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Social Security Schemes

Pradhan Mantri Suraksha Bima Yojana

Product Benefits
  • Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accidental Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident, renewable every year
  • SSFB Savings Bank Account holders between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join the scheme / enable auto-debit, as per the modality are eligible under the scheme.
  • Minimum Age:18 years
  • Maximum Age:70 Years
Policy period
  • The cover is for one year starting from July 1st to June 30th of next year. For the Savings Account holder joining on or after June 30, the cover shall commence from the date of premium debit and end on June 30 of next year.
  • Rs. 20 per per annum.
  • The premium of Rs.20/- is deducted from the account holder’s savings bank account through ‘auto debit’ facility in one instalment on or before 30th June (20th -30th June) of each annual coverage period under the scheme. Delayed enrolment for the cover after 30th June will be possible with full payment of annual premium.
Risk Coverage
  • On accidental Death or disability of the Insured member for any reason a Sum Assured of Rs. 2 Lakh is payable to the insured or the Nominee of the insured as the case maybe.
  • 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 one hand or one foot Rs. 2 Lakh
    C Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot Rs. 2 Lakh
    *The total amount that can be claimed under the policy is INR 2 lakh only
    Exclusions: Major Exclusions: As per Master Policy
Termination of assurance
  • Account holder attains age of 70 years
  • Closure of account with the Bank.
  • Insufficient balance for debiting premium.
  • In case of multiple coverage under the scheme, the cover is restricted to Rs.2 lakhs and other insurance covers will be terminated, and premium shall be forfeited.
Claims Process
  • Contact the nearest Branch.
Terms & Conditions
  • If a customer is having multiple Savings Account with the Bank, then only one PMSBY policy will be issued
  • Customer is liable to pay full annual premium even if he/she join the Scheme after the commencement of the Master Policy.
  • Renewal Premium of Rs.20 is auto debited from the savings account between June 20 and June 30 of every year. Customers who desire to cancel the auto renewal need to submit such request to the nearest branch before June 20th. Renewal premium is debited until the eligible age of the insured as per the scheme details.
  • Suicide is not covered under the policy.
  • Joint Account Holders opting to enrol for PMSBY/ PMJJBY, shall give a request at the nearest SSFB Bank Branch.
For any query dial Toll Free No :- 1800 266 7711

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