Pradhan Mantri Suraksha Bima Yojana – PMSBY Scheme details

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana | 12 rupees Insurance Scheme in Hindi

Pradhan Mantri Suraksha Bima Yojana was announced by the government of India in 2015. It is an accidental insurance scheme that provides accidental death and disability insurance for one year. The government has exempted GST on this Yojana. It has an annual premium of INR 12 which is quite beneficial for poor and low-income people of the society. After the success of Pradhan Mantri Jan Dhan Yojana, the main objective of this yojana is to contact these poor people and explain them to leverage these highly beneficial insurance plans.

Pradhan Mantri Jeevan Jyoti Bima Yojana Benefits

  • A life coverage of INR 2L to families who have lost their family members in an accidental death.
  • If a person faces permanent total disability, then he will get INR 2L as an insured amount.
  • The government will provide a coverage of INR 1L for a permanent partial disabled person.

Pradhan Mantri Suraksha Bima Yojana Premium | Pradhan Mantri Insurance

The government provides free registration facility to the BPL section with some terms and conditions. However, the annual premium fees is INR 12 which will be deducted from the savings bank account of the individual. The amount will be debited in the month of June every year. This scheme will be applicable only after the auto-debit plan has been accomplished on the account of the policy holder.

Eligibility Criteria For PMSBY (Pradhan Mantri Jeevan Jyoti Bima Yojana)

  • Pradhan Mantri Suraksha Bima Yojana Age Limit: The candidates between the age group of 18-70 years are eligible for PMSBY.
  • He/she should have an active saving bank account in India with an auto-debit facility available in their account to pay premiums of the scheme.
  • NRI’s can join this scheme as well keeping in mind that any claims to be paid will be only in Indian currency.

Facts And Features of PMSBY

  • This PMSBY scheme demands an annual auto-renewal.
  • As defined under PMSBY, the deaths or disabilities due to natural calamities will be covered by this scheme.
  • The Yojana does not include suicidal deaths. However, it provide insurance to deaths due to murder. Also, the plan does not cover the cases of unrecoverable loss of eyesight, a hand or foot.

Pradhan Mantri Suraksha Bima Yojana – Insurance Coverage

  • If an individual happens to have more than one saving account, even then he/she is permitted to register for one insurance scheme and it is his/her choice to which bank account he/she wants to get it linked.
  • As always ‘Aadhar Card’ has to be provided as an ID proof.
  • The premium amount will be automatically debited from the saving account of the holder.
  • If a person wants to unjoin the scheme anytime, he/she can rejoin it anytime with same terms and conditions.

Cancellation of Prime Minister Insurance Policy

The accidental or disability coverage will be terminated when:

  • The person has exceeded the required age limit i.e. 70 years.
  • The person either closes his/her bank account or is incapable to maintain the minimum required amount in his/her bank and effects auto-debit procedure.

Final Thoughts

PMSBY is an initiative by the government to provide facilities to uninsured people who are unable to enjoy insurance facilities at minimum premium rate. This scheme is an extension of Pradhan Mantri Jan Dhan Yojana after its successful winning. PMSBY is offered by the Public Sector General Insurance Organizations such as National Insurance Company, New India Assurance Company, The United India Insurance Company and The Oriental Insurance Company via their association with the several banks. You can avail registration from any bank including SBI, ICICI, HDFC, etc.

Latest Updates – Pradhan Mantri Health Bima Yojana

August 2018: Progress Report Of Pradhan Mantri Suraksha Bima Yojana

The Central government announced and executed a new scheme in 2015 which aimed at increasing awareness about life insurance among people. According to a recent report, more than 13.74 crores candidates have registered till now. This is due to hard work and efforts by the Central government and insurance policy companies. They systemized everything and organized campaigns to create awareness. The insurance companies have a key role in settling claims. A new website is also launched to provide proper information to the needy ones.

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