Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the Pradhan Mantri Scheme just like Kaushal Vikas Pahal Yojana and Pradhan Mantri Awas Yojana which works for the well-being of the common people of India. It was first launched in the 2015 Budget with the two other schemes being Atal Pension Yojana and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY). The program is made to elevate the insurance penetration level in the country.
What is PMSBY?
Pradhan Mantri Suraksha Bima Yojana is a type of accident insurance policy whereby claims can be claimed for the sum insured on death or disability during the accident. The Pradhan Mantri Suraksha Bima Yojana will remain valid for one year, which will be renewed after one year. Under the Prime Minister’s security insurance scheme, a life insurance cover of Rs. 2 lakhs and partial disability of 1 lakh rupees will be given to the person with full disability and death.
Also Check: Garib Kalyan Yojana
Key Points of Pradhan Mantri Suraksha Bima Yojana
The key points included in the PMSBY are as follows:
- Premium amount – 12 rupees per year
- Coverage rules – Accidental coverage (full 2 lac / partial 1 lac)
- Age Range – Over 18 years
- Coverage period – Till the person wants
Eligibility for the Scheme
A person from 18 to 70 years can join Prime Minister’s Security Insurance Scheme. To join the Prime Minister’s Suraksha Bima scheme, the amount of Rs. 12 per year will be given to the holder as a premium.
- Under the PMSBY, a person between the age of 18 to 70 years can avail the benefit.
- Aadhaar card is required for the PMSBY.
- If a consumer has 1 or more savings accounts, he can join the scheme through a savings account.
How to Register in Pradhan Mantri Suraksha Bima Yojana?
- In order to be a part of the PMBSY, the holder will first have to connect his Aadhar card with the bank.
- Then after 1 June every year, a form will be filled in the bank. After this small process, the holder can take advantage of this insurance scheme.
How much is the Payment for Prime Minister’s Bima Suraksha Yojana?
In this scheme, the insurance holder will have to submit only 12 rupees per year, which will be deducted directly from the account of the holder by the bank.
Coverage under the Scheme
- If there is a death or full physical disability at the time of the accident then 2 lakh rupees will be given to the family members.
- Coverage of Rs.1 lakh for partial disability will be provided.
Under the Prime Minister’s Security Insurance Scheme there are two options to stay connected with the scheme:
- Fill the form before June 1 of every year. After submitting the form the bank will deduct the premium amount from the account.
- The second option is the long-term coverage of 2 to 4 years. If the holder chooses, then the premium amount will be deducted from the account by the bank automatically every year.
Benefits of the Yojana
There are numerous benefits which can be availed in this yojana. Below we have stated them in detail:
- Under this Yojana, the accidental life insurance of Rs 2 lakh will be given to the holder. Also, one lakh rupees will be insured on the partial loss.
- For this sum insured, the holder will have to pay only 12 rupees per year ie Rs. 1 per month as a premium.
- It is also linked to the Prime Minister Jan Dhan Yojana.
- Due to this being attached to the Prime Minister’s Security Insurance Scheme bank, the holder will be relieved of the worry of filling the premium, because this amount will be deducted directly from the account.
- Pradhan Mantri Suraksha Bima Yojana is being considered as the most affordable insurance scheme till now in the history of India.
Basically, the cover period is between June 1, 2017, to May 31, 2017, the subscribers can enroll themselves by filling the form between these dates.