The PMSBY Scheme is available to people in the age group 18 to 70 years with BGVB bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis.
Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme is Rs. 2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability.
The premium of Rs.12 per annum is to be deducted from the account holder’s BGVB bank account through ‘auto-debit’ facility in one instalment.
The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with BGVB for this purpose.
As on 31st March, 2019, cumulative gross enrolment reported by Banks subject to verification of eligibility, etc. is over 15.47 crore under PMSBY.
A total of 40,749 Claims were registered under PMSBY of which 32,176 have been disbursed. One can easily avail this scheme by contacting the nearest branch where he or she has a BGVB Bank Account.