Pradhan Mantri Suraksha Bima Yojana information

I had subscribed for Pradhan Mantri Suraksha Bima Yojana but want to discontinue.
What’s the best way to do it?

If as a Pradhan Mantri Suraksha Bima Yojana subscriber you do not wish to continue beyond the first year, you will need to approach your bank and get your application in writing. Usually a consent form before each successive May 31 for successive years is required for auto renewal whereby premium is auto deducted from the bank account.

Hi Sooraj,

The accidental cover will be terminated on following conditions and no benefits will be payable:

• When the subscriber attains 70 years.
• If the savings bank account is closed due to non-maintenance of the minimum balance that is required to keep the insurance in force.
• If the subscriber is covered through more than one account, the insurance cover will be restricted to one account and the extra premium paid will be forfeited.
• If the insurance cover is ceased due to technical reasons or due to insufficient balance, the same can be reinstated after the premium is paid in full. The risk cover for that period will be suspended and the risk cover is reinstated at the sole discretion of the insurance company.
• The participating banks will have to deduct the premium in the month when the auto debit option is given and that amount will be remitted to the insurance company in that same month.

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BB Expert