PMSBY Insurance Scheme Offer Eligibilty Criteria Maturity Period

PRADHAN MANTRI SURAKSHA BIMA YOJANA - We are going to discuss about some very useful details about offer and adminster the scheme, eligibility of subscriber, enrolment period and modality  here step by step.

Insurance PMSBY offer / administer the scheme - The scheme would be offered / administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers.

Insurance Eligible to subscribe - All savings bank account holders in the age 18 to 70 years in participating banks 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.

Insurance Enrolment period and modality- Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down. 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. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.
Posted on: Tuesday, May 19, 2015 8:47 PM by