Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just ₹ 20/- per year. The Scheme is available to people in the age group of 18 to 70 years.
The scheme is offered/administered by Odisha Gramya Bank through United India Insurance Company Ltd..
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 has no accidental insurance cover, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) is aimed at covering the uncovered population at a highly affordable premium of just ₹ 20/- per year.
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 |
Termination of Assurance: The assurance on the life of the member shall terminate on any of the following events and no benefit will be payable under the following scenarios:
On attaining age 70 years (age nearer birthday) subject to annual renewal up to that date.
Closure of account with the Bank or insufficiency of balance in the SB account for renewal to keep to keep the insurance in force.
In the case of multiple coverages under the scheme, insurance cover will be restricted to Rs. 2 Lac and the premium shall be liable to be forfeited.