Pradhan Mantri Suraksha Bima Yojana, Features, Eligibility, Benefits

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana: On May 9, 2015, Prime Minister launched the government programme known as the Pradhan Mantri Suraksha Bima Yojana.  With a bank account and an annual premium of Rs. 20, it aims to offer an affordable insurance programme for the underprivileged and impoverished in the age range of 18 to 70. The risk coverage is set at Rs. 2 lakh for accidental death and complete disability and Rs. 1 lakh for partial impairment.

Pradhan Mantri Suraksha Bima Yojana Overview

In 2015, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) was introduced. A government-sponsored accident insurance programme, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) covers accidental death and disability.

The Public Sector General Insurance Companies (PSGICs) and other General Insurance firms that are prepared to collaborate with Banks and offer the product under equivalent terms and with the necessary approvals will offer the scheme. To administer the programme for their members, the participating banks are free to collaborate with any of these insurance companies.

Features of Pradhan Mantri Suraksha Bima Yojana

Every year, one must choose to participate in the PMSBY. He or she may also decide to present a long-term continuation option. Following is a discussion of the Pradhan Mantri Suraksha Bima Yojana (PMSBY)’s features, including insurance period, premium, and payment method.

• The coverage will be in place from June 1 through May 31 of the following year. Customers who open Savings Accounts on or after June 1 will receive coverage beginning on the date the premium is deducted and lasting until May 31 of the following year.
• The annual premium for the PMSBY, which is Rs. 20, will be automatically deducted from the enrolled person’s account beginning on June 1 and continuing through May.
• Payment Procedure: The Bank will directly deduct the premium from the subscriber’s bank-held savings account. There is only one available approach. The insurance renewal will be automatically deducted between May 25 and May 31 unless the customer has given the bank notice to cancel the policy.

Benefits Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) offers insurance coverage to members of the socially disadvantaged groups. Insurance companies from the public and commercial sectors manage the programme. Here are some of the advantages offered by the programme:

• All account holders of the Pradhan Mantri Suraksha Bima Yojana are given a life insurance policy worth Rs. 2 lakhs for a full year.
• In the event of a partial handicap, the beneficiary is given a life insurance policy of Rs. 1 lakh.
• Anyone between the ages of 18 and 70 may participate in this programme.
• The benefits of the plan may be used by the account holder’s nominee in the event of death.
• The plan offers each participant a 12-rupee annual premium. On or before the first June of each year, this premium is automatically debited in one installment.

Eligibility of Pradhan Mantri Suraksha Bima Yojana

The Pradhan Mantri Suraksha Bima Yojana is open to everyone who satisfies the requirements listed below:

• Anyone between the ages of 18 and 70 is able to apply for the programme.
• He or she must have a bank account and a phone number associated with it.
• The person must provide their Aadhaar information when applying for the programme.
• If a person has numerous bank accounts with one or more banks, only one of those accounts may be used to join the programme.
• The claim rewards will only be given to the nominee in Indian rupees in the case of an NRI beneficiary.

According to the Pradhan Mantri Suraksha Bima Yojana, this programme covers any unintentional deaths, homicides, or disabilities brought on by natural disasters. However, the Pradhan Mantri Suraksha Bima Yojana does not provide coverage for any suicide deaths.

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