death : Rs. 2 Lakh

2. 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. 2 Lakh

3. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot : Rs. 1 Lakh

How will the premium be paid?

The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

Who is our insurance partner for the scheme?

Our insurance partner for PMSBY is United India Insurance Company

Who will be eligible to subscribe?

All savings bank account holders of CSB Bank in the age 18 to 70 years will be entitled to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.

Are NRIs eligible to join the scheme?

Yes. NRIs can also join the scheme.

What is the enrolment period and modality?

The initial insurance cover period of the scheme is from June 1, 2015 to May 31, 2016 for subscribers who joined the scheme before May 31, 2015. For enrolments after May 31, 2015, scheme validity will be till May 31, 2016 and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts. The enrolment period is till August 31, 2015. Customers have to submit the duly filled in application forms at the branches for enrolling to the scheme.

Is enrolment possible after August 31, 2015?

Enrolment subsequent to this date will be possible prospectively on payment of full annual payment and submission of a self-certificate of good health. For subsequent enrolments, the scheme validity will be till May 31, 2016 only and risk will commence from the first day of following month from the date of debit of premium from customers’ accounts

What is the procedure for renewal?

Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years, irrespective of their date of enrollment. Delayed renewal subsequent to this date will be possible on payment of full annual premium and submission of a self-certificate of good health.

When can the assurance on life of the member terminate?

The accident cover of the member shall terminate / be restricted accordingly on any of the following events:

i. On attaining age 70 years (age neared birth day).

ii. Closure of account with the Bank or insufficiency of balance to keep the insurance in force.

iii. In case a member is covered through more than one account and premium is received by the insurance company inadvertently, insurance cover will be restricted to one account and the premium shall be liable to be forfeited.

Comment Box is loading comments...

 











More Topics:

India Me Corona Ke Kitne Marij Hai , Total Number of Corona Cases in India , Liquor E Token Delhi , Liquor Purchase Queue Token Delhi , Qtoken In Delhi Liquor , Qtoken Liquor Token In Delhi , Kerala SSLC and HSC Exams to be conducted from May 20 to May 26, 2020, SSLC Time Table 2020 , State Wise Tally of Corona in India , Token For Liquor In Delhi , Token for Liquor Sale in New Delhi , Total Number of Corona Cases in India , What is Arogya Setu App in Hindi , Kerala Higher Secondary Pending Exam 2020 , When will be the Kerala SSLC Exam 2020 ? , www.covid19india.org tracker app , www.covid19india.org Live Today , www.covid19world.org , www.qtoken.in , Your Device Is Not Compatible With This Version Aarogya Setu App, News Coronavirus Cases in Chhattisgarh, Self Reliant India Campaign , Seva Setu Karnataka , Seva Sindhu Andhra Pradesh , Seva Sindhu Maharashtra

More Topics:

Sewa Sindhu , Advisory on Social Distancing Measure India , West Bengal Liquor Home Delivery BEVCO , What Modi Said Today About Lockdown , www ksp gov in KSRP Recruitment 2020 Apply Online Notification, www.pass.besafe , www pass besafe kerala gov in, www.qtoken.in Delhi Liquor Token Website Link Apply Online Purchase Process, www seva sindhu gov in , www tasmac co in Online Delivery Booking App Tamil Nadu Liquor, Kerala Govt Online Pass , Kerala Police Lockdown Pass Online , Kerala Travel Pass , KSP Clear Pass , KSP Pass , Seva Sindhu Bihar Gov In , Sevasindhu Karnataka Gov In English , Seva Sindhu Karnataka Gov in English , Seva Sindhu Karnataka Gov In Sevasindhu English , Seva Sindhu Karnataka New Register , Seva Sindhu Karnataka Travel Pass , Seva Sindhu Karnatka Gov In , Lockdown 4 In India , Lockdown 5.0 In India , Lockdown 5.0 in India Started From Which Date

More Topics:

Lockdown Extension after 31st May , Lockdown Extension After May 31 , Lockdown Pass Online Kerala , Lockdown Phase 4 , Migrant Workers Karnataka New Register , Mumbai Lockdown Extension Till June , Narendra Modi On Lockdown 4.0 , Nekarara Sammana Yojane , New Lockdown Rules In India , Next Lockdown Date In India , pass bsafe kerala gov in Status , 4th Lockdown In India , 20 Lakh Crore Economic Package India , 20 Lakh Crore in Dollars , Seva Sindhu Contact Number , Seva Sindhu Covid Travel Pass , Seva Sindhu E Pass , SevaSindhu Karnataka , 20 Lakh Crore In Numbers 130 Crore , 20 Lakh Crore In Numbers Divided By 130 Crore , 20 Lakh Crore In Numbers How Many Zeros , 20 Lakh Crore in Numbers Zero , 20 Lakh Crore Package by PM Modi , 20 Lakh Crore Rupees In Numbers , 20 Lakh Karod Mein Kitne Zero Hain

More Topics:

Atma Nirbhar Bharat Abhiyan , Atmanirbhar Meaning In English , Auto Driver 5000 Apply Online , Auto Driver 5000 Scheme Form , Auto Driver 5000 Karnataka , Karnataka Rs.5000 Auto Cab Driver Scheme Apply Online Check Status, Auto Driver Scheme Online Application , Chances Of Lockdown Extension In India , Seva Sindhu Application Status , Seva Sindhu Apps , Seva Sindhu Bangalore , CoronaVirus COVID-19 Virus India - Updates, Symptoms, News, Meaning, Full Form, CoronaVirus COVID-19 Virus India, CoronaVirus COVID-19 Lockdown India, CoronaVirus COVID-19 Virus India, Coronavirus in India Symptoms and Treatment, covid19jagratha Kerala inc in , covid 19 jagratha.kerala.nic.in. Home , covid 19 jagratha.kerala.nic.in. Register , Covid 19 Jagratha Registration , Covid 19 Kerala Pass , Has The Lockdown Been Extended , How Many Zeros In 20 Lakh Crore , How To Travel From One State To Another , https-sevasindhu-karnataka-gov-in