The Indian government has introduced Pradhan Mantri Suraksha Bima Yojana one of the three social security programmes. PMSBY is an accidental insurance policy with annual renewal, offering accidental death and disability insurance cover for one year.
With the fixed INR 12/- premium rate per year, this program supports the poor and middle-income parts of society. Pradhan Mantri Suraksha Bima Yojana offers INR 2 lakh life insurance for accidental failure, permanent disability, and INR 1 lakh for permanent partial disability.
Individuals who have a participating savings bank account and are in the 18-70 age group can apply to this PMBSY scheme. Unless you have more than one saving bank account, then you can apply for the plan using only one saving bank account.
What is offered under PMSBY Policy?
Under PMSBY, the recipient is granted INR 2 lakh in case of the insured person’s accidental death. Also, INR 2 lakh compensation is given for complete disability, including irrecoverable or total loss of both eyes, or loss of hand and foot use, paralysis, etc. In the event of partial disability, the insured will receive a life compensation from INR 1 lakh.
Inclusion and Exclusion
The policy covers all natural disaster-related deaths, accidents, and disabilities as defined by Pradhan Mantri Suraksha Bima Yojana. Besides, the program does not provide suicide insurance cover, but the policy covers death because of murder. The insurance also provides no coverage in case of permanent loss of hand or foot and loss of eyesight.
Eligibility criteria for PMSBY
Individuals in the 18-70 age group are eligible to buy PMSBY.
How can the claim be made?
The scheme provides coverage of accidental death and disability that is confirmed by documented evidence. The accident should be informed to the police station in case of accidental death of the insured person and should be administered through immediate hospital records. The insurance beneficiary may claim that the insured identifies as a component of the registration form.
In the case of an invalid claim, the insured amount will be transferred to the policyholder’s bank account. In the event of death, the beneficiary will receive the policy amount.
PMBSY scheme is one of the best insurance schemes with all these benefits and benefits that this program offers and its low premium rates. It provides life insurance without significant damage to their savings for those with little financial earnings.
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