Key Announcements RSS

  • 19th Annual Report

     

    Bank's 19th Annual Report is available >>> Read More

  • Shivalik Bank and LIC of India join hands!

    Shivalik Bank now offers life insurance plans of LIC of India as its corporate agent. An MoU was

    >>> Read More

PMSB Yojna

PRADHAN MANTRI SURAKSHA BIMA YOJANA(PMSBY)

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

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 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.

Enrolment 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 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.

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

 

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 1st 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. The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.

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 – Shivalik Mercantile Co-operative Bank Ltd. will be the Master policy holder for the Master Policy No. 254100/48/2016/375 of Oriental Insurance Co. Ltd.

Other Terms & Conditions :

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:

  • 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.

For SMS based subscription :

Customer details will be taken as per the Bank account .In case the customer is interested in updating details which are different from those in the Bank account , the customer is requested to contact the nearest branch for subscribing the policy. Customers who need to update additional details like existing disability , are also advised to contact the nearest branch for subscribing to the policy. Nomination details will be taken as per the SMS response . 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 there savings bank account.

By giving his consent to the scheme , via sms based subscription / consent form the customer agrees to abide by the terms and conditions of the Scheme & to conveying his personal details, as required, regarding his admission into the Pradhan Mantri Suraksha Bima Yojana to Oriental Insurance Cos. Ltd. 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.

FAQs on PRADHAN MANTRI SURAKSHA BIMA YOJANA

Q1. What is the nature of the scheme?

The scheme will be a one year cover Personal Accident Insurance Scheme, renewable from year to year, offering protection against death or disability due to accident.

Q2. What would be the benefits under the scheme and premium payable?

The benefits are as follows:

Q3. How will the premium be paid?

The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.

Q4. Who will offer / administer the scheme?

The scheme would be offered / administered through the Public Sector General Insurance Companies (PSGICs) and other General Insurance companies(Shivalik Bank partner for this scheme is Oriental Insurance Co. Ltd.) willing to offer the product with necessary approvals on similar terms, in collaboration with participating Banks. Participating banks will be free to engage any such general insurance company for implementing the scheme for their subscribers.

Q5. Who will be eligible to subscribe?

All savings bank account holders in the age 18 to 50 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.

Q6. What is the enrolment period and modality?

Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendible up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that may be laid down.

Subscribers who wish to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that may be laid down.

Q7. Can eligible individuals who fail to join the scheme in the initial year join in subsequent years?

Yes, on payment of premium through auto-debit. New eligible entrants in future years can also join accordingly.

Q8. Can individuals who leave the scheme rejoin?

Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that may be laid down.

Q9. Who would be the Master policy holder for the scheme?

Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by PSGICs / chosen insurance company in consultation with the participating bank(Shivaik Bank partner for this scheme is Oriental Insurance Co. Ltd.).

Q10. When can the accident cover assurance terminate?

The accident cover of the member shall terminate / be restricted accordingly on any of the following events:

  • On attaining age 70 years (age neared 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 account and the premium shall be liable to be forfeited.
 

Q11. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?

Yes.