BOM – UIIC Team up for Prime Minister Suraksha Bima Yojana (PMSBY)

Public sector lender Bank of Maharashtra has partnered with United India Insurance Co. Ltd. to provide accidental Death insurance cover to all its Savings account holders under Prime Minister Suraksha  Bima Yojana (PMSBY). The Memorandum of Association is signed today by Shri S. Bharatkumar, General Manager (Resource Planning) Bank of Maharashtra, Head Office and Shri K.K. Panda, Dy. General Manager M/s United India Insurance Co. Ltd. in the presence of Shri D.B. Nikam, Regional Manager, UIIC, Shri Paritosh Deb, Divisional Manager, UIIC and Mrs. Nalini Shriraman , Asst. General Manager, Alternate Business Channel, Bank of Maharashtra.

PMSBY was announced during Union Budget 2015-16 under which  Rs. 2 lakh will be paid in case of accidental death and total permanent disability. In case of partial disability, the coverage would be to the extent of Rs.1 lakh.

The premium of Rs. 12/- per annum will be auto debited from the account holder’s account. The premium is payable every year on 31^st of May and insurance cover will start from 1^st June.

As per the scheme, an individual of the age group from 18 to 70 Years will be eligible for the said accidental insurance cover of Rs. 2 lakh.

Initially on launch for the cover period 1^st June 2015 to 31^st May 2016, subscribers will be required to enroll and give their auto-debit consent by 31^st May 2015. Late enrollment for prospective cover will be possible up to 31^st August 2015, which may be extended by Govt. of India for another three months, i.e. up to 30^th of November, 2015. Those joining subsequently may be able to do so with payment of full annual premium for prospective cover, with submission of a self-certificate of good health in the prescribed proforma.