Pradhan Mantri Suraksha Bima Yojana
Some highlights from the Pradhan Mantri Suraksha Bima Yojana (PMSBY – Scheme 1 in accidental death insurance) are:
• Inclusion: ICICI Bank Savings Bank (SB) Account holders who are between the ages of 18 (completed) up to the age of 70 (age closer to birthday) who have given their permission to join the scheme or allow auto-debit as per the procedure of the plan, will be included in the plan.
• Policy period: The cover shall be for one year, beginning at the 1st of June, 2015 until the 31st day of May, 2016, for the option to join or pay via auto-debit to the specified Savings Bank account on the prescribed forms will have to be provided before the 31st of May, 2015. and extendable until the 31st of May, 2016. For those who have a savings A/C who joined after the 31st of May, 2015, the coverage will expire at the end of the 31st of May, 2016.
• Premium: 12 per annum.
• Pay mode price will automatically be debited from the bank directly from the subscriber’s account. It is the sole option that is available.
• Risk CoverageTotal protection (sum-insured) in the plan is the sum insured of Rs. 2 Lakh.
Pradhan Mantri Jeevan Jyoti Bima Yojana
The highlights of Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY – Scheme 2 in Life Insurance) are:
• eligibility: Savings Bank (SB) Account holders who are age 18 (completed) to 50 (age closer to the birthday) who provided their consent for joining the scheme or allow auto-debit as per the procedure to be enrolled into the scheme.
• Policy timeframe: The cover shall be for one year beginning at the 1st of July 2015 until the 31st of May, 2016, for those who wish to join / auto-debit payments from the bank account that designated for savings in the prescribed forms is required to be made by the 31st of May, 2015. The extension is valid until the 31st of May 2016.
• Premium: 330 (per annum).
• The bank will automatically debit the pay mode price into the savings account of the subscriber’s bank account. That is the only option available at present.
• Risk Coverage: Sum Assured of Rs. 2 Lakh upon the death of the member insured for any reason will be paid to the nominee.