Eligibility criteria
- The person should be between 18 to 70 years.
- The person should have a savings bank account and should set an auto debit instruction for deduction of premium for the policy.
Application
In order to activate this social security scheme, the account holder first needs to login to internet banking of the bank where he/she holds a savings account and follow the process for application to the scheme accordingly.
Insurance cover
The insurance cover is for a period of one year beginning from 1 June to 31 May. The total sum insured under the scheme is Rs 2 lakh.
Premium payment
The premium payable for the policy is only `12 per annum and is automatically debited from the bank account. Each year, between May 25 and May 31, the renewal premium will also be deducted from the bank account, unless the account holder has provided any cancellation instruction.
Point to note
- One person can avail the scheme only through one bank account.
- If a person joins the scheme on or after 1 June, the insurance cover shall commence from the date the premium was debited from the account until 31 May of the next year.
(Content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.)
