The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is a government-sponsored insurance scheme that aims to provide affordable insurance coverage to individuals in the age group of 18 to 70 years.
Bank of Baroda, one of India’s leading public sector banks, is a participating institution in the PMSBY scheme, offering convenient enrollment and claim settlement processes for its customers.
This article provides an overview of Bank of Baroda PMSBY, its features, eligibility, and benefits.
What is Bank of Baroda PMSBY?
Bank of Baroda PMSBY is a group accident insurance scheme that provides coverage for accidental death and permanent total disability.
Under this scheme, individuals can enroll for an annual premium of just ₹12, offering them a safety net against unforeseen accidents.
Who is Eligible for Bank of Baroda PMSBY?
To be eligible for Bank of Baroda PMSBY, individuals must meet the following criteria:
- Age: The applicant must be between 18 and 70 years of age at the time of enrolment.
- Savings Bank Account: The applicant must have an active savings bank account with Bank of Baroda or any other participating institution.
- Auto-Debit Consent: The applicant must provide consent for auto-debit of the annual premium of ₹12 from their savings bank account.
How to Enroll in Bank of Baroda PMSBY
Enrolling in Bank of Baroda PMSBY is a straightforward process:
- Eligibility Check: Check your eligibility by visiting a Bank of Baroda branch or by contacting customer care.
- Application: Complete an application form and provide the required documents.
- Auto-Debit Consent: Provide consent for auto-debit of the annual premium of ₹12 from your savings bank account.
- Enrollment Confirmation: Upon successful enrollment, you will receive a confirmation message or a policy document.
What are the Benefits of Bank of Baroda PMSBY?
Bank of Baroda PMSBY offers several attractive benefits, including:
- Affordable Coverage: The scheme provides insurance coverage for accidental death and permanent total disability at an extremely affordable annual premium of ₹12.
- Ease of Enrollment: Enrollment in the scheme is simple and can be done through various channels, including net banking, mobile banking, or by visiting a Bank of Baroda branch.
- Cashless Claim Settlement: Claim settlement is hassle-free and cashless, ensuring prompt payment to the beneficiaries.
- Wide Coverage: The scheme provides coverage for accidents occurring anywhere in India, 24 hours a day, 365 days a year.
- Peace of Mind: The scheme provides peace of mind to individuals and their families, knowing that they are financially protected in case of an unfortunate accident.