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Micro Insurance

Social security in the form of micro insurance can be a boon for the poor, when the income raising ability of the breadwinner is impaired. In India, the micro insurance schemes are mostly implemented by the MFIs as a compulsory element along with the micro credit provided. Micro insurance schemes can be considered as a stepping stone to social protection.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are two open ended micro insurance schemes initially launched on 9th May, 2015 and implemented w.e.f. 01/06/2015.

PMJJBY is one of the flagship schemes under the ambitious social security scheme captioned "Jan Dhan Se Jan Suraksha" launched by Government of India on 1st of June, 2015. In absence of any formal social security system in India, Government had envisioned a larger set of population through the banking channel.

Under both schemes the risk period is fixed for 12 months i.e. 1st June to 31st May. In PMSBY, any good health certificate is not required. The PMJJBY scheme is also a strong enabler to canvass new savings Account which are fully funded in nature. It has been decided to aggressively canvas this scheme to our existing eligible SB account holders who are still not covered under the scheme till date along with other SB accounts which are being opened fresh.

Pradhan Mantri Jeevan Jyoti Bima Yojana

• One year Term Life Insurance Scheme, renewable from year to year (1st June to 31st May), offering life insurance cover for death due to any reason.
• Eligibility: Saving’s bank account holders in the age 18 to 50 years, extended up to 55 years if insurance availed before attaining age of 50 years.
• Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death due to any reason.
• Insurance cover shall not be available for death (other than due to accident) occurring during the first 30 days from the date of enrolment into the scheme (lien period) and in case of death (other than due to accident) during lien period, no claim would be admissible
• Premium: Renewal of policy from next year payable @ Rs. 436 per annum but payment of pro rata premium for enrolment under PMJJBY will be charged as per the following rates:



Sr.No.	Enrollment Period	Applicable Premium
1	June, July, August	Annual Premium of Rs. 436.
2	September, October & November	3 quarters of premium @Rs.114 i.e. Rs.342.
3	December ,January & February	2 quarters of premium @Rs.114 i.e. Rs. 228.
4	March, April & May	1 quarter premium i.e. Rs.114.



• Bank’s Insurance Partner: IndiaFirst Life Insurance Company Ltd.

Pradhan Mantri Suraksha Bima Yojana

• One year Accidental Insurance Scheme, renewable from year to year (1st June to 31st May) through auto debit facility, offering accidental cover on a subscriber’s death or disability due to accident.
• Eligibility: Savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join.
• Insurance Cover: Rs. 2 lakhs are payable on a subscriber’s death or disability due to accident. In case of partial disability Rs. 1 lakh.
• Premium: Rs. 20 per annum per subscriber.
• Bank’s Insurance Partner: National Insurance Company Ltd.

Provisions available for customers to enroll under PMSBY & PMJJBY

For fresh enrollments under both the schemes PMSBY & PMJJBY done starting from 1st June, 2016 and following amenities have been made available to our customers through which they can enroll themselves under PMSBY & PMJJBY:

Pradhan Mantri Jan-Dhan Yojana Overdraft up to Rs. 10,000 in PMJDY Accounts

RuPay PMJDY Debit Card

Most Important Terms and Conditions (MITC)-Overdraft facility under Pradhan Mantri Jan Dhan Yojana

• BSBD account, which is operated satisfactorily for at least six months.
• OD to be granted to the earning individual of the family subject to only one member from a family can be granted limit.
• There should be regular credits under DBT/DBTL scheme/other verified sources.
• BSBD account holder should not be maintaining any other savings bank account with any bank/branch to ensure compliance with RBI directives
• Age of applicant between 18 years to 65 years.
• Minor i.e. customer below the age of 18 years are not eligible for OD under PMJDY.
• KCC/GCC borrower is not eligible for PMJDY OD.
• Minimum OD amount Rs, 2,000/- without any assessment subject to fulfilling the above eligibility criteria

For amount beyond Rs.2000/-, eligible amount for overdraft is 4 times of average balance of preceding six months or 50% of credit summation in the preceding six months or Rs. 10,000 whichever is lower.

Enrollment Forms

• PMJJBY Form - English
• PMJJBY Claim Form
• PMBSY Form - English
• PMBSY Claim Form