Pradhan Mantri Suraksha Bima Yojana
The Pradhan Mantri Suraksha Bima Yojana is a government-supported accident insurance scheme in India. It was originally mentioned by the late Finance Minister Arun Jaitley in the February 2015 budget speech. Formally launched by Prime Minister Narendra Modi on May 8th in Kolkata, the scheme aims to provide financial security in case of accidents.
This scheme offers one-year coverage, renewable annually, providing accidental death and disability coverage. It is a plan that offers coverage for accidental death and disability, with an option for one-time premium payment. This scheme will be presented through the public sector general insurance companies (PSGICs) and other general insurance companies. Banks participating in this initiative will have the autonomy to facilitate
insurance through any company, applying the plan on equal terms with necessary approval and collaboration. The participating banks will be independent in choosing the insurance provider to implement the scheme for their customers.
Pradhan Mantri Suraksha Bima Yojana Benefits
1. In case of accidental death: 2 Lakhs
2. In case permanent 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: 2 Lakhs
3. In case of partial irrecoverable loss of sight of one eye or loss of use of one hand or foot: 1 Lakh
Pradhan Mantri Suraksha Bima Yojana Eligibility
Individual people (Indian Resident or NRI) who holding savings bank accounts in the age group of 18 to 70 years are eligible to participate. In cases where a person has multiple savings bank accounts in one or more banks, they qualify for inclusion. However, an individual can only participate through one savings bank account. Aadhaar will be the primary KYC for opening a bank account for this purpose.
Premium:
Rs. 12/- per annum per member. The premium will be deducted from the savings bank account of the account holder through the ‘Auto Debit’ facility in one installment or before June 1st for each annual coverage period under the scheme. However, in cases where the auto-debit occurs after June 1st, the coverage will commence from the first day of the month following the auto-debit.
Premiums will be reviewed based on the experience of annual claims. However, efforts will be made to ensure no increase in premiums during the initial three years, barring unforeseen adverse outcomes of a significant nature.
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Pradhan Mantri Suraksha Bima Yojana apply online
The process involves obtaining the nomination form/auto-debit mandate form from the designated authority, and it will be retained by the participating bank. In case of a claim, the insurance company may evaluate the situation. Request the submission of the same. The insurance company retains the right to request these documents at any time. The receipt slip can be included in the receipt-cum-certificate document for insurance. Additionally, the experience of the plan will be monitored annually for revaluation, as deemed necessary, including for premium adjustments, etc. For more information please visit your saving account bank.
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Pradhan Mantri Suraksha Bima Yojana pdf
For pdf and more information please click here
FAQ
1. What is Pradhan Mantri Suraksha Bima Yojana benefits?
Ans. 1. In case of accidental death: 2 Lakhs
2. In case permanent 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: 2 Lakhs
3. In case of partial irrecoverable loss of sight of one eye or loss of use of one hand or foot: 1 Lakh
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2. How much can I claim from Pradhan Mantri Suraksha Bima Yojana?
Ans. 1. In case of accidental death: 2 Lakhs
2. In case permanent 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: 2 Lakhs
3. In case of partial irrecoverable loss of sight of one eye or loss of use of one hand or foot: 1 Lakh
3. What is the PMSBY 12 RS policy?
Ans. PMSBY is an government backed accidental insurance scheme for Indian citizens can claim upto 2Lakhs for the premium of 12 rupees it was auto debit every year from your bank account.
4. How do I claim money from PMSBY?
Ans. With in 30 days of accident, the claim form (filled all details) to be submitted to the bank
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