Register for an account on the AUPradhan Mantri Suraksha Bima Yojana Small Finance Bank (AU)

Concerning Pradhan Yojana Mantri Suraksha Bima

The Indian government has established the Pradhan Mantri Suraksha Bima Yojana as one of the three social security programmes. A year of accidental death and disability coverage is offered under the PMSBY insurance plan. Every year, the renewal process is completed.

This policy helps the poor and low-income segments of society the most, with a minimum premium of Rs 20/-per year.

Subscribers to this programme must be between the ages of 18 and 70 and have a participating savings account. If you have multiple savings accounts, you can join the programme by utilising just one of them.

Advantages of PMSBY: Benefits Table: Sum Insured
a. Death – Rs. 2 lakh b. Complete and irreversible loss of both eyes – Rs. 2 lakh – or loss of use of both hands and feet – Rs. 2 lakh – or loss of sight in one eye – Rs. 2 lakh
c. Complete and irreversible loss of one eye’s vision or the inability to use one hand or foot: Rs. 1 lakh

Scheme Specifics

Enrollment Period: June 1 through May 31, of the following year, is when the accidental death and disability coverage will begin. During this time, subscribers can join the plan at any moment and agree to have their premiums automatically deducted. The subscriber must authorise the auto-debit of the renewal premium in addition to enrolling. Every year during the last week of May, the renewal premium is deducted.

Premium: Rs. 20/-per member annually. By using the “auto debit” feature, the premium will be taken out of the account holder’s savings account in one installment on or before June 1st of each year that the scheme is in effect.

For enrollments completed on or after June 1, 2016, the coverage will start on the day of scheme enrollment.
Qualifications for Eligibility: The programme will be registered in the Savings Account holders of the partnering banks who are between the ages of 18 (completed) and 70 (age closer to birthday) and who consent to join or allow auto-debit using the aforementioned modality.
Master Policy Holder: AU Small Finance Bank, a participating bank, shall hold the master policy.

Coverage termination: The member’s accident coverage will end in accordance with any of the following scenarios, and no benefits will be awarded in such a case.
upon reaching the age of 70 (the closest birthday).
closure of the bank account or insufficient funds to maintain the insurance coverage.

If a member has coverage from multiple accounts and the insurance provider unintentionally receives the premium,

The insurance policy will only cover one person, and the cost may be refunded.
If the insurance coverage is discontinued for any administrative or technical reason—for example, inadequate funds on the due date—it may be resumed upon payment of the entire yearly premium, subject to any applicable regulations.

The risk coverage will be halted at this time, and the insurance company will have the last say over whether or not to resume it.
When the auto debit option is offered, which is ideally in May of each year, participating banks will deduct the premium amount in that same month and remit the amount owed to the insurance carrier in that same month.

Applying for PMSBY: A Guide

Customers can visit the closest branch of AU Small Finance Bank to join in PMSBY.
Note: Joint Account Holders may only submit their enrollment request at the AU Small Finance Bank Branch if they choose to participate in PMSBY.