Eligibility: Savings bank account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit will be enrolled into the scheme.
Policy period: Policy cover shall commence from the first day of the month subsequent to the month in which premium was paid. The policy expires on 31st of May each year and can be renewed thereafter on a yearly basis (June to May).
Premium: Rs. 20/- payable by auto debit from customers account.
Kotak Mahindra Bank will be the master policy holder.
The insurer is ICICI Lombard General Insurance Company.
Termination in case of Pradhan Mantri Suraksha Bima Yojana (PMSBY):
On attaining age 70 years (age near birthday).
Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
In case a member is covered through more than one account and premium is received by ICICI inadvertently, insurance cover will be restricted to Rs. 2 Lakh/ Rs. 1 lakh whichever is applicable and the premium shall be liable to be forfeited
Table of Benefits
Sum Insured
Accidental Death
Rs. 2 lacs
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 lacs
Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot
Rs. 1 lac
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