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Pradhan Mantri Suraksha Bima Yojana HDFC

HDFc Bank PRADHAN MANTRI SURAKSHA BIMA YOJANA

( By giving his consent for the scheme, the customer is agreeing to the following rules ,terms and conditions to the scheme)

Rules, Terms and Conditions for the HDFC BANK 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.

Scope of coverage: All HDFC savings bank account holders in the age 18 to 70 years in participating banks will be entitled to join. In case of multiple saving HDFC 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.

Benefits

As per the following table:

  Table of Benefits Sum Insured
a. Death Rs. 2 Lakh
b. 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 hand or foot Rs. 2 Lakh
c. Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh

Process to activate Social Security Schemes through SMS

  • Eligible customers will be sent an SMS asking them to respond as ‘PMSBY <space> Y’.
  • To enroll for the scheme, customer replies as ‘PMSBY <space> Y’.
  • Customer will get an acknowledgement message for receipt of the response.
  • For processing the application, the demographic details and the nominee name, nominee relationship and nominee date of birth will be taken from the details present in the savings account.
  • In case, the nominee details are not available in core banking records, the confirmation will not be taken ahead for processing. Customer may then apply from the nearest branch / netbanking.
  • In case, the auto debit of the premium fails due to insufficient funds or other reasons, the insurance cover ceases to be in-force

Process to activate Social Security Schemes through NetBanking

  • Log in to NetBanking > Click on the ‘Insurance’ tab.
  • You will be shown both the schemes to choose from.
  • Select the Account through which you wish to pay your premium.
  • Policy Cover amount, Premium amount and Nominee details (as per the selected account) will be displayed. You can choose to replicate the Savings Account nominee OR add a new nominee.
  • Click on the following declarations/details:

       – Good Health declaration

       – Terms & Conditions / Scheme Details / FAQs

       – “I do not hold any other policy of the same”

  • Click on ‘Continue’. You will then be shown the complete details of the social security scheme you have registered for.
  • If you are okay with the scheme registration details displayed, click on ‘Confirm’
  • Download the Acknowledgement, which carries a unique reference number.
  • Do save the Acknowledgement document for future reference.


Click here to apply

The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account will be required to be given by 31st May of every year, extendable up to 31st August 2015 in the initial year. Initially on launch, the period for joining may be extended by Govt. of India for another three months, i.e. up to 30th of November, 2015. Please Note: The period of enrollment into the scheme has been extended by the government for another three months i.e up to 30th of November, 2015. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite / longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.

Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment on

or before 1st June of each annual coverage period under the scheme. For enrolments done on or after 1st June’16, the cover shall commence from the date of enrolment into the scheme.

The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be made to

ensure that there is no upward revision of premium in the first three years. The scheme is liable to be discontinued prior to commencement of a new future renewal

date if circumstances so require.

The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to

join / enable auto-debit, as per the above modality, will be enrolled into the scheme.

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