Pradhan Mantri Suraksha Bima Yojana of the Government of India is a special insurance scheme for the common people of the country. This plan is personal accident insurance for one year, which can be renewed each year. Provides financial protection against accidental death or disability. Here accident means a sudden, unexpected and involuntary event caused by external causes, violence and visible means. Most importantly, this plan is available with an annual premium of just Rs 20.
Who can apply for PMSBY?
Every Indian who has a single or joint account in banks or post offices and who is between 18 and 70 years of age can participate in this scheme. If a person has multiple accounts in one or different banks/post offices, the person is eligible to join the scheme through a single bank/post office account. In case of a joint account, all the account holders can join the scheme, provided they meet the eligibility criteria and pay premium at the rate of Rs 20 per person per year through auto debit. Additionally, any NRI maintaining an eligible bank account in any bank branch located in India is also eligible to avail PMSBY cover through this account, provided he or she complies with the terms and conditions related to the plan.
When and how much coverage is available
Under Pradhan Mantri Suraksha Bima Yojana, if the client dies in an accident, his representative or family member gets a benefit of Rs 2 lakh. Apart from this, as per the rules, in case of accident there is complete and irreparable loss of both eyes or loss of use of both hands or legs or loss of vision of one eye and loss of use of hands or legs up to Rs. 2 lakh benefit is available. Additionally, if the accident results in complete and irreparable loss of vision in one eye or loss of use of a hand or leg, you will be paid Rs 1 lakh.
How can the premium payment be made?
As per the consent given by the customer at the time of enrollment in this plan, the premium amount of Rs 20 is deducted from the bank/post office account of the account holder in a single installment through debit facility automatic. Pradhan Mantri Suraksha Bima Yojana is offered through public sector general insurance companies and other general insurance companies. The coverage of this regime lasts for one year from June 1 to May 31.
Latest business news
