DEPOSIT SCHEMES
DIFFERENT TYPES OF ACCOUNTS
Saving Accounts
Deposit Accounts
Social Security Schemes
Pradhan Mantri Suraksha Bima Yojana (PMSBY)
“Pradhan Mantri Suraksha Bima Yojana” is an Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The cover shall be for one-year period stretching from 1st June to 31st May. It would be a one-year cover, renewable from year to year. This scheme is designed to provide utmost convenience with auto debit facility from the bank account of subscriber.
The Ludhiana Central Cooperative Bank Ltd. has also implemented this scheme for its valuable customers and other eligible persons through all its branches across the district.
The scheme will be administered by bank and be guided by the scheme rules as specified by the Govt. of India from time to time.
In brief the scheme is as follows:
| Age at Entry | Min: 18 years (Age last birthday) |
| Max: 70 years (Age nearest birthday) | |
| Maximum Maturity Age | 70 years (Age nearest birthday) |
| Policy Term | One year renewable |
| Sum Assured | Rs. 200,000 (Two lakhs only) |
| Premium Amount | Rs. 20 /- per annum |
Benefits:
Death Benefit:
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 |
The death benefit for a member under Pradhan Mantri Suraksha Bima Yojana cannot exceed Rs. 2,00,000 even in case the member is covered through multiple bank accounts or through multiple insurers. In such an event, the claim will be payable for the first application (based on the date of enrolment) and the premium on the subsequent covers is liable to be forfeited.
Maturity/ Surrender Benefit:
There is no maturity or surrender benefit under this plan.
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:
1) On attaining age70 years (age nearest birthday)
2) Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) 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.