Pradhan Mantri Suraksha Bima Yojana: Here’re The 6 Things To Know About
Investment
oi-Vipul Das
The Pradhan Mantri Suraksha Bima Yojana (PMSBY), which was launched in 2015, is a social security scheme that provides insurance coverage against accidental fatality. The person will be covered for Rs 2 lakh in case of accidental death and complete disability, and Rs 1 lakh in case of partial disability, under the scheme. It should be remembered that natural causes of death are not covered by the plan. PMSBY is one of three social security programmes revealed in the 2015 budget by the government. The Atal Pension Yojana (APY) and Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) are the other two. So let’s talk about the 5 lesser-known facts of PMSBY.
Eligibility
The below are the criteria for enrolling in the Pradhan Mantri Suraksha Bima Yojana:
- The PMSBY scheme is open to all individual bank account holders between the ages of 18 and 70, regardless of whether they have a single or joint account.
- If an individual has multiple accounts with different banks, he would only be able to enter the scheme with one of them.
- In the case of joint accounts, both account holders would be eligible to participate in the scheme.
Premium amount
The annual insurance premium for each member of the PMSBY scheme is Rs.12. Every June, the policyholder’s premium will be deducted via auto-debit from his or her bank savings account. Aadhaar card must be provided as a KYC document to be enrolled under the scheme. If the policyholder hits the age of 70, the bank savings account does not have the required minimum balance to cover the premium through auto-debit, or the policyholder has more than one policy under the same scheme, the PMSBY policy would be revoked. To maintain their insurance coverage active, holders must pay the premium in May. When you enter the scheme, you must allow the auto-debit option in your bank account for the annual premium to be deducted.
Coverage
PMSBY has a death compensation of up to Rs.2 lakhs. The insurance cover is up to Rs.2 lakh in the event of complete disability, such as the loss of all hands or eyes. The sum assured in the event of partial disability, such as the loss of one limb or eyes, is Rs.1 lakh. If the subscriber dies in an accident or becomes completely disabled as a result of the accident, the nominee of the subscriber is entitled to up to Rs.2 lakh in coverage. The subscriber can also claim a deduction for the premium paid under Section 80C. Section 10(10D) of the Income Tax Act exempts the amount insured received up to Rs.1 lakh from taxation.
How to enroll for the scheme?
To participate in the PMSBY scheme, one must fill out an application and send it to the concerned bank. Individuals can also apply online by signing in to their bank’s net banking account. Applicant’s Aadhaar Card, Identity Card, Bank Account Passbook, Age Certificate, Income Certificate, Mobile Number, and Passport Size Photograph are required to open an account under the Pradhan Mantri Suraksha Bima Yojana. Public Sector General Insurance Companies (PSGICs) and other general insurance firms, in partnership with active banks, provide and manage the scheme. Subscribers can also send a message to the toll-free numbers of banks and insurance providers using their registered mobile number. Individuals can enrol by contacting an associated bank or insurance provider, or by downloading the form from https://www.jansuraksha.gov.in/Forms-PMSBY.aspx. The enrollment period is one year, beginning on June 1st and ending on May 31st of the same year. Every year, by May 31, the bank will provide the auto-debit instruction. Since it is a yearly scheme, the person must agree to auto-debit by May 31 of the ensuing years.
How to raise a claim?
The insured or nominee (in the case of death) must notify the bank as soon as possible after the accident occurs of the…
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