The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme. PMSBY is a one-year personal accident insurance scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme covers both permanent and partial disabilities. In this post, let us take a look at Pradhan Mantri Suraksha Bima Yojana (PMSBY).
The Pradhan Mantri Suraksha
Bima Yojana (PMSBY) scheme is renewable from year to year. It is available to
all the savings bank account holders in the participant banks who give their
consent to join and enable auto-debit. The scheme has an annual premium of Rs.12.
PMSBY scheme is the most beneficial policy for the low-income section of society.
Eligibility Pradhan Mantri Suraksha Bima Yojana (PMSBY)
All individual bank account
holders in the age of 18 to 70 years in participating banks are eligible to join.
If you have multiple savings bank accounts then you would be eligible to join
the scheme through one account only.
In case of a joint account,
all holders can join the scheme provided they satisfy its eligibility criteria
and pay the premium at the rate of Rs.12/- annum per person.
NRI having an eligible bank
account with a bank branch located in India is eligible for this scheme.
However, if a claim arises, the claim benefit will be paid to the nominee only
in Indian currency.
Policy Term for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Under PMSBY scheme will have
the cover for a one-year period, starting June 1 to May 31 of the subsequent year.
The scheme renewable from year to year.
Premium Amount for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
The premium payable is Rs. 12/-
per annum per member. The premium for the scheme will be deducted from your savings
bank account through “auto debit” facility in one installment on or before 31st
May of each annual coverage period under this scheme.
Benefits under Pradhan Mantri Suraksha Bima Yojana (PMSBY)
1. In case of Death: An
amount of Rs. 2 lakhs is paid to the nominee, in case the policy holder loses
his/her life in an accident.
2. Permanent Total
Disability: An amount of Rs. 2 lakhs is paid in case of full disablement due to
an accident. Permanent total disability is defined as 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.
3. Permanent Partial
Disability: An amount of Rs. 1 lakh is paid in case of partial disablement due
to an accident. Permanent partial disability is defined as total and
irrecoverable loss of sight of one eye or loss of use of one hand or foot.
Note that the total amount
that can be claimed under the policy is Rs. 2 lakh only.
Master Policy Holder
Participating Banks will be Master policy holders. A simple and subscriber-friendly administration
& claim settlement process has been finalized by PSGICs / chosen insurance
company in consultation with the participating bank.
Auto Debit Facility
The premium of Rs. 12 will
be deducted from the account your savings bank account through ‘auto debit’
facility in one installment, as per the consent was given at the time of enrollment. You
have to give one-time mandate for auto-debit every year till the scheme is in
force.
Termination of Cover
The accident cover of the
member shall terminate on any of the following events:
1. On attaining age 70 years
(age nearer birth day).
2. Closure of account with
the Bank or insufficiency of balance in the account to keep the insurance in
force.
3. If a member is covered
through more than one saving accounts and the premium is received by the insurance
company inadvertently, insurance cover under the scheme will be restricted to
one account. The premium shall be liable to be forfeited.
Toll-Free Numbers for Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Toll-Free Numbers for
National Toll-Free Numbers
for this scheme are 1800110001 / 18001801111. You can also check the
state-wise toll-free number list here - State-wise Toll-Free Numbers.
Also read: What is Atal Pension Yojana (APY)?
Also read: What is NPS?
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