Standard Operating Procedure of PMSBY
1. Any Postal Official (including GDS) can pursue either a depositor having Savings Account in any
EDBO/SO/HO migrated to CBS Platform or any Indian Citizen who is ready to open a Savings Account in
any such post office which is migrated to CBS, to fill Enrollment Form of Pradhan Mantri Suraksha Bima
Yojna( PMSBY) to get Accidental Insurance cover of Rs.2 lakh from National Insurance Company Limited
(NIC) by paying an annual premium of Rs,12/- for one year (from 1st June or Date of Enrollment to 31st
May).
2. It It has to be ensured that the Savings Account holder or Indian Citizen who wants to open new
savings account for this purpose has already completed 18 Years of Age but not yet completed 50 years
of Age (as per Date of Birth mentioned in any of the KYC Documents showing date of birth). If no such
document is available with the customer, a certificate of birth issued by Headmaster of the School or
Sarpanch Gram Panchyat or self declaration can be presented before the Postal Official who collects the
form to confirm age validation.
3. The Savings Account Holder or Indian Citizen who wants to open new savings account should be
pursued to maintain balance of Rs.62/- (if it is a normal savings Account), Rs.512/- (if it is Cheque Savings
Account) and Rs.12/- (if it is a Zero balance Account opened for any Government welfare scheme like
MGNREGS/Old Age/Widow/Disability Pension etc.) within 7 days of giving the Enrollment Form (if
collected at other than CBS Post Office Counter) so that premium of Rs.12/- will be deducted on the day
of enrollment itself at CBS HO/SO.
4. Postal Official (including GDS) who collects Enrollment Form has to ensure that all fields with *
mark has been filled and if depositor is illiterate, a literate person has signed (with address) as a witness
on the form. He/she will fill the relevant fields mentioned in “ To be filled by the official who collects
form” part of the form and sign for the purpose of calculation of Incentive.
5. When Enrollment Form is received at EDBO, GDS BPM will tally signatures available in SS Book
and Balance in the Account shown in BOSB Journal. If he/she is satisfied that signatures are tallied, the
depositor has already completed 18 Years of Age and not yet completed 70 Years of Age and balance in
the account is either equal or more than Rs.12/- or Rs.62/- or Rs. 512/- (based of type of savings
account), He/she will sign on the Form in the filed “ Signature of Postmaster with Seal” in the part “For
Office Use”. He/she will place BO Name Stamp on the Top of the Form and Date Stamp on the left side
of his signatures. He/she will prepare a list of forms collected daily in duplicate in the following format:-
(At the top of the list)
Date
List Number (consecutive from 1/1)
Name of Scheme- PMSBY
Name of BO
Name of Account Office
Name of HO
(In the list)
Sl.No.- Account Number- Name of GDS who collected Form
(At the end of the list)
Total No. of Forms
6. One copy of list will be stitched with the bundle of Forms and sent to Account Office duly
entered into BO Journal and BO Daily Account.
7. When Enrollment Form sent by EDBO is received at CBSHO/SO, PA who is opening BO Bags will
hand over form bundles received from BOs to SPM/Special Cell at HO under receipt in BO Daily Account.
8. SPM/Special Cell at HO will hand over forms to Counter PA or PA designated to do data entry
into Finacle CBS Application.
9. Counter PA or Designated PA at SO/HO will also receive Enrollment Forms at Counter or from
other Postal Officials or from BOs. Before doing data entry into the Finacle menu CPMY, PA will go to IES
menu and verify signatures on the Form (if depositor is literate) and tally signatures with signatures in
Finacle. If signatures are tallied, he will invoke Finacle menu CPMY and select scheme name as PMSBY
and enter Account Number in the relevant Field. He will click on the screen and following fields will be
auto-populated:-
CIF ID, SOL ID, Name of Depositor, date of Birth (default date if not yet corrected in CIF), Gender,
Nominee name (if available), Nominee relationship (if available), Address of Depositor, Address of
Nominee (if available), Account Type, Aadhar Number (if available), PAN Number (if available),
Applicant’s Age (based on DOB), Phone number (if available), E mail ID (if available).
10. If any of the mandatory field is not auto-populated or date of birth is populated as 1.7.1960 or
Gender as Others, PA has to go to CMRC menu to modify the CIF. While modifying CIF, user has to
modify date of Birth and Gender (F or M) as written on the Enrollment Form and enter other
information like Mobile Number, E mail ID, Aadhar Number etc. and Supervisor has to verify the CIF
Modification. Once this is done, PA will again go to the menu CPMY and select scheme as PMSBY enter
Account Number to get all these fields Auto-Populated.
11. If nomination is not registered in the Savings Account, this field will be blank. Nomination is
mandatory in PMJJBY. PA has to enter Nominee Name in the relevant field and select Relationship from
the drop down given against this field. Address of nominee also needs to be filled. PA should then click
on VALIDATE button and see if all the validations are correct. Once this is done, PA will click on SUBMIT
button and hand over form to Supervisor for verification. Supervisor will go to verify mode of CPMY and
enter Account ID to see information populated. He should tally the same with the Form. Once he/she is
satisfied, he will click on SUBMIT button. At this time Rs.12/- will be withdrawn (debited) from Savings
Account and Credited to PMSBY Premium Office Account of Sansad Marg HO (11000100).
12. At the end of the day, all these withdrawals will appear in the SB LOT and SB Consolidation of
respective SO/HO. Total Amount withdrawn will be shown against PMSBY Premium Deposit.
13. In case of CBS SO, Designated PA will prepare a list of forms collected daily in duplicate in the
following format in MS Excel ( for the purpose of calculation of incentive):-
(At the top of the list)
Date
List Number (consecutive from 1/1)
Name of Scheme- PMSBY
Name of BO/SO
Name of HO
(In the list)
Sl.No.- Account Number- Name of Postal Official who collected Form
(At the end of the list)
Total No. of Forms
14. One copy of list will be stitched with the bundle of Forms and sent to Head Office duly entered
into SO Daily Account. These Forms will be preserved in HPO SO-wise and date wise in A4 size Ring
Binders alongwith list which will be filed also in the same binder.
15. At CBS HO, all Forms presented at the HO Counter and received from SOs would be handed over
to designated PA(s) who will enter these forms in MS Excel ( for the purpose of calculation of incentive)
in the following format:-
Headers
Date-
Scheme:- PMSBY
Data to be entered:-
Sl.No., Name of BO (under HO)- List No. of BO (ie.1/1 etc.), Name of SO(Under HO)-List No. of SO,
Account Number, Name/Designation/Office of Posting of Postal Employee including GDS who
collected Form.
(After entering forms received from BOs (under HO) and SOs(Under HO), enter forms collected at
HO by other Postal Officials or at counter)
Sl.No., Account Number, Name/Designation of Official who collected Form.
At the end:- Total No. of Forms
16. Special Monitoring Cell at each CBS HO at the end of each month will prepare incentive bill of
PMJJBY showing date wise no. of forms collected by each Postal Official (including GDS) and amount of
incentive against each official or set of officials before 5th of each month. Format of Incentive Bill is given
Below:-
Month
Name of Postal Official (including GDS)
No. of Forms collected/Handled in the month
Amount of incentive
Total Number of Forms collected in the month
Amount of incentive of HO Monitoring Cell
This incentive bill will be sent to Divisional Head who will issue sanction against the PMSBY Income
Head of Account (will be circulated in Accounting Procedure) and will send it back to HO before 10th of
the month. Divisional Office will send monthly statistics to its RO/HO on 10th of the each month
alongwith its Incentive Bill to RO/CO. RO will maintain monthly statistics of the Divisions under it and
issue sanction of incentive bill of DO under the same head. RO will send its monthly data to CO by 15th of
the month which will issue sanction of incentive Bill of RO under the same head. CO will maintain data
of Forms collected by all the Regions and issue sanction of Incentive for its own staff under same head.
CO will send monthly statistics of Forms collected to F.S Division of Directorate and DAP.
17. On receipt of Sanction from Divisional Head, Accounts Branch of HPO will prepare Incentive
Payment Bills for the staff and send to SOs and BOs under it. SOs, on receipt of Bills will send the same
to their BOs. BOs, SOs and Hos will charge these bills (after payment) in the PMJJBY Incentive.
(Accounting Head will be circulated in Accounting procedure).
18. F.S Division of Directorate would maintain statistics of Forms Collected by all the Circles and
raise its incentive bill to Delhi Circle which will issue sanction from the relevant head.
19. DAP will issue sanction of Incentive Bill for its own staff engaged for this activity under same
head and send Monthly statistics of DAP as a whole to DAP(Delhi) for reconciliation of amount received
from NIC and amount spent on incentive with copy to DDG(PAF) Directorate.
20. DDG(PAF) Directorate will maintain monthly statistics of Forms collected, Amount of Premium
Collected/sent to NIC, Amount received from NIC and spent on Incentive/Administrative expenses for
this purpose. PA wing will issue sanction of its own incentive bill under relevant head of account.
Standard Operating Procedure to be followed at Sansad Marg HPO (Delhi Circle)
1. On daily basis, Designated System Administrator would go to menu CUUTR, select relevant
scheme and enter BOD date. He will get the total amount collected all over India for sending to LIC on
the screen. He will pass on the information to DPM/APM Treasurery who will issue orders for remitting
the amount to NIC Bank Account (will be intimated shortly) through RTGS from Postmaster Bank
Account. Designated PA will go to SBI and present RTGS Request. On getting UTR Number, designated
PA will inform this number to Designated System Administrator who will again invoke CUUTR menu in
Finacle and select Update UTR option. He will then enter the UTR Number and Amount of UTR in the
relevant fields. He will enter same BOD Date as enrollment date and click.
2. Designated SA will then send mail to CEPT Team for running the batch to extract data from
Finacle. Batch file will then be uploaded to NIC through mail/SFTP.
3. Designated SA will get response file from NIC and look into the rejected data and passed on the
relevant information to respective Hos through an e-mail. Respective HO would get the data corrected
from its staff of respective HO or get corrections done from Infosys through raising a ticket. Infosys will
extract revised file from the backend and send to Sansad Marg HO SA through mail. Sansad Marg HO SA
will upload the modified file to NIC.
4. In Sansad Marg HO, Amount Transferred to NIC would be accounted for as Premium Collected
for PMSBY on receipt side and Premium Transferred to NIC on Payment side.
5. At the end of the month, Sansad Marg HO Postmaster account would get credit of Rs.2/- per
Form from NIC which would be accounted for as PMSBY Income to DOP.
6. DAP Delhi will account far this amount and reconcile booking (of incentive paid to staff &
amount spent on Administrative Expenses) by respective DAPs based on information received from
them about ( number of forms collected ).
7. Sansad Marg HO will intimate amount received from NIC on the day of its receipt (expected to
be first working day of the month) to DAP(Delhi).
1
RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Accident Insurance
Scheme offering accidental death and disability cover for death or disability on account
of an accident. The scheme would be offered / administered through Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies
willing to offer the product on similar terms with necessary approvals and tie up with
Banks for this purpose. Participating banks will be free to engage any such insurance
company for implementing the scheme for their subscribers.
Scope of coverage: All savings bank account holders in the age 18 to 70 years in
participating banks 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. Aadhar would be the primary KYC for
the bank account.
Enrollment Modality / Period: The cover shall be for the one year period stretching
from 1st June to 31st May for which option to join / pay by auto-debit from the designated
savings bank account on the prescribed forms will be required to be given by 31st May
of every year, extendable up to 31st August 2015 in the initial year. Initially on launch,
the period for joining may be extended by Govt. of India for another three months, i.e.
up to 30th of November, 2015. Joining subsequently on payment of full annual premium
may be possible on specified terms. However, applicants may give an indefinite / longer
option for enrolment / auto-debit, subject to continuation of the scheme with terms as
may be revised on the basis of past experience. Individuals who exit the scheme at any
point may re-join the scheme in future years through the above modality. New entrants
into the eligible category from year to year or currently eligible individuals who did not
join earlier shall be able to join in future years while the scheme is continuing.
Benefits: 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
Premium: Rs.12/- per annum per member. The premium will be deducted from the
account holder’s savings bank account through ‘auto debit’ facility in one installment on
or before 1st June of each annual coverage period under the scheme. However, in
cases where auto debit takes place after 1st June, the cover shall commence from the
first day of the month following the auto debit.
2
The premium would be reviewed based on annual claims experience. However, barring
unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that
there is no upward revision of premium in the first three years.
Eligibility Conditions:
The savings bank account holders of the participating banks aged between 18 years
(completed) and 70 years (age nearer birthday) who give their consent to join / enable
auto-debit, as per the above modality, will be enrolled into the scheme.
Master Policy Holder: Participating Bank will be the Master policy holder on behalf of
the participating subscribers. A simple and subscriber friendly administration & claim
settlement process shall be finalized by the respective general insurance company in
consultation with the participating Banks.
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 age 70 years (age nearest birth day).
2) Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
3) 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.
4) 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.
5) 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.
Administration:
The scheme, subject to the above, will be administered as per the standard procedure
stipulated by the Insurance Company. The data flow process and data proforma will be
provided separately.
It will be the responsibility of the participating bank to recover the appropriate annual
premium from the account holders within the prescribed period through ‘auto-debit’
process.
Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained
and retained by the participating bank. In case of claim, the Insurance Company may
3
seek submission of the same. Insurance Company reserves the right to call for these
documents at any point of time.
The acknowledgement slip may be made into an acknowledgement slip-cum-certificate
of insurance.
The experience of the scheme will be monitored on yearly basis for re-calibration etc.,
as may be necessary.
Appropriation of Premium:
1) Insurance Premium to Insurance Company: Rs.10/- per annum per member
2) Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum
per member
3) Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member
The proposed date of commencement of the scheme will be 1st June 2015.The next
Annual renewal date shall be each successive 1st of June in subsequent years.
The scheme is liable to be discontinued prior to commencement of a new future renewal
date if circumstances so require.
1
FAQs on PRADHAN MANTRI SURAKSHA BIMA YOJANA
Q1. What is the nature of the scheme?
The scheme will be a one year cover Personal Accident Insurance Scheme, renewable
from year to year, offering protection against death or disability due to accident.
Q2. What would be the benefits under the scheme and premium payable?
The benefits are as follows:
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
Premium payable is Rs.12/- per annum per member.
Q3. How will the premium be paid?
The premium will be deducted from the account holder’s savings bank account through
‘auto debit’ facility in one installment, as per the option to be given on enrolment.
Members may also give one-time mandate for auto-debit every year till the scheme is in
force, subject to re-calibration that may be deemed necessary on review of experience
of the scheme from year to year.
Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through the Public Sector General
Insurance Companies (PSGICs) and other General Insurance companies willing to offer
the product with necessary approvals on similar terms, in collaboration with participating
Banks. Participating banks will be free to engage any such general insurance company
for implementing the scheme for their subscribers.
Q5. Who will be eligible to subscribe?
All savings bank account holders in the age 18 to 70 years in participating banks 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.
Q6. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers
are expected to enroll and give their auto-debit option by 31st May 2015, extendable up
to 31st August 2015. Enrolment subsequent to this date may be possible prospectively
on payment of full annual payment, subject to conditions that may be laid down.
Subscribers who wish to continue beyond the first year will be expected to give their
consent for auto-debit before each successive May 31st for successive years. Delayed
renewal subsequent to this date may be possible on payment of full annual premium,
subject to conditions that may be laid down.
Q7. Can eligible individuals who fail to join the scheme in the initial year join in
subsequent years?
Yes, on payment of premium through auto-debit. New eligible entrants in future years
can also join accordingly.
2
Q8. Can individuals who leave the scheme rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by
paying the annual premium, subject to conditions that may be laid down.
Q9. Who would be the Master policy holder for the scheme?
Participating Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process shall be finalized by PSGICs / chosen
insurance company in consultation with the participating bank.
Q10. When can the accident cover assurance terminate?
The accident cover of the member shall terminate / be restricted accordingly on any of
the following events:
i. On attaining age 70 years (age neared birth day).
ii. Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
iii. 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 account and the premium shall be liable to be forfeited.
Q11. What will be the role of the insurance company and the Bank?
i. The scheme will be administered by PSGICs or any other General Insurance
company which is willing to offer such a product in partnership with a bank /
banks.
ii. It will be the responsibility of the participating bank to recover the appropriate
annual premium in one installment, as per the option, from the account holders
on or before the due date through ‘auto-debit’ process and transfer the amount
due to the insurance company.
iii. Enrollment form / Auto-debit authorization / Consent cum Declaration form in the
prescribed proforma shall be obtained, as required, and retained by the
participating bank. In case of claim, PSGIC / insurance company may seek
submission of the same. PSGIC / Insurance Company also reserve the right to
call for these documents at any point of time.
Q12. How would the premium be appropriated?
a. Insurance Premium to PSGIC / other insurance company: Rs.10/- per annum
per member;
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per
annum per member;
c. Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member.
Q13. Will this cover be in addition to cover under any other insurance scheme
the subscriber may be covered under?
Yes.
****************
To be filled in by members joining the scheme during the permitted “Enrolment Period”)
*Savings Account No.-
*CIF ID (in case of Joint Account)-
*SOL ID (Post Office)-
*Name in Full- Mobile /Contact Number-
*Address -
Locality/Village/City/
Tehsil/Dist./State
*Whether suffering from any disability(Y or N) -
If “Y”, details thereof-
*Date of Birth ( As per KYC document)- Aadhar No, if available-
*Name of Nominee- *Relationship of Nominee with Depositor-
*Name of Guardian if nominee is minor- E Mail ID-
*Address of Nominee/Guardian -
Loaclity/Village/City/Tehsil/Dist./State
*Mandatory Fields.
I hereby give my consent to become a member of „ Pradhan Mantri Suraksha Bima Yojana‟ which will be administered by the above Post office as
Master Policyholder.
I hereby authorize you to debit today my Post office Savings Account with your Post office with Rs.12/- (Rupees Twelve only) plus Service Tax,if
applicable,and on or before 31st May every subsequent year until further instructions to the contrary (strike out whichever is not applicable) a sum of
Rupees Twelve or a revised amount that may be decided with immediate intimation to me.
I hereby nominate my nominee as indicated above for the benefits under the scheme, in the event of my death. In the event of my death before the
nominee reaching the age of 18 years, I hereby appoint the legal guardian of the nominee as indicated above for the purpose of receiving the benfits
under the scheme.
I declare that I am not insured under Pradhan Mantri Suraksha Bima Yojana under any other Post office Savings Account or any Bank Account. In case
the same is found to exist, premium shall stand forefieted and no claims would be paid.
I agree that the cover shall commence from the 1st of the month subsequent to the date of enrolment in the scheme.
I agree to pay full annual premium even if I join the Scheme after the commencement of the Master Policy.
I agree that my membership in the Scheme will remain in force as long as all premiums due are paid and until I have attained age 70 years as on Annual
Renewal Date.
I agree to abide by the terms and conditions of the above Scheme. I agree to your conveying my personal details, as required, regarding my admission
into the Pradhan Mantri Suraksha BimaYojana to NATIONAL INSURANCE COMPANY LIMITED.
I hereby declare that the above statements are true in all respects and that I agree and declare that the above information shall form the basis of
admission to the above Scheme and that if any information be found untrue, my membership to the Scheme shall be treated as cancelled.
Date:_______________
Signature/Thumb Impression* of Subscriber
(* LTI in case of male and RTI in case of female)
Signature and Address of Wittess
(in case of illiterate depositor)
(FOR OFFICE USE)
Form is checked, Signatures verified with Office Record/Wittness Accepted.
Signature of Postmaster with Seal
FORM
(To Be Filled by the Official who collected Form)
Name_________________________________ Designation_____________________________Office of Posting_______________________
Mobile No.________________________Name of HPO from which Pay is Drawn______________________________________________
Signature of Official with Date________________________________________________________________________________________
ACKNOWLEDGEMENT CUM CERTIFICATE OF INSURANCE
We hereby acknowledge receipt of “Consent-cum-DeclarationForm” from Shri / Smt. _______________________________ holding Post
office Savings Account No.______________________________, Aadhar No. (if available) ___________________________, consenting and
authorizing auto-debit from the specified Post office Savings Account to join the Pradhan Mantri Suraksha BimaYojana with National
Insurance Company Ltd.(NIC) under Master Policy No 36090042158200000519 certifying coverage as per the Scheme, subject to
correctness of information provided regarding eligibility and receipt of consideration amount. Insurance cover will start from the first of the
month subsequent to the date of enrollment.
Signature of Postmaster with Seal
Pradhan Mantri
Suraksha Bima Yojana
Broad Terms & Conditions of Pradhan Mantri Suraksha Bima Yojana
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or
disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other
General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Post offices for this purpose. Participating
Post offices will be free to engage any such insurance company for implementing the scheme for their subscribers.
Scope of coverage: All Post office savings account holders in the age 18 to 70 years in participating Post offices will be entitled to join. In case of multiple
saving Post office accounts held by an individual in one or different Post offices, the person would be eligible to join the scheme through one Post office
Savings Account only. Aadhar would be the primary KYC for the Post office Savings account.
Enrollment Modality / Period: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit
from the designated Post office Savings Account on the prescribed forms will be required to be given by 31st May of every year, extendable up to 31st August
2015 in the initial year. Initially on launch, the period for joining may be extended by Govt. of India for another three months, i.e. up to 30th of November,
2015. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite / longer
option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the
scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently
eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.
Benefits: 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
Premium: Rs.12/- per annum per member. The premium will be deducted from the account holder‟s Post office Savings Account through „auto debit‟ facility
in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June,
the cover shall commence from the first day of the month following the auto debit.
The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be
made to ensure that there is no upward revision of premium in the first three years.
Eligibility Conditions:
The Post office savings account holders of the participating Post offices aged between 18 years (completed) and 70 years (age nearer birthday) who give
their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
Master Policy Holder: Participating Post office will be the Master policy holder on behalf of the participating subscribers. A simple and subscriber friendly
administration & claim settlement process shall be finalized by the respective general insurance company in consultation with the participating Post offices.
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 age 70 years (age nearest birth day).
2) Closure of account with the Post office or insufficiency of balance to keep the insurance in force.
3) 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.
4) 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.
5) Participating Post offices 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.
Administration:
The scheme, subject to the above, will be administered as per the standard procedure stipulated by the Insurance Company. The data flow process and data
proforma will be provided separately.
It will be the responsibility of the participating Post office to recover the appropriate annual premium from the account holders within the prescribed period
through „auto-debit‟ process.
Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained and retained by the participating Post office. In case of claim, the
Insurance Company may seek submission of the same. Insurance Company reserves the right to call for these documents at any point of time.
The acknowledgement slip may be made into an acknowledgement slip-cum-certificate of insurance.
The experience of the scheme will be monitored on yearly basis for re-calibration etc., as may be necessary.
The proposed date of commencement of the scheme will be 1st June 2015.The next Annual renewal date shall be each successive 1st of June in subsequent
years.
The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.
*******
COLLECTION OF FORMS FROM POSB CUSTOMERS
Incentive structure (per form collected) for PMSBY
PMSBY :-
GDS/Postman/Counter PA- Rs.0.50
GDS BPM:- 0.10 paisa (For additional work as BPM)
Counter PA (additional for maintaining data in Finacle)- Rs.0.10
Counter Supervisor/SPM ( for verification work in Finacle)- Rs.0.05
HO Special Monitoring Cell Officials - Rs. 0.10
Accounts branch of HO:- Rs.0.05
Divisional Office Monitoring Cell:- Rs.0.04
Ro/Co Monitoring Cell:- Rs.0.02
Directorate Monitoring Cell.:- Rs.0.02
DAP Monitoring Cell:- Rs.0.01
Directorate Monitoring Cell (PAF)- Rs.0.01
1. Any Postal Official (including GDS) can pursue either a depositor having Savings Account in any
EDBO/SO/HO migrated to CBS Platform or any Indian Citizen who is ready to open a Savings Account in
any such post office which is migrated to CBS, to fill Enrollment Form of Pradhan Mantri Suraksha Bima
Yojna( PMSBY) to get Accidental Insurance cover of Rs.2 lakh from National Insurance Company Limited
(NIC) by paying an annual premium of Rs,12/- for one year (from 1st June or Date of Enrollment to 31st
May).
2. It It has to be ensured that the Savings Account holder or Indian Citizen who wants to open new
savings account for this purpose has already completed 18 Years of Age but not yet completed 50 years
of Age (as per Date of Birth mentioned in any of the KYC Documents showing date of birth). If no such
document is available with the customer, a certificate of birth issued by Headmaster of the School or
Sarpanch Gram Panchyat or self declaration can be presented before the Postal Official who collects the
form to confirm age validation.
3. The Savings Account Holder or Indian Citizen who wants to open new savings account should be
pursued to maintain balance of Rs.62/- (if it is a normal savings Account), Rs.512/- (if it is Cheque Savings
Account) and Rs.12/- (if it is a Zero balance Account opened for any Government welfare scheme like
MGNREGS/Old Age/Widow/Disability Pension etc.) within 7 days of giving the Enrollment Form (if
collected at other than CBS Post Office Counter) so that premium of Rs.12/- will be deducted on the day
of enrollment itself at CBS HO/SO.
4. Postal Official (including GDS) who collects Enrollment Form has to ensure that all fields with *
mark has been filled and if depositor is illiterate, a literate person has signed (with address) as a witness
on the form. He/she will fill the relevant fields mentioned in “ To be filled by the official who collects
form” part of the form and sign for the purpose of calculation of Incentive.
5. When Enrollment Form is received at EDBO, GDS BPM will tally signatures available in SS Book
and Balance in the Account shown in BOSB Journal. If he/she is satisfied that signatures are tallied, the
depositor has already completed 18 Years of Age and not yet completed 70 Years of Age and balance in
the account is either equal or more than Rs.12/- or Rs.62/- or Rs. 512/- (based of type of savings
account), He/she will sign on the Form in the filed “ Signature of Postmaster with Seal” in the part “For
Office Use”. He/she will place BO Name Stamp on the Top of the Form and Date Stamp on the left side
of his signatures. He/she will prepare a list of forms collected daily in duplicate in the following format:-
(At the top of the list)
Date
List Number (consecutive from 1/1)
Name of Scheme- PMSBY
Name of BO
Name of Account Office
Name of HO
(In the list)
Sl.No.- Account Number- Name of GDS who collected Form
(At the end of the list)
Total No. of Forms
6. One copy of list will be stitched with the bundle of Forms and sent to Account Office duly
entered into BO Journal and BO Daily Account.
7. When Enrollment Form sent by EDBO is received at CBSHO/SO, PA who is opening BO Bags will
hand over form bundles received from BOs to SPM/Special Cell at HO under receipt in BO Daily Account.
8. SPM/Special Cell at HO will hand over forms to Counter PA or PA designated to do data entry
into Finacle CBS Application.
9. Counter PA or Designated PA at SO/HO will also receive Enrollment Forms at Counter or from
other Postal Officials or from BOs. Before doing data entry into the Finacle menu CPMY, PA will go to IES
menu and verify signatures on the Form (if depositor is literate) and tally signatures with signatures in
Finacle. If signatures are tallied, he will invoke Finacle menu CPMY and select scheme name as PMSBY
and enter Account Number in the relevant Field. He will click on the screen and following fields will be
auto-populated:-
CIF ID, SOL ID, Name of Depositor, date of Birth (default date if not yet corrected in CIF), Gender,
Nominee name (if available), Nominee relationship (if available), Address of Depositor, Address of
Nominee (if available), Account Type, Aadhar Number (if available), PAN Number (if available),
Applicant’s Age (based on DOB), Phone number (if available), E mail ID (if available).
10. If any of the mandatory field is not auto-populated or date of birth is populated as 1.7.1960 or
Gender as Others, PA has to go to CMRC menu to modify the CIF. While modifying CIF, user has to
modify date of Birth and Gender (F or M) as written on the Enrollment Form and enter other
information like Mobile Number, E mail ID, Aadhar Number etc. and Supervisor has to verify the CIF
Modification. Once this is done, PA will again go to the menu CPMY and select scheme as PMSBY enter
Account Number to get all these fields Auto-Populated.
11. If nomination is not registered in the Savings Account, this field will be blank. Nomination is
mandatory in PMJJBY. PA has to enter Nominee Name in the relevant field and select Relationship from
the drop down given against this field. Address of nominee also needs to be filled. PA should then click
on VALIDATE button and see if all the validations are correct. Once this is done, PA will click on SUBMIT
button and hand over form to Supervisor for verification. Supervisor will go to verify mode of CPMY and
enter Account ID to see information populated. He should tally the same with the Form. Once he/she is
satisfied, he will click on SUBMIT button. At this time Rs.12/- will be withdrawn (debited) from Savings
Account and Credited to PMSBY Premium Office Account of Sansad Marg HO (11000100).
12. At the end of the day, all these withdrawals will appear in the SB LOT and SB Consolidation of
respective SO/HO. Total Amount withdrawn will be shown against PMSBY Premium Deposit.
13. In case of CBS SO, Designated PA will prepare a list of forms collected daily in duplicate in the
following format in MS Excel ( for the purpose of calculation of incentive):-
(At the top of the list)
Date
List Number (consecutive from 1/1)
Name of Scheme- PMSBY
Name of BO/SO
Name of HO
(In the list)
Sl.No.- Account Number- Name of Postal Official who collected Form
(At the end of the list)
Total No. of Forms
14. One copy of list will be stitched with the bundle of Forms and sent to Head Office duly entered
into SO Daily Account. These Forms will be preserved in HPO SO-wise and date wise in A4 size Ring
Binders alongwith list which will be filed also in the same binder.
15. At CBS HO, all Forms presented at the HO Counter and received from SOs would be handed over
to designated PA(s) who will enter these forms in MS Excel ( for the purpose of calculation of incentive)
in the following format:-
Headers
Date-
Scheme:- PMSBY
Data to be entered:-
Sl.No., Name of BO (under HO)- List No. of BO (ie.1/1 etc.), Name of SO(Under HO)-List No. of SO,
Account Number, Name/Designation/Office of Posting of Postal Employee including GDS who
collected Form.
(After entering forms received from BOs (under HO) and SOs(Under HO), enter forms collected at
HO by other Postal Officials or at counter)
Sl.No., Account Number, Name/Designation of Official who collected Form.
At the end:- Total No. of Forms
16. Special Monitoring Cell at each CBS HO at the end of each month will prepare incentive bill of
PMJJBY showing date wise no. of forms collected by each Postal Official (including GDS) and amount of
incentive against each official or set of officials before 5th of each month. Format of Incentive Bill is given
Below:-
Month
Name of Postal Official (including GDS)
No. of Forms collected/Handled in the month
Amount of incentive
Total Number of Forms collected in the month
Amount of incentive of HO Monitoring Cell
This incentive bill will be sent to Divisional Head who will issue sanction against the PMSBY Income
Head of Account (will be circulated in Accounting Procedure) and will send it back to HO before 10th of
the month. Divisional Office will send monthly statistics to its RO/HO on 10th of the each month
alongwith its Incentive Bill to RO/CO. RO will maintain monthly statistics of the Divisions under it and
issue sanction of incentive bill of DO under the same head. RO will send its monthly data to CO by 15th of
the month which will issue sanction of incentive Bill of RO under the same head. CO will maintain data
of Forms collected by all the Regions and issue sanction of Incentive for its own staff under same head.
CO will send monthly statistics of Forms collected to F.S Division of Directorate and DAP.
17. On receipt of Sanction from Divisional Head, Accounts Branch of HPO will prepare Incentive
Payment Bills for the staff and send to SOs and BOs under it. SOs, on receipt of Bills will send the same
to their BOs. BOs, SOs and Hos will charge these bills (after payment) in the PMJJBY Incentive.
(Accounting Head will be circulated in Accounting procedure).
18. F.S Division of Directorate would maintain statistics of Forms Collected by all the Circles and
raise its incentive bill to Delhi Circle which will issue sanction from the relevant head.
19. DAP will issue sanction of Incentive Bill for its own staff engaged for this activity under same
head and send Monthly statistics of DAP as a whole to DAP(Delhi) for reconciliation of amount received
from NIC and amount spent on incentive with copy to DDG(PAF) Directorate.
20. DDG(PAF) Directorate will maintain monthly statistics of Forms collected, Amount of Premium
Collected/sent to NIC, Amount received from NIC and spent on Incentive/Administrative expenses for
this purpose. PA wing will issue sanction of its own incentive bill under relevant head of account.
Standard Operating Procedure to be followed at Sansad Marg HPO (Delhi Circle)
1. On daily basis, Designated System Administrator would go to menu CUUTR, select relevant
scheme and enter BOD date. He will get the total amount collected all over India for sending to LIC on
the screen. He will pass on the information to DPM/APM Treasurery who will issue orders for remitting
the amount to NIC Bank Account (will be intimated shortly) through RTGS from Postmaster Bank
Account. Designated PA will go to SBI and present RTGS Request. On getting UTR Number, designated
PA will inform this number to Designated System Administrator who will again invoke CUUTR menu in
Finacle and select Update UTR option. He will then enter the UTR Number and Amount of UTR in the
relevant fields. He will enter same BOD Date as enrollment date and click.
2. Designated SA will then send mail to CEPT Team for running the batch to extract data from
Finacle. Batch file will then be uploaded to NIC through mail/SFTP.
3. Designated SA will get response file from NIC and look into the rejected data and passed on the
relevant information to respective Hos through an e-mail. Respective HO would get the data corrected
from its staff of respective HO or get corrections done from Infosys through raising a ticket. Infosys will
extract revised file from the backend and send to Sansad Marg HO SA through mail. Sansad Marg HO SA
will upload the modified file to NIC.
4. In Sansad Marg HO, Amount Transferred to NIC would be accounted for as Premium Collected
for PMSBY on receipt side and Premium Transferred to NIC on Payment side.
5. At the end of the month, Sansad Marg HO Postmaster account would get credit of Rs.2/- per
Form from NIC which would be accounted for as PMSBY Income to DOP.
6. DAP Delhi will account far this amount and reconcile booking (of incentive paid to staff &
amount spent on Administrative Expenses) by respective DAPs based on information received from
them about ( number of forms collected ).
7. Sansad Marg HO will intimate amount received from NIC on the day of its receipt (expected to
be first working day of the month) to DAP(Delhi).
1
RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Accident Insurance
Scheme offering accidental death and disability cover for death or disability on account
of an accident. The scheme would be offered / administered through Public Sector
General Insurance Companies (PSGICs) and other General Insurance companies
willing to offer the product on similar terms with necessary approvals and tie up with
Banks for this purpose. Participating banks will be free to engage any such insurance
company for implementing the scheme for their subscribers.
Scope of coverage: All savings bank account holders in the age 18 to 70 years in
participating banks 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. Aadhar would be the primary KYC for
the bank account.
Enrollment Modality / Period: The cover shall be for the one year period stretching
from 1st June to 31st May for which option to join / pay by auto-debit from the designated
savings bank account on the prescribed forms will be required to be given by 31st May
of every year, extendable up to 31st August 2015 in the initial year. Initially on launch,
the period for joining may be extended by Govt. of India for another three months, i.e.
up to 30th of November, 2015. Joining subsequently on payment of full annual premium
may be possible on specified terms. However, applicants may give an indefinite / longer
option for enrolment / auto-debit, subject to continuation of the scheme with terms as
may be revised on the basis of past experience. Individuals who exit the scheme at any
point may re-join the scheme in future years through the above modality. New entrants
into the eligible category from year to year or currently eligible individuals who did not
join earlier shall be able to join in future years while the scheme is continuing.
Benefits: 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
Premium: Rs.12/- per annum per member. The premium will be deducted from the
account holder’s savings bank account through ‘auto debit’ facility in one installment on
or before 1st June of each annual coverage period under the scheme. However, in
cases where auto debit takes place after 1st June, the cover shall commence from the
first day of the month following the auto debit.
2
The premium would be reviewed based on annual claims experience. However, barring
unforeseen adverse outcomes of extreme nature, efforts would be made to ensure that
there is no upward revision of premium in the first three years.
Eligibility Conditions:
The savings bank account holders of the participating banks aged between 18 years
(completed) and 70 years (age nearer birthday) who give their consent to join / enable
auto-debit, as per the above modality, will be enrolled into the scheme.
Master Policy Holder: Participating Bank will be the Master policy holder on behalf of
the participating subscribers. A simple and subscriber friendly administration & claim
settlement process shall be finalized by the respective general insurance company in
consultation with the participating Banks.
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 age 70 years (age nearest birth day).
2) Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
3) 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.
4) 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.
5) 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.
Administration:
The scheme, subject to the above, will be administered as per the standard procedure
stipulated by the Insurance Company. The data flow process and data proforma will be
provided separately.
It will be the responsibility of the participating bank to recover the appropriate annual
premium from the account holders within the prescribed period through ‘auto-debit’
process.
Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained
and retained by the participating bank. In case of claim, the Insurance Company may
3
seek submission of the same. Insurance Company reserves the right to call for these
documents at any point of time.
The acknowledgement slip may be made into an acknowledgement slip-cum-certificate
of insurance.
The experience of the scheme will be monitored on yearly basis for re-calibration etc.,
as may be necessary.
Appropriation of Premium:
1) Insurance Premium to Insurance Company: Rs.10/- per annum per member
2) Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum
per member
3) Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member
The proposed date of commencement of the scheme will be 1st June 2015.The next
Annual renewal date shall be each successive 1st of June in subsequent years.
The scheme is liable to be discontinued prior to commencement of a new future renewal
date if circumstances so require.
1
FAQs on PRADHAN MANTRI SURAKSHA BIMA YOJANA
Q1. What is the nature of the scheme?
The scheme will be a one year cover Personal Accident Insurance Scheme, renewable
from year to year, offering protection against death or disability due to accident.
Q2. What would be the benefits under the scheme and premium payable?
The benefits are as follows:
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
Premium payable is Rs.12/- per annum per member.
Q3. How will the premium be paid?
The premium will be deducted from the account holder’s savings bank account through
‘auto debit’ facility in one installment, as per the option to be given on enrolment.
Members may also give one-time mandate for auto-debit every year till the scheme is in
force, subject to re-calibration that may be deemed necessary on review of experience
of the scheme from year to year.
Q4. Who will offer / administer the scheme?
The scheme would be offered / administered through the Public Sector General
Insurance Companies (PSGICs) and other General Insurance companies willing to offer
the product with necessary approvals on similar terms, in collaboration with participating
Banks. Participating banks will be free to engage any such general insurance company
for implementing the scheme for their subscribers.
Q5. Who will be eligible to subscribe?
All savings bank account holders in the age 18 to 70 years in participating banks 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.
Q6. What is the enrolment period and modality?
Initially on launch for the cover period from 1st June 2015 to 31st May 2016 subscribers
are expected to enroll and give their auto-debit option by 31st May 2015, extendable up
to 31st August 2015. Enrolment subsequent to this date may be possible prospectively
on payment of full annual payment, subject to conditions that may be laid down.
Subscribers who wish to continue beyond the first year will be expected to give their
consent for auto-debit before each successive May 31st for successive years. Delayed
renewal subsequent to this date may be possible on payment of full annual premium,
subject to conditions that may be laid down.
Q7. Can eligible individuals who fail to join the scheme in the initial year join in
subsequent years?
Yes, on payment of premium through auto-debit. New eligible entrants in future years
can also join accordingly.
2
Q8. Can individuals who leave the scheme rejoin?
Individuals who exit the scheme at any point may re-join the scheme in future years by
paying the annual premium, subject to conditions that may be laid down.
Q9. Who would be the Master policy holder for the scheme?
Participating Banks will be the Master policy holders. A simple and subscriber friendly
administration & claim settlement process shall be finalized by PSGICs / chosen
insurance company in consultation with the participating bank.
Q10. When can the accident cover assurance terminate?
The accident cover of the member shall terminate / be restricted accordingly on any of
the following events:
i. On attaining age 70 years (age neared birth day).
ii. Closure of account with the Bank or insufficiency of balance to keep the
insurance in force.
iii. 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 account and the premium shall be liable to be forfeited.
Q11. What will be the role of the insurance company and the Bank?
i. The scheme will be administered by PSGICs or any other General Insurance
company which is willing to offer such a product in partnership with a bank /
banks.
ii. It will be the responsibility of the participating bank to recover the appropriate
annual premium in one installment, as per the option, from the account holders
on or before the due date through ‘auto-debit’ process and transfer the amount
due to the insurance company.
iii. Enrollment form / Auto-debit authorization / Consent cum Declaration form in the
prescribed proforma shall be obtained, as required, and retained by the
participating bank. In case of claim, PSGIC / insurance company may seek
submission of the same. PSGIC / Insurance Company also reserve the right to
call for these documents at any point of time.
Q12. How would the premium be appropriated?
a. Insurance Premium to PSGIC / other insurance company: Rs.10/- per annum
per member;
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per
annum per member;
c. Reimbursement of Administrative expenses to participating Bank: Rs.1/- per
annum per member.
Q13. Will this cover be in addition to cover under any other insurance scheme
the subscriber may be covered under?
Yes.
****************
To be filled in by members joining the scheme during the permitted “Enrolment Period”)
*Savings Account No.-
*CIF ID (in case of Joint Account)-
*SOL ID (Post Office)-
*Name in Full- Mobile /Contact Number-
*Address -
Locality/Village/City/
Tehsil/Dist./State
*Whether suffering from any disability(Y or N) -
If “Y”, details thereof-
*Date of Birth ( As per KYC document)- Aadhar No, if available-
*Name of Nominee- *Relationship of Nominee with Depositor-
*Name of Guardian if nominee is minor- E Mail ID-
*Address of Nominee/Guardian -
Loaclity/Village/City/Tehsil/Dist./State
*Mandatory Fields.
I hereby give my consent to become a member of „ Pradhan Mantri Suraksha Bima Yojana‟ which will be administered by the above Post office as
Master Policyholder.
I hereby authorize you to debit today my Post office Savings Account with your Post office with Rs.12/- (Rupees Twelve only) plus Service Tax,if
applicable,and on or before 31st May every subsequent year until further instructions to the contrary (strike out whichever is not applicable) a sum of
Rupees Twelve or a revised amount that may be decided with immediate intimation to me.
I hereby nominate my nominee as indicated above for the benefits under the scheme, in the event of my death. In the event of my death before the
nominee reaching the age of 18 years, I hereby appoint the legal guardian of the nominee as indicated above for the purpose of receiving the benfits
under the scheme.
I declare that I am not insured under Pradhan Mantri Suraksha Bima Yojana under any other Post office Savings Account or any Bank Account. In case
the same is found to exist, premium shall stand forefieted and no claims would be paid.
I agree that the cover shall commence from the 1st of the month subsequent to the date of enrolment in the scheme.
I agree to pay full annual premium even if I join the Scheme after the commencement of the Master Policy.
I agree that my membership in the Scheme will remain in force as long as all premiums due are paid and until I have attained age 70 years as on Annual
Renewal Date.
I agree to abide by the terms and conditions of the above Scheme. I agree to your conveying my personal details, as required, regarding my admission
into the Pradhan Mantri Suraksha BimaYojana to NATIONAL INSURANCE COMPANY LIMITED.
I hereby declare that the above statements are true in all respects and that I agree and declare that the above information shall form the basis of
admission to the above Scheme and that if any information be found untrue, my membership to the Scheme shall be treated as cancelled.
Date:_______________
Signature/Thumb Impression* of Subscriber
(* LTI in case of male and RTI in case of female)
Signature and Address of Wittess
(in case of illiterate depositor)
(FOR OFFICE USE)
Form is checked, Signatures verified with Office Record/Wittness Accepted.
Signature of Postmaster with Seal
FORM
(To Be Filled by the Official who collected Form)
Name_________________________________ Designation_____________________________Office of Posting_______________________
Mobile No.________________________Name of HPO from which Pay is Drawn______________________________________________
Signature of Official with Date________________________________________________________________________________________
ACKNOWLEDGEMENT CUM CERTIFICATE OF INSURANCE
We hereby acknowledge receipt of “Consent-cum-DeclarationForm” from Shri / Smt. _______________________________ holding Post
office Savings Account No.______________________________, Aadhar No. (if available) ___________________________, consenting and
authorizing auto-debit from the specified Post office Savings Account to join the Pradhan Mantri Suraksha BimaYojana with National
Insurance Company Ltd.(NIC) under Master Policy No 36090042158200000519 certifying coverage as per the Scheme, subject to
correctness of information provided regarding eligibility and receipt of consideration amount. Insurance cover will start from the first of the
month subsequent to the date of enrollment.
Signature of Postmaster with Seal
Pradhan Mantri
Suraksha Bima Yojana
Broad Terms & Conditions of Pradhan Mantri Suraksha Bima Yojana
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or
disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other
General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Post offices for this purpose. Participating
Post offices will be free to engage any such insurance company for implementing the scheme for their subscribers.
Scope of coverage: All Post office savings account holders in the age 18 to 70 years in participating Post offices will be entitled to join. In case of multiple
saving Post office accounts held by an individual in one or different Post offices, the person would be eligible to join the scheme through one Post office
Savings Account only. Aadhar would be the primary KYC for the Post office Savings account.
Enrollment Modality / Period: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit
from the designated Post office Savings Account on the prescribed forms will be required to be given by 31st May of every year, extendable up to 31st August
2015 in the initial year. Initially on launch, the period for joining may be extended by Govt. of India for another three months, i.e. up to 30th of November,
2015. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite / longer
option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the
scheme at any point may re-join the scheme in future years through the above modality. New entrants into the eligible category from year to year or currently
eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.
Benefits: 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
Premium: Rs.12/- per annum per member. The premium will be deducted from the account holder‟s Post office Savings Account through „auto debit‟ facility
in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June,
the cover shall commence from the first day of the month following the auto debit.
The premium would be reviewed based on annual claims experience. However, barring unforeseen adverse outcomes of extreme nature, efforts would be
made to ensure that there is no upward revision of premium in the first three years.
Eligibility Conditions:
The Post office savings account holders of the participating Post offices aged between 18 years (completed) and 70 years (age nearer birthday) who give
their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme.
Master Policy Holder: Participating Post office will be the Master policy holder on behalf of the participating subscribers. A simple and subscriber friendly
administration & claim settlement process shall be finalized by the respective general insurance company in consultation with the participating Post offices.
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 age 70 years (age nearest birth day).
2) Closure of account with the Post office or insufficiency of balance to keep the insurance in force.
3) 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.
4) 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.
5) Participating Post offices 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.
Administration:
The scheme, subject to the above, will be administered as per the standard procedure stipulated by the Insurance Company. The data flow process and data
proforma will be provided separately.
It will be the responsibility of the participating Post office to recover the appropriate annual premium from the account holders within the prescribed period
through „auto-debit‟ process.
Enrollment form / Auto-debit authorization in the prescribed proforma shall be obtained and retained by the participating Post office. In case of claim, the
Insurance Company may seek submission of the same. Insurance Company reserves the right to call for these documents at any point of time.
The acknowledgement slip may be made into an acknowledgement slip-cum-certificate of insurance.
The experience of the scheme will be monitored on yearly basis for re-calibration etc., as may be necessary.
The proposed date of commencement of the scheme will be 1st June 2015.The next Annual renewal date shall be each successive 1st of June in subsequent
years.
The scheme is liable to be discontinued prior to commencement of a new future renewal date if circumstances so require.
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COLLECTION OF FORMS FROM POSB CUSTOMERS
Incentive structure (per form collected) for PMSBY
PMSBY :-
GDS/Postman/Counter PA- Rs.0.50
GDS BPM:- 0.10 paisa (For additional work as BPM)
Counter PA (additional for maintaining data in Finacle)- Rs.0.10
Counter Supervisor/SPM ( for verification work in Finacle)- Rs.0.05
HO Special Monitoring Cell Officials - Rs. 0.10
Accounts branch of HO:- Rs.0.05
Divisional Office Monitoring Cell:- Rs.0.04
Ro/Co Monitoring Cell:- Rs.0.02
Directorate Monitoring Cell.:- Rs.0.02
DAP Monitoring Cell:- Rs.0.01
Directorate Monitoring Cell (PAF)- Rs.0.01
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