The Indian government has announced Pradhan Mantri Suraksha Bima Yojana as one of the three social security programs. PMSBY is an accidental insurance scheme that provides insurance coverage for accidental death and disability for one year, with an annual renewal.
This policy benefits the poor and low revenue section of society with the minimum INR 12/- premium rate per year. The life coverage of INR 2 lakh for accidental loss, permanent complete disability and of INR 1 lakh for permanent partial disability is given by Pradhan Mantri Suraksha Bima Yojana.
Individuals with a participating savings bank account within the 18-70 age group can subscribe to this PMBSY scheme. If you have more than one saving bank account, only one saving bank account can be used to subscribe to the scheme. In order to help you understand more about the Pradhan Mantri Suraksha Bima Yojana, we briefly discussed the different aspects of the program in this post.
What is covered under PMSBY Policy?
Under Pradhan Mantri Suraksha Bima Yojana, INR 2 lakhs death benefit is available to the beneficiary in the event of the insured person’s accidental death. In addition, INR 2 lakh coverage is given for complete impairment such as irrecoverable or total loss of both eyes, or loss of hand and foot use, paralysis, etc. In case of partial disability, the insured will obtain a life coverage of INR 1 lakh.
The coverage offered by PMSBY is a supplement to any other insurance policy the subscriber has. Since this is a pure life insurance plan, the scheme offers no medi-claim, i.e. it offers no reimbursement of hospitalisation expenses caused by accident.
Inclusion and Exclusion
As specified by Pradhan Mantri Suraksha Bima Yojana, the policy covers all deaths, injuries, and disabilities caused by natural disasters. The scheme does not, however, provide any insurance cover against suicide, but the policy covers death due to murder. The plan also does not provide any coverage in case of irreversible loss of eyesight loss of one hand or foot.
Eligibility criteria for PMSBY
Individuals between the 18-70 age group are eligible to purchase PMSBY. Moreover, NRI’s too can be part of the policy, given that any claims will be reimbursed to the recipient of the policy in should be in the Indian money.
What to do to claim
The Pradhan Mantri Suraksha Bima Yojana offers accidental death and disability coverage which is verified by documentary evidence. In case of accidental death of the insured individual, the accident should be registered to the police station and should be processed by immediate hospital records. The claim can be registered by the beneficiary of the policy stated in the registration form by the insured. In the case of the disability claim, the amount insured will be transferred to the policyholder’s bank account and, in the event of death, the beneficiary will receive the death benefit amount.
PMBSY scheme is one of the best social security schemes with all these advantages and features provided by this program and with its low premium rates. This ensures protection of life for those with lesser means without drastically harming their savings.
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