Rs.12 For 2 Lac Accidental Insurance
GAURAV KANSAL
11:38
Accidental Insurance
,
Beti Bachao
,
Beti Padhao
,
govt Schemes
,
PA policy
,
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
,
Rs.12
,
slider
No comments
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
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.
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, 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. 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.
Premium: 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 1 st June of each annual coverage period under the scheme. However, in
cases where auto debit takes place after 1st June, the cover shall commence
from the first day of the month following the auto debit.
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.
Eligibility
Conditions:
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.
Master Policy Holder: Participating Bank
will be the Master policy holder on behalf of the participating subscribers. A
simple and subscriber friendly administration & claim settlement process
shall be finalized by the respective general insurance company in consultation
with the participating Banks.
Termination of cover:
The accident cover for the member shall terminate on any of
the following events and no benefit will be payable there under:
1) On attaining age 70 years (age nearest birth day).
2) Closure of account
with the Bank or insufficiency of balance to keep the insurance in force.
3) 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.
4) 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.
5) 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.
Administration:
The scheme, subject to the above, will be administered as per the standard
procedure stipulated by the Insurance Company. The data flow process and data
proforma will be provided separately. It will be the responsibility of the
participating bank to recover the appropriate annual premium from the account
holders within the prescribed period through ‘auto-debit’ process.
Enrollment form / Auto-debit authorization in the prescribed
proforma shall be obtained and retained by the participating bank. In case of
claim, the Insurance Company may 3 seek submission of the same. Insurance
Company reserves the right to call for these documents at any point of time.
The acknowledgement slip may be made into an acknowledgement
slip-cum-certificate of insurance. The experience of the scheme will be
monitored on yearly basis for re-calibration etc., as may be necessary.
Appropriation of
Premium:
1) Insurance Premium to Insurance Company: Rs.10/- per annum
per member
2) Reimbursement of Expenses to BC/Micro/Corporate/Agent:
Rs.1/- per annum per member
3) Reimbursement of Administrative expenses to participating
Bank: Rs.1/- per annum per member
Keep Visiting our website for more information like this www.gauravkansal.com
Subscribe to:
Post Comments
(
Atom
)
No comments :
Post a Comment