The scheme will be a one year cover, renewable from year to year; Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered /administered through New India Assurance Co. Ltd. for which bank has tied up for this purpose.

Enrollment Modality / Period: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join / pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, extendable up to 31st August. Joining subsequently on payment of full annual premium may be possible on specified terms. However, applicants may give an indefinite /longer option for enrolment / auto-debit, subject to continuation of the scheme with terms as may be revised on the basis of past experience. Individuals who exit the scheme at any point may re-join the scheme in future years through this modality. New entrants into the eligible category from year to year or currently eligible individuals who did not join earlier shall be able to join in future years while the scheme is continuing.

Premium: Rs.20/- per annum per member. The premium will be deducted from the account holders savings bank account through auto debit facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit

Eligibility Conditions: The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. In case of Joint Account holders, both the Account holders are eligible to join on payment of premium for each account holders.

 Benefits:

• On Death- the Nominee shall get Rs. 2 Lakhs.
• Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot- Subscriber shall get Rs. 2 Lakhs.
• Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot –subscriber shall get Rs. 1 Lakh.

Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) is an insurance scheme offering life insurance cover for death due to any reason. It is a one-year cover, renewable from year to year. The scheme is offered by banks/post offices and administered through life insurance companies. All individuals who are account holders of participating banks/ post office in the age group of 18 to 50 years are entitled to join.

Eligibility: The savings bank account holders of Sanmati Bank aged between 18 years (completed) and 50 years (age nearer birthday) who give their consent to join and enable auto-debit will be enrolled into Life Insurance Corporation of India, Satara Division Pradhan Mantri Jeevan Jyoti Yojana. Individuals who join after the initial enrollment period extending up to 31st August 2015 or 30th November 2015, as the case may be, will be required to give a self-certification of good health and that he / she does not suffer from any of the critical illnesses as mentioned in the applicable Consent cum Declaration form as on date of enrollment or earlier.

Premium: Rs.436/- per annum plus service tax and education cess, if any. The premium will be deducted from the account holder's savings bank account through 'auto debit' facility in one installment on or before 31st May of each annual coverage period under the scheme. Delayed enrollment for prospective cover after 31st May will be possible with full payment of annual premium and submission of a self-certificate of good health. The premium would be reviewed based on annual claims experience.

Enrolment Modality: The cover shall be for the one year period stretching from 1st June to 31st May for which option to join and pay by auto-debit from the designated savings bank account on the prescribed forms will be required to be given by 31st May of every year, with the exception as above for the initial year. Delayed enrollment with payment of full annual premium for prospective cover may be possible with submission of a self-certificate of good health. Individuals who exit the scheme at any point may re-join the scheme in future years by submitting a declaration of good health in the prescribed proforma. In future years, new entrants into the eligible category or currently eligible individuals who did not join earlier or discontinued their subscription shall be able to join while the scheme is continuing, subject to submission of self-certificate of good health.

Benefits:

• PMJJBY offers one- year term life cover of ₹ 2.00 Lakh to all the subscribers in the age group  of 18-50 years.
• It covers death due to any reason.