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Pradhan Mantri Suraksha Bima Yojana Axis Bank

Pradhan Mantri Suraksha Bima Yojana Axis Bank

Enhanced Protection
Death and impairment benefits to keep you and your family protected
Low Premium Amount
Rs. 12/- per annum, per member
Death Benefit
Rs. 2 lakhs
Loss of Eye or Limb
Sum Insured: Rs. 1 lakh

Pradhan Mantri Suraksha Bima Yojana Axis Bank Feature & Benefits

Rs. 12/- per annum, per member
Enrollment Modality / Period

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 on the prescribed forms will be required to be given by 31st May of every year.
Individuals who exit the scheme at any point may re-join the scheme in future years by paying annual premium in one installment . 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.
The coverage under the scheme shall end every year 31st May irrespective of scheme joining date.
From 1st June 2016 onward the coverage under the scheme shall start from debit date of premium amount.
Renewal: The renewal premium would be auto debited by bank prior to 1st June every year or as per the directives from MOF(Ministry of Finance).

To cancel renewal please SMS < Nominee Name> to 5676782 before 25th May’17.

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

The accident cover for the member shall terminate on any of the following events and no benefit will be payable there under:

  • On attaining age 70 years (age nearest birth day).
  • 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 the Insurance Company inadvertently, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
  • If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
  • Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.

Customer should not be insured under Pradhan Mantri Suraksha Bima Yojana under any other Saving Bank Account of any other bank. In case the same is found to exist, premium shall stand forfeited and no claims would be paid.
Policy shall not be issued if nominee details are not provided. No separate intimation shall be provided for the same.
The customer response received through their registered mobile number shall be considered as consent for auto debit from their savings bank account.
By giving his consent to the scheme, the customer agrees to abide by the terms and conditions of the Scheme and to conveying his personal details, as required, regarding his admission into the Pradhan Mantri Suraksha Bima Yojana to Tata AIG General Insurance Co.Ltd. Under Group Policy no. GPA0008063 certifying coverage as per the Scheme, subject to correctness of information provided regarding eligibility and receipt of consideration amount.
He also agrees that all information shared by him will form the basis of admission to the above Scheme and that if any information be found untrue; his membership to the Scheme shall be treated as cancelled.
The proposed date of commencement of the scheme will be 1st June 2015. The next Annual renewal date shall be each successive 1st of June in subsequent years.

Pradhan Mantri Suraksha Bima Yojana Axis Bank Eligibility

The savings bank account holders of Axis 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
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.

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