Chola - PMSBY Banner Content

Chola - PMSBY Content

 

PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY):

 

The idea of this scheme was first discussed in the 2015 budget speech and was launched two months later, in May 2015. PMSBY prepares an individual against unexpected emergencies by providing accident insurance  coverage of up to ₹2 lakhs  at a very  nominal premium of ₹20 per annum . And this is why we are proud to have the Pradhan Mantri Suraksha Bima Yojana (PMSBY) in our portfolio of offerings.

Pradhan Mantri Suraksha Bima Yojana Frequent Asked Question.

 

What is Pradhan Mantri Suraksha Bima Yojana (PMSBY)?

 

The Pradhan Mantri Suraksha Bima Yojana is a personal accident insurance policy which protects against accidental death and disability to individuals between 18 to 70 years of age. This policy makes accident insurance accessible for people from all sections of society.

Objective

Pradhan Mantri Suraksha Bima Yojana (PMSBY) aims to provide financial security to individuals within the specified age group by:

  1. The nominal premium of 20/- makes the insurance accessible to a wide range of people, ensuring that a large population can benefit from the scheme.
  2. In the event of accidental death or disability, the scheme provides a lump sum compensation to the insured or their dependents, easing the financial burden during such difficult times.
  3. By making insurance affordable and accessible, PMSBY helps promote financial inclusion, ensuring that individuals from all socio-economic backgrounds have access to essential financial protection.
  4. The scheme offers a sense of security and peace of mind to individuals and their families, knowing that they are financially protected in case of unforeseen accidents.

Who can take this policy?

All individuals who have savings bank account. In case of multiple bank accounts, the person will be eligible for the scheme through one bank account only. To enrol into the PMSBY, the bank account holders needs to give their consent to join / enable auto-debit.

Eligibility Criteria:

This is a Group Personal Accident Insurance policy covering all the Savings Bank Account Holders in the age group between 18 (completed) and 70 years (age nearer birthday).

What is covered under this policy?

 

  1. Permanent total disability , i.e. total 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 one foot will be covered at compensation of ₹2 lakh
  2. Permanent partial disability , i.e. loss of sight of one eye or loss of use of one hand or one foot will also be covered at compensation of ₹1 lakh
  3. Accidental death  of the applicant will be covered by the scheme at compensation of ₹2 lakh.

What are the exclusions of the policy?

 

  1. Any loss suffered by the Insured on account of his participation as the driver, co-driver or passenger during motor racing or trial runs or rallies using a motorized vehicle or bicycle.
  2. Any Insured Person committing or attempting to commit a breach of law with criminal intent, or intentional self-injury or attempted suicide or suicide.
  3. Whilst engaging in or participation in or involvement including but not limited to naval, military or air force operation.
  4. Whilst engaging in aviation or ballooning, whilst mounting into, dismounting from or travelling in any balloon or aircraft other than as a passenger (fare paying or otherwise) in any duly licensed standard type of aircraft anywhere in the world.
  5. Any loss sustained or contracted in consequence of the Insured being under the influence of alcohol or drugs unless administered on the advice of a physician.
  6. Any injury or Disease directly caused by or contributed by the radioactive, toxic, explosive or other dangerous properties of any explosive nuclear equipment or any part of that equipment.

Claim Process:

 

Intimation:

Please report the claim on Jansuraksha portal and as far as possible the intimation of a claim needs to be provided to Chola MS through the following modes of intimation:

  • Intimation to be given at Chola MS Call Centre @ 1800 208 9100
  • E-Mail: customercare@cholams.murugappa.com ; paclaims@cholams.murugappa.com

Forwarding of Claim Documents:

Upon intimation of the claim in Jansuraksha portal all the document pertaining to the claim will be sent to paclaims@cholams.murugappa.com

Chola - Important Documents: