Accidents take place frequently on the Indian roads. The middle class and the rich can opt for accidental insurance but for the poor paying the high premium can be impossible. The government has realized this problem and has announced the social security scheme Pradhan Mantri Suraksha Bima Yojana.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
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The scheme will provide compensation to the deceased’s family in the event of an untoward incident. As the premium is low, the poor can afford it. This accidental insurance cover was announced in Budget 2015. It was formally launched by the Prime Minister on 9th of May in Kolkata. Both permanent and partial disabilities are covered by the scheme.
Death of the policyholder
Rs. 2 lakhs
Total permanent loss of sight in both the eyes, loss of use of both the hands, loss of use of both feet, or loss of sight in one eye and loss of use of one hand or loss of use of one foot
Rs. 2 lakhs
Total permanent loss of sight in one of the eyes or loss of use of one hand or one foot
Rs. 1 lakh
*The total amount that can be claimed as the benefit cannot be more than Rs. 2 lakhs in any case.
Public Sector Bank
Private Sector Bank
Bank of India
Bank of Maharashtra
Bharatiya Mahila Bank
Kerala Gramin Bank
Oriental Bank of Commerce
Punjab and Sind Bank
Punjab National Bank
State Bank of Hyderabad
State Bank of India
State Bank of Travancore
Union Bank of India
United Bank of India
South Indian Bank
Note: The bank through which you purchase the policy (scheme or yojana) will be the master policyholder on your behalf. There will be a simplified and customer-friendly administration, and claim settlement process finalized by the master policyholder for you, which will work in consultation the particular insurance company.
|Standalone Health Insurers
|Public-private Sector Insurance Company
|Reliance General Insurance
|Bajaj Allianz General Insurance
|National Insurance Co. Ltd.
|Cholamandalam MS General Insurance Co. Ltd.
|The New India Assurance Co. Ltd.
|Future Generali India Insurance Co. Ltd.
|The Oriental Insurance Co. Ltd.
|Kotak Mahindra General Insurance Co. Ltd.
|United India Insurance Co. Ltd.
|Universal Sompo General Insurance Co. Ltd.
|TATA AIG General Insurance Co. Ltd.
As on 2nd February 2016, 124 million Indians have already enrolled for the scheme. Financial planners are of the opinion that this scheme is a good option for individuals without a medical cover. As per the scheme:
Subscribers will have to renew the cover every year. If they want to avoid the hassle of renewing it every year, they can give an instruction to the bank for auto-debit. Any individual who has a bank account and an Aadhar number linked to the bank account can join the scheme by submitting a form to the bank. If the Aadhar card is not linked to the bank account, a copy of the Aadhar Card must be attached with the application form. In case an individual who wants to join the scheme has more than one account, he is eligible to join the scheme only through a single bank account.
When you decide to submit the application form you will have to fill in the necessary details which include name, contact information, Aadhar number and nominee details. The application form is available in several regional languages such as Bengali, Marathi, Oriya, Hindi, Gujarati, Telugu, and Tamil.
After the occurrence of an accident, it is necessary to inform the bank immediately. The claim form can be obtained from the bank or the insurance company. Within 30 days of the occurrence of the accident, the claim form must be submitted. It is important to support the claim form with the FIR, death certificate, and report of post-mortem, disability certificate (if any) and the discharge certificate. The details will be verified by the bank and the case will be forwarded to the insurance company within 30 days of submission of the claim. Finally, the claim will be paid out to the nominee. In case of absence of the nominee, the claim will be remitted to the legal heir.
The primary aim of this scheme is to increase insurance penetration in India and offer financial security to the poor.
Any of the below-mentioned events result in termination of the policy and no further benefits are offered to you:
Over 124 million (i.e. 124, 738,419) people in India have already enrolled for this insurance scheme as on February 2, 2016.
Disclaimer : *Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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