Pradhan Mantri Suraksha Bima Yojana: Insurance remains a critical component that offers protection against any unfortunate incident leading to financial difficulties. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one such social security scheme that offers accidental insurance cover at just Rs 1 every month.
The schemes allow families from poor strata to get insurance cover at a highly affordable premium. PMSBY offers accident cover up to Rs 2 lakh at a nominal premium of Rs. 12 per annum.
You need to pay a premium only once a year and do not even need to save separately for this. It gets automatically deducted from your bank account.
READ: CoinDCX, Founded By IITian, Is India's First Cryptocurrency Unicorn; Raises $90 Mn Led By B Capital
What Does Pradhan Mantri Suraksha Bima Yojana Offer?
The risk coverage under the scheme is Rs 2 lakh for accidental death and full disability and Rs 1 lakh for partial disability. The premium of Rs 12 per annum is to be deducted from the account holder’s bank account through the 'auto debit' facility in one installment.
Who’s Eligible For Pradhan Mantri Suraksha Bima Yojana?
Anyone between the age of 18 and 70 can apply for the cover. It is necessary to have a bank account to avail of the benefits of this scheme. Also, it is necessary to have a balance in the account on 31st May i.e. during deduction of premium. If the bank account is closed, the policy will be cancelled.
Documents Required For Pradhan Mantri Suraksha Bima Yojana?
Applicant's Aadhaar Card, Identity card, Bank account passbook, Age certificate, Income certificate, Mobile number, Passport size photo
How To Get Registered For Pradhan Mantri Suraksha Bima Yojana?
You need to follow simple steps to get registered in this government scheme. You can apply for the scheme by visiting the nearest bank branch besides taking the help of an insurance agent. This service is provided by public and private insurance companies.
The form for PMSBY can be downloaded from the government’s Jansuraksha website.
How to claim settlement?
In order to claim for settlement, the nominee has to submit a form to the bank for which a death certificate or disability certificate is necessary. Once the claim is verified, verification, the amount is transferred to the beneficiary’s account.
Enrolments under PMSBY have gradually increased since its launch with cumulative enrolments of 23.88 crores up to 21st July 2021.