GST No.: 24AABAT4356N1Z6               

Pradhan Mantri Suraksha Bima Yojana



Features and Advantages

Details of the scheme

  • Premium payable is Rs.20/- per annum per member.
  • The scheme will be a one year cover, renewable from year to year, Insurance Scheme offering life insurance cover for death due to accidential death.
  • Scope of coverage: All savings bank account holders in the age 18 to 70 years in bank 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.
  • Claim should be intimated to National Insurance Co. ltd. within 30 days after an accident.



Table of Benefits Sum Insured


Accidential Death Rs. 2 Lakh


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


Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot Rs. 1 Lakh

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.

The Varachha Co-Op. bank ltd., will be the Master policy holder for the PMSBY scheme, policy issued by National Insurance Co. ltd.

*Click here for Download PMSBY Join form