Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana allows the common man to have insurance coverage at a very low premium. The goal of this scheme is that even the poorest of the poor people of the country can avail insurance coverage so that there will not be any monetary bother during any accident of their life. Under PMSBY you get accidental demise and disability insurance of two lakh rupees. The special factor is you can avail this scheme by investing only Rs 12 per year.

Advantages of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

• If a holder is incompletely crippled, then he’s paid a payment of Rs 1 lakh.
• For the sum assured below this scheme, the holder has to pay an amount of Rs. 12 per year i.e. Rs. 1 per month as premium.
• Because of this scheme being connected with the bank, the holder will get rid of the fear of paying the premium because this quantity will be deducted directly from the account.
• This scheme was launched so that those who do very risky work can get this insurance coverage. If such an accident happens to these people in future, then they don’t have to undergo any monetary problems.
• Whoever accidentally takes a insurance coverage below this scheme then his insurance coverage will get renewed. Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers contingent insurance cover to Indian residents. In case of accidental demise or complete and incomplete disability, insurance cover is given under this scheme.

How to join Prime Minister Suraksha Bima Yojana (PMSBY)?

All financial savings bank account holders aged 18 to 70 years of collaborating banks can be part of this scheme. If a person has many extra financial savings bank accounts in multiple bank, then that particular person can join this scheme only through one savings bank account. The Aadhaar card will be the major KYC for the bank account.

Let me tell you here that to be able to be part of this scheme, that particular person should first join his / her Aadhar card with the bank, after that he should fill the form before June 1 every year and give it to the bank. After this, the holder can avail the scheme.

When does the Pradhan Mantri Suraksha Bima Yojana (PMSBY) cover expire?

• On attaining the age of 70 (age nearest to birthday).
• Inadequacy of balance for termination of bank account or continuation of insurance.
• If the member is covered by more than one account and the insurance firm receives the premium unknowingly, then the insurance cowl might be limited to just one account and the premium could be forfeited.
• If the insurance coverage cover is exhausted due to insufficient steadiness due on the due date or due to every other operational problem, it may be revived on receipt of full annual premium as per the conditions laid down. The risk cover might be suspended during this period and it is going to be on the sole discretion of the insurance coverage company to renew the risk cover.

Who will get the benefit of this scheme

The benefit of Pradhan Mantri Suraksha Bima Yojana can be availed by any citizen from the age of 18 to 70 years. On this plan, the insurance holder should pay a premium of 1 rupee per month.

How to avail this scheme

The appliance type can be downloaded from the Financial Services Department web site. The form is obtainable in English, Hindi, Gujarati, Bangla, Kannada, Odia, Marathi, Telugu and Tamil languages.

Go to the bank the place you’ve got your savings account and submit this form. For the premium, you have to approve in the bank type that the premium amount is deducted from your account itself.

Banks will routinely deduct the premium amount from your account on 1 June every year. It is also important that you all the time keep the minimal amount in the savings account as per the bank’s guidelines. If in case the auto debit of premium fails for any cause, your insurance cover will expire.

Under the Pradhan Mantri Suraksha Bima Yojana, you are paid in three cases:

1. On the demise of accident, a cost of two lakh rupees will be made.
2. In case of permanent complete disability because of accident: Lack of each eye or each hands or each legs or loss of one eye and one arm or one leg will be paid for Rs. 2 lakh.
3. In case of accidental permanent partial disability: In case of lack of sight in one eye or failure to use one arm or one leg, Rs. 1 lakh might be paid.

How to apply in PMSBY

How to apply in PMSBY Individuals between 18 and 70 years of age can apply in PMSBY. If you wish to take a policy below this scheme then you’ll be able to go on to any bank and apply for this scheme.

Other than this, there are different ways by way of which you can take this policy. These embody Bank Mitra, insurance brokers and authorities and personal insurance coverage companies as well.

Millions of people benefited

Until now tens of millions of people have taken benefit of this scheme. As on 31 March 2019, around 15.5 crore people are lined under this scheme. Keep in mind that hospital expenses after accident are usually not lined under this scheme.

The purpose of this scheme was to offer insurance scheme to the poor individuals of the nation who’re unable to buy costly policies and who would not have entry to insurance.