The accidents have been rising in this country. While wealthy and middle-class people can afford to take up an adequate insurance policy, but it is difficult for the poor to sign up for the insurance as they cannot provide the high premium amount. The government understands the predicament of the poor and hence introduced Pradhan Mantri Suraksha Bima Yojana or PMSBY scheme.
The Pradhan Mantri Suraksha Bima Yojana or PMSBY is an accident insurance scheme launched by the government for the people of India. This scheme strengthens the poor and provides compensation to the family of the poor in the case of any mishap. The premium amount is kept so low that the poor can afford it.
The salient features of Pradhan Mantri Suraksha Bima Yojana
Here we tell you everything related to the scheme, one by one.
It provides coverage for accidental death, permanent disability, and partial disablement. Full disability means loss of both the eyes, hands or feet and partial permanent disability means loss of one eye, hand or foot.
The scheme does not provide coverage for death due to suicide, alcohol abuse, and drug abuse.
The people aged between 18 years to 70 years are eligible for this scheme.
The annual premium of the scheme is only INR 12 excluding the taxes.
The premium amount is debited from the bank account, which is linked with the PMSBY scheme.
The amount of INR 2 lakh is paid to the nominee and his family if he dies in an accident or is fully disabled.
If there is partial permanent disability, then an amount of INR 1 lakh is paid to the nominee.
Pradhan Mantri Suraksha Bima Yojana benefits the people who belong to BPL or Below Poverty Line category.
To avail this scheme, the nominee needs to provide his Aadhaar card as KYC document. The nominee must also link his bank account with the Aadhaar card. In case he does not, then a copy of the Aadhaar card must be provided with the application form.
The bank account that is linked to the PMSBY need not have a minimum balance.
The account has an auto-debit facility.
The same bank account can be used for more than one policy under the same scheme.
The PMSBY policy is offered by many banks and insurance companies such as Axis Bank, Bank of Maharashtra, HDFC bank, ICICI Bank, Corporation Bank, Kotak Bank, Oriental Bank of Commerce, Punjab and Sind Bank, UCO Bank, and many more. The insurance companies that offer PMSBY are Bajaj Allianz, National Insurance, Reliance General Insurance, etc.
The death insurance cover in this scheme is renewable each year.
The subscriber can also avail the long-term option.
The subscriber can leave the scheme any time and take any time again.
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