Pradhan Mantri Suraksha-Bima Yojna
- Details of the scheme: The scheme will be a one-year cover that is renewable year after year. Insurance Scheme offering life insurance protection in the event of death for any cause. The scheme will be provided and administered by SUD Life Co Ltd.
- Coverage:All savings bank account holders aged between 18 and 50 in participating banks will be eligible to join the scheme. In the event of multiple savings accounts in the bank of the same person in multiple banks, the individual could be qualified to participate in the scheme via only one savings bank account. Aadhar will be the main KYC to open the account.
- Period of enrollment: Initially on launch for the period of cover from 1st June 2015 until 31st May 2016. Subscribers are required to sign-up and sign an auto-debit authorization before the 31st of May, 2015. Early enrollment for future coverage is possible until the 31st of August and could be extended by the Govt. of India for an additional period of three months i.e. until the 30th of November of for the year 2015. If you join later, you might be able to join after the an annual payment of the entire premium for future coverage and submitting an official self-certificate of health, as per the proforma prescribed.
- Enrolment ModalityThe policy will be valid for the period of one year beginning on June 1st and ending 31st May. For this, the the option to join and pay via auto-debit to the bank account that is designated for savings using the prescribed forms is required to be provided on or before May 31st each year except as noted above for the first year. Delay enrollment in exchange for payment of the entire annual premiums for future coverage is possible through the submission of a self-certificate of good health.
Anyone who leaves this scheme at any time could re-join in the future by submitting a written declaration of good health on the prescribed form.
In the coming years new members who fall into the category of eligible or eligible members who didn’t join earlier or terminated their membership will be eligible to join the scheme while it continues and subject to submitting a self-certificates for good health.
- Rewards: Rs.2 lakhs are payable upon the member’s death for any cause
- The premium isRs.330percent per year per member. The premium is deducted from the savings bank account of the account holder account using the auto debit facility in one payment, according to the options available by the scheme, and on or before 31st May in each year’s coverage period in the scheme. The delay in enrollment for future coverage after May 31st will be feasible with full payment of annual premiums and the submission of a self-certificate of good health. The cost of premiums will be evaluated according to the experience of each year’s claims. In the event of any unexpected negative outcomes that are extreme attempts would be taken to ensure there isn’t any an upward revision to premiums in the initial three years.
- Eligibility Conditions:
– The savings account holders of participating banks between the ages of the ages of 18 (completed) to 50 (age closer to birthday) who have given their permission to join or allow auto-debit in accordance with the above procedure and are enrolled in the scheme.
Anyone who joins at the end of the first enrollment time, which extends until the 31st of August, 2015 or 30th November or 30th November 2015, as the case may be they will have to sign a self-certification proving good health and prove that does not suffer with any aforementioned diseases mentioned on the appropriate Consent cum Declaration form as at the time of enrollment or earlier.
- Master Policy Holder: Bank
- End of assuranceThe assurance for the term of the member will expire at any time in the following occasions and no benefits will be payable in connection with:
When you reach the age of 55 years old (age close to birth date) subject to renewal annually until that date (entry however, isn’t allowed after the age of 50 years old).
Account closure to the Bank or insufficient balance to maintain the insurance force.
If a member is covered under PMJJBY by SUD Life or any other company with multiple accounts and premiums are paid from SUD Life or any other company, insurance coverage is limited to the amount of Rs. 2. Lakh and the premium will be forfeitable.
If the insurance policy has been canceled due to technical reason such as not having enough funds on the due date, or due to administrative problems, it is reinstated upon the payment of the full annual premiums and a positive declaration of good health.
Participating Banks must pay the insurance company with the cost when regular enrollment is made prior to the 30th day of June in each year and in all other instances within the same month as the payment is received.
- Administration It is subject to all the conditions above is managed through SUD Life Company Ltd. SUD Life Company Limited. The process of data flow and the data proforma will be disclosed separately. It is the responsibility of the bank participating to collect the monthly premium in one lump sum in accordance with the option of the accounts holders on or before the due date by using the ‘auto-debit process.
Members can also provide a one-time auto-debit authorization each year, until the scheme comes in place.
Form for enrollment / Auto-debit authorization/ Consent cum Declaration form as per the proforma prescribed should be requested and stored by the bank that is participating. In the event of a an incident, SUD Life or insurance company could request the to submit the identical. SUD Life and Insurance Company reserves the right to request such documents at any time of the time.
The acknowledgement slip can be transformed into an acknowledgment slip-cum-certificate-of-insurance.
The results of the program will be evaluated on a yearly basis to ensure that the system is calibrated and maintained. As needed.
- Approval of Premium: Insurance Premium to SUD Life Insurance company: Rs.289/- per year per member
Reimbursement of expenses for the Corporate Agent ( Bank)or BC Micro: Rs.30$/annum for each member
– Reimbursement of administrative expenses to the participating Bank: Rs.11/- per year per member
The proposed date for beginning the scheme is expected to be the 1st of June 2015.The next date for Annual renewal will be the 1st of June for subsequent years.
The scheme is subject to be cancelled prior to the commencement of a new renewal date, if the circumstances necessitate.