PMSBY/PMJJBY

As an account holder of Universal Co-Operative Urban Bank Ltd., you can avail the benefits of the following government-sponsored social security schemes:

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

► Nature of the Scheme: This is a one-year accident insurance scheme that is renewable every year. It provides coverage for death or disability caused by an accident.

► Eligibility: All individual bank account holders of Universal Co-Operative Urban Bank Ltd. between the ages of 18 and 70 years.

► Premium: An annual premium of ₹20 will be automatically debited from your bank account.

► Benefits:

  • ₹2 lakh: In case of accidental death or total and irrecoverable loss of both eyes, both hands, both feet, or loss of sight of one eye and loss of use of one hand or foot.
  • ₹1 lakh: In case of total and irrecoverable loss of sight of one eye or loss of use of one hand or foot.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY)

► Nature of the Scheme: This is a one-year term life insurance scheme that is renewable every year. It provides a life insurance cover for death due to any cause.

► Eligibility: All individual bank account holders of Universal Co-Operative Urban Bank Ltd. between the ages of 18 and 50 years. The life cover will continue up to age 55, provided the premium is paid regularly.

► Premium: An annual premium of ₹436 will be automatically debited from your bank account.

► Benefits: ₹2 lakh: Payable to the nominee in case of the subscriber's death due to any reason.

Key Features of both schemes:

1. Auto-debit: The premium is deducted from your bank account through an 'auto-debit' facility based on a one-time consent.

2. Renewal: The coverage period runs from June 1st to May 31st each year.

3. Master Policy Holder: Universal Co-Operative Urban Bank Ltd. acts as the master policyholder for these schemes.

4. Application: You can enroll in the schemes by submitting the required consent-cum-declaration form to your bank branch.