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Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Pradhan Mantri Suraksha Bima Yojana

Spend Just Rs. 12 per annum for Accident Insurance work Rs. 2 lakh.

  • Age Eligibility

    18-70 years

Period of Insurance : 1st June to 31st May.
Annual Premium through ‘auto debit’ facility from bank account.

It is desirable to present your claim within 30 days of the accident & claim settlement with 60 days of intimation.

The customers already enrolled in these two schemes should maintain sufficient balance in their account as on 31st May, 2018 to avoid discontinuation of insurance coverage.

Contact your nearest branch for details

  • Secure yourself from accident risk, like 13.25 crore people have already done !
  • Rs. 286.28 crore worth claims already settled !
  • More than 5.22 crore people have secured the future of their loved ones. You can too !
  • 79,485 families supported so far with claim settlements worth Rs. 1589.70 crores!

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.12 per year. The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

  • Elligibility

    The Scheme will be available to people in the age group 18 to 70 years with a savings bank account who give their consent to join and enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.

  • 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 have no accidental insurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at an highly affordable premium of just Rs.12 per year

  • Enrolment Mode

    An account holder can enrol for PMSBY by any of the following methods

    • Visiting the branch
    • Visiting the BC
    • Through Baroda Connect (Internet banking)

    Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed Performa.

  • 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

Other important terms and conditions

If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium and a satisfactory statement of good health. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of UC / insurance company concerned.

The assurances granted under the scheme are subject to an initial lien of 45 days. No claim is admissible for deaths during the first 45 days from the date of commencement of risk. However the same is not applicable if cause of death is due to accident. No lien is applicable on subsequent renewals.

Exclusions and other details can be viewed in Master Policy

Dedicated Toll free no. for Pradhan Mantri Jan Dhan Yojana (PMJDY) customers and other Financial Inclusion scheme. 1800 102 77 88
(06.00 a.m. to 10.00 p.m. IST)

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