The government of India has announced Pradhan Mantri Suraksha Bima Yojana as one of the three social security schemes. PMSBY is an accidental insurance scheme that provides one year of accidental death and disability coverage with an annual renewal. With the minimum premium rate of Rs. 12/- per annum, this policy is most beneficial to the poor and low-income section of the society. Pradhan Mantri Suraksha Bima Yojana provides life coverage of Rs. 2 lakhs for the accidental demise and permanent total disability and Rs.1 lakh for permanent partial disability.Read more
*Tax benefit is subject to changes in tax laws. *Standard T&C Apply
** Discount is offered by the insurance company as approved by IRDAI for the product under File & Use guidelines
Individuals aged 18-70 years and having a participating savings bank account can subscribe to this scheme. If you have more than one saving bank account, you can subscribe to the scheme by using only one saving bank account. To help you know more about the Pradhan Mantri Suraksha Bima Yojana, further in this article, we have briefly discussed the various aspects of the policy.
Under Pradhan Mantri Suraksha Bima Yojana, a death benefit of Rs. 2 lakh is available to the policy beneficiary in case of the insured's accidental demise. Moreover, coverage of Rs. 2 lakhs is provided in case of total disability like an irrecoverable or complete loss of both the eyes or loss of use of both the hands and feet, paralysis, etc. In case of partial disability, a life coverage of Rs. 1lakh is provided to the insured.
The coverage provided by PMSBY is in addition to any other insurance plan the subscriber has. As this is a pure life insurance plan, the scheme does not offer any mediclaim, i.e. it does not offer any reimbursement of hospitalization expenses caused due to an accident.
As defined under Pradhan Mantri Suraksha Bima Yojana, the policy covers any death, accidents, and disability caused due to natural calamities. However, the plan does not provide any coverage against suicide, but death due to murder is covered under the policy. The plan also does not provide any coverage in case of irrecoverable loss of eyesight, loss of one hand, or foot.
Your premium is decided on age at which you buy the policy and remains same, throughout your life
Premiums can increase between 4-8% each year after your Birthday
Your policy application could be rejected or premiums increase by 50-100%, if you develop a lifestyle disease
The following are the banks that offer Pradhan Mantri Suraksha Bima Yojana:
To be a part of the Pradhan Mantri Suraksha Bima Yojana, listed below are the documents that will be required:
The duly filled application form of the Pradhan Mantri Suraksha Bima Yojana scheme is required, which contains details such as the name, contact number, Aadhar number, and nominee details. The PMSBY form is available in nine regional languages, including Hindi and English, making it easy to understand.
In case the applicant's Aadhar card details are not linked to the savings bank account, a copy of the Aadhar card needs to be submitted. The equivalent needs to be accompanied along by the PMSBY application form.
Individuals between the age group of 18-70 years are eligible to buy PMSBY. Moreover, NRI's can also join the policy, provided that any claims will be paid to the policy's beneficiary.
The Pradhan Mantri Suraksha Bima Yojana provides accidental death and disability coverage which is confirmed by documentary evidence. In case of accidental demise of the insured, the accident should be reported to the police station and should be clarified by immediate hospital records. The claim can be filed by the beneficiary of the policy mentioned in the enrolment form by the insured. In case of a disability claim, the sum assured amount will be credited to the policyholder's bank account. In case of death, the death benefit will be paid to the beneficiary of the policy.
With all these benefits and features this policy offers and its minimum premium rates, Pradhan Mantri Suraksha Bima Yojana is one of the best social security schemes. It provides life protection to those of lesser means without hurting their savings significantly.
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