Pradhan Mantri Suraksha Bima Yojana(PMSBY)

The Scheme is available to people in the age group 18 to 70 years with a bank account who give their consent to join / enable auto-debit on or before 31st May for the coverage period 1st June to 31st May on an annual renewal basis. Aadhar would be the primary KYC for the bank account. The risk coverage under the scheme isRs.2 lakh for accidental death and full disability and Rs. 1 lakh for partial disability. The premium of Rs. 12 per annum is to be deducted from the account holder’s bank account through ‘auto-debit’ facility in one installment. The scheme is being offered by Public Sector General Insurance Companies or any other General Insurance Company who are willing to offer the product on similar terms with necessary approvals and tie up with banks for this purpose.

Advantage Farmers Package Shield

This package policy offers the flexibility to choose from six different sections and work out the coverage on the basis of the farmer's requirements.

Section I - Cover for dwelling and contents

Provides cover for dwelling and farm produce against fire & allied perils (fire, lightning, explosion/implosion, riot, strike, malicious damage, terrorism, storm, cyclone, typhoon, tempest, tornado, flood & inundation and earthquake).

Section II - Cover for household contents and valuables

Covers loss of or damage to the insured''s property (household contents and valuables kept in the premises) caused by burglary or housebreaking.

Section III - Personal accident cover

Covers the insured and his/her family members against death due to injury arising out of an accident. The sum opted for will be paid to the nominee or the legal heir of the deceased person. It also provides for reimbursement of hospitalisation expenses arising out of an accident, up to a limit of 10% of the sum insured set against each person

Section IV - Cover for the pumpset

Provides cover against loss of or damage to the pumpset belonging to the farmer due to fire & allied perils including riot, strike, malicious damage, terrorism, storm, cyclone and flood & inundation. It also covers loss of pumpset by burglary. The unique advantage is the reimbursement of actual expenses incurred due to mechanical/electrical breakdown including burnt coils.

Section V - Cover for TV sets

Covers loss of or damage to television sets due to fire, natural calamities, burglary/theft and accidental damage including electrical breakdown.

Section VI - Cover for tractor

Covers loss of or damage to the insured's tractor or trailer caused by accidental reasons and also protects the farmers against the liability arising out of use of the tractor and/or trailer in respect of death or bodily injury to third parties and damage to property of the third parties in compliance with the requirements of the Motor Vehicles Act. The sum insured is as per the Insured''s Declared Value (IDV) and the premium is as per motor tariff.


Value for Money

When the farmer opts for more than three sections in the policy, discounts on the premium ranging from 5% to 15% are applicable on non-tariff sections.

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