Pradhan Mantri Yojana
Your bank account is now key to security as well

Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakh for the accidental demise and permanent total disability and Rs. 1 lakh for permanent partial disability. Individuals within the age group of 18-70 years having a participating savings bank account can subscribe to this scheme.



Pradhan Mantri Suraksha Bima Yojana (PMSBY) – Accidental Death Insurance

Highlights

  • Eligibility: The savings bank account holders of the participating Bank between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the modality, will be enrolled into the scheme.

  • Policy period: The cover shall be for one year period for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given

  • Premium:Rs. 12/- (per annum).

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

  • Risk Coverage: Total coverage (sum-insured) under the scheme is Rs. 2 Lakhs. Claim settlement will be done by New India Assurance Co. Ltd.

Table of Benefits Sum Insured
Accidental Death Rs. 2 Lakhs

Total and 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 one hand or one foot

 Rs. 2 Lakhs
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 1 Lakh

*The cover is subject to exclusions of the policy.

Terms & Conditions:

  1. The cover shall commence from the 1 st of the month subsequent to the date of enrolment in the scheme.

  2. Customer will have to pay full annual premium even if he joins the Scheme after the commencement of the Group Policy.

  3. The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 70 years as on Annual Renewal Date.

  4. Policy shall not be issued if nominee details are not available in Savings account. No separate intimation shall be provided for the same.

  5. The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings account shall be debited on or before the end of the month of receipt of confirmatory SMS from customer.

  6. The personal details, as required, regarding admission into the PradhanMantriSurakshaBima scheme will be shared with New India Assurance Co. Ltd, under Group Policy certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.

  7. Any information provided by the customer if found to be untrue, then membership to the scheme, shall be treated as cancelled from the date of joining the scheme and all monies paid in respect thereof shall stand forfeited.

  8. Customer is duty bound to provide factual date of birth. Bank shall not be responsible for complications arising, if any, out of incorrect Date of Birth provided by the customer.

  9. The customer hereby authorizes the bank to update the Email ID, Date of Birth, Mobile Number provided for PMSBY to his Savings Bank account/Customer Information File, if the same was not provided for the savings bank account, earlier.

  10. In case of Joint accounts, all accountholders are eligible to apply for the scheme.

  11. In case customer has opted for more than one insurance cover with Bharat Bank under PMSBY scheme, New India Assurance Co. Ltd may give benefits against one insurance cover only – as may be decided by NIA. All monies paid by the customer will be forfeited by New India Assurance Co. Ltd. No claim(s) shall lie against Bharat Bank in such cases.

  12. In case customer has accounts in more than one bank & has opted for more than one insurance cover under PMSBY scheme, the insurance companies/govt. concerned may decide to provide benefits under only 1 policy. All monies paid by customer will be forfeited by the concerned insurance companies. No claim(s) shall lie against Bharat Bank in such cases.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – LIFE Insurance

Highlights

  • Eligibility: The savings bank account holders of the Participating Bank between 18 years (completed) and 50 years (age nearer birthday) who have given the consent to join the scheme / enable auto-debit, as per the modality, will be enrolled into the scheme.

  • Policy period: The cover shall be for one year period which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms. Those joining subsequently may be able to do so with payment of prorate premium for prospective cover, with submission of a self-certificate of good health in a format acceptable to the Bank/LIC.

  • Premium on Pro Rata basis:

    New Enrollments during the month Premium Amount
    June, July & August 330.00
    September, October & November 258.00
    December, January & February 172.00
    March, April & May 86.00

  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers’ savings bank account. This is the only mode available currently.

  • Risk Coverage: Sum Assured of Rs. 2,00,000 on death of the Insured member for any reason is payable to the Nominee. Claim settlement will be done by LIC.


Termination of Assurance:

  • Account holder attains age of 55 years.

  • Closure of account with the Bank or insufficiency of balance for debiting premium.

  • In case of multiple coverage under this scheme, cover will be restricted to Rs.2 lakhs. Any of the multiple insurance covers shall be terminated and the premium shall be forfeited by LIC/Govt.


Terms & Conditions:

  1. The cover shall commence from the 1 st of the month subsequent to the date of enrolment in the scheme.

  2. Policy shall not be issued if nominee details are not available in Savings account. No separate intimation shall be provided for the same.

  3. The membership in the scheme will remain in force as long as all premium due are paid until attaining age of 55 years as on Annual Renewal Date.

  4. The customer response received through their registered mobile number shall be considered as their consent for auto-debit from their savings bank account. The Savings account shall be debited on or before the end of the month of receipt of confirmatory SMS from customer.

  5. The personal details, as required, regarding admission into the Pradhan Mantri Jeevan Jyoti Bima scheme will be shared with LIC of India, under Group Policy certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.

  6. Any information provided by customer if found to be untrue, the membership to the scheme shall be treated as cancelled from the date of joining the scheme and all monies paid in respect thereof shall stand forfeited by the Insurance Co./Govt.

  7. Customer is duty bound to provide factual date of birth. Bank shall not be responsible for complications arising, if any, out of incorrect Date of Birth provided by the customer.

  8. The customer hereby authorizes the bank to update the Email ID, Date of Birth, Mobile Number provided for PMJJBY to his Savings Bank account/Customer Information File, if the same was not provided for the savings bank account, earlier.

  9. In case of Joint accounts, all accountholders are eligible to apply for the scheme.

  10. In case customer has opted for more than one insurance cover with Bharat Bank under PMJJBY scheme, the LIC may give benefits against one insurance cover only– as may be decided by LIC. All monies paid by the customer will be forfeited by LIC. No claim(s) shall lie against Bharat Bank in such cases.

  11. In case customer has accounts in more than one bank & has opted for more than one insurance cover under PMJJBY scheme, the insurance companies/govt. concerned may decide to provide benefits under only one policy. All monies paid by customer will be forfeited by the concerned insurance companies. No claim(s) shall lie against Bharat Bank in such cases.