RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Accident Insurance
Scheme offering accidental death and disability cover for death or disability on account
of an accident. The scheme would be offered / administered through Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies
willing to offer the product on similar terms with necessary approvals and tie up with
Banks for this purpose. Participating banks will be free to engage any such insurance
company for implementing the scheme for their subscribers.
Scope of coverage: 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. Aadhar would be the primary KYC for
the bank account.