Home » News » Business » PMSBY Scheme: Pay Rs 12, Get An Insurance Cover of Rs 2 Lakh; Know Details
2-MIN READ

PMSBY Scheme: Pay Rs 12, Get An Insurance Cover of Rs 2 Lakh; Know Details

News18.com

Last Updated: May 24, 2021, 15:52 IST

This move will pave the way for a greater customer convenience and will leverage the 24x7 RTGS facility, said expert

This move will pave the way for a greater customer convenience and will leverage the 24x7 RTGS facility, said expert

Pradhan Mantri Suraksha Bima Yojana is a one-year insurance scheme against against accidental death and disability. The annual premium has been fixed at Rs 12 including GST.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) beneficiaries have to pay the annual premium soon. The banks have already started sending notifications about deducting the annual premium to all those who had enrolled for the scheme. The amount will be auto-debited from the bank accounts and subscribers will be notified through SMS, the lenders said.

Launched in 2015, Pradhan Mantri Suraksha Bima Yojana is a social security scheme that offers insurance against accidental death and disability. Under the scheme, the individual will get a risk coverage of Rs 2 lakh for accidental death and full disability and Rs 1 lakh for partial disability. It must be noted death due to natural reasons such as heart attack etc will not be covered in the scheme.

Premium: Pradhan Mantri Suraksha Bima Yojana is a one-year insurance scheme. The annual premium has been fixed at Rs 12 including GST. One needs to renew this cover every year to get the benefits.

Eligibility: Anyone between the age group of 18 to 70 years with a bank account, can enroll for this accidental insurance coverage. In case, the individual has multiple bank account, he or she will be allowed to join the insurance through one account only.

How to subscribe to Pradhan Mantri Suraksha Bima Yojana: 

To join the PMSBY scheme, one needs to submit an application in the bank. Individual can also apply online after logging on to the net banking of their bank. Here are the document required to open account under Pradhan Mantri Suraksha Bima Yojana

Applicant’s Aadhaar Card
Identity card
Bank account passbook
Age certificate
Income certificate
Mobile number
Passport size photo

Who offers the coverage?

The scheme is being offered by the public sector general insurance companies or any other general insurance company who are willing to offer the product on similar terms with necessary approvals and tie-up with banks for this purpose, according to the statement by Centre.

Payment:

Those who want to continue the insurance cover, have to pay the premium in the month of May. While joining the scheme, it is mandatory to enable the auto-debit option in the bank account for the deduction of annual premium.

Claim settlement:

For claim settlement, the the nominee has to submit a form to the bank for which death certificate or disability certificate is necessary. After verification, the claim amount is transferred to the beneficiary’s account.

Read all the Latest News, Breaking News and Coronavirus News here. Follow us on Facebook, Twitter and Telegram.

first published:May 24, 2021, 13:45 IST
last updated:May 24, 2021, 15:52 IST