Shri K. Chandrasekhar Rao, Hon'ble Chief Minister
   
      
Shri T. Harish Rao, Hon'ble Minister of Irrigation, Marketing & Legislative affairs

PRADHAN MANTRI SURAKSHA BHIMA YOJANA (PMSBY) –

Accidental Death Insurance.

 

            This scheme is implemented by the Department of Agril. Marketing to the Market functionaries of Agril. Market Committees in the state.

 

Salient features of the Scheme are as under:-

 

Eligibility:- All savings bank account holders in the age group of 18 years (completed) to 70 years (age nearer birthday) with Aadhaar number linked to that account can give a simple consent form to the bank every year before 1st of June in order to join the scheme. In case of multiple saving bank accounts held by an individual in one or different banks, the persons  would be eligible to join the scheme through any one savings bank account only. Name of the nominee to be given in the form.

 

Premium:-  Rs. 12/- per annum (Plus service tax as applicable).

 

Payment:-  The Premium will directly be auto-debited by the bank from the subscribers  account. This is the only mode available.

 

Risk Coverage:- a) For accidental death and total disablement -  Rs. 2.00 Lakhs : Total 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.

 

b) For partial disablement – Rs. 1.00 Lakhs : Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot

 

Term of Risk:- A person has to opt for the scheme every year. He can also prefer to give a long term option of continuing in which case his account will be auto debited every year by the bank.

 

The Customers can link their existing Savings Bank Account with AADHAR before opting PMSBY scheme. New customers are also eligible to join the scheme by seeding their AADHAR number to Savings Bank account. However KYC/Due Diligence have to be followed.