Pradhan Mantri Suraksha Bima Yojana

Accidents occur as often as possible on the Indian streets.

The middle class and the rich can opt for accidental insurance yet for the poor paying the high premium can be unthinkable.

The legislature has understood this issue and has announced the social security scheme Pradhan Mantri Suraksha Bima Yojana.

Overview of Pradhan Mantri Suraksha Bima Yojana (PMSBY)

The scheme will give compensation to the expired’s family in case of an untoward occurrence.

As the premium is low, the poor can bear the cost of it.

This accidental insurance cover was announced in Budget 2015.

It was formally propelled by the Prime Minister on ninth of May in Kolkata.

Both permanent and partial disabilities are covered by the scheme.

Features of Pradhan Mantri Suraksha Bima Yojana (PMSBY) 

The eligibility criteria for buying in for Pradhan Mantri Suraksha Bima Yojana is as per the following:

Eligibility:  The minimum age requirement is 18 years & the maximum age requirement is 70 years. Those having an investment funds bank account and falling under the age gathering of 18 – 70 years are qualified to buy in to the policy.

Premium:  Premium to be paid is Rs.12 yearly.

Premium paying:  The premium sum is auto charged from the insured’s bank account.

Sum Insured: A singular amount measure of Rs. 2 lakhs is paid to the candidate, on the off chance that the supporter loses his life in an accident.

A similar sum is paid out in case(s) of full disablement.

Claim:  If the scheme holder meets with an accident all of a sudden or endures a permanent partial disablement, then a sum of Rs.1 lakh is paid. Full disability is characterized as the loss of sight in both the eyes, loss of utilization of both the hands/feet, while partial disability is characterized as the loss of utilization of one of the hands or feet, loss of sight in one of the eyes.

  • The bank account must be linked with the Aadhaar card.
  • If the bank account isn’t linked with the Aadhaar card, then the Aadhaar card duplicate must be joined with the application shape.
  • If the individual has in excess of one investment account, he or she is just qualified to join the scheme through a solitary bank account.
  • The scheme is legitimate for a year and it tends to be renewed toward the year’s end.
  • The essential KYC record required is the applicant’s Aadhaar card.

Benefits of Pradhan Mantri Suraksha Bima Yojana:

  1. Death of the policyholder:   Rs. 2 lakhs 
  2. Total permanent loss of sight in both the eyes, loss of use of both the hands, loss of use of both feet, or loss of sight in one eye and loss of use of one hand or loss of use of one foot:  Rs. 2 lakhs 
  3. Total permanent loss of sight in one of the eyes or loss of use of one hand or one foot:  Rs. 1 lakh

*The total amount that can be claimed as the benefit cannot be more than Rs. 2 lakhs in any case.

List of Banks Participating in Pradhan Mantri Suraksha Bima Yojana Scheme:

  • Allahabad Bank    
  • Axis Bank
  • Bank of India
  • Bank of Maharashtra
  • Bharatiya Mahila Bank
  • Canara Bank
  • Central Bank
  • Corporation Bank
  • Dena Bank
  • Federal Bank
  • HDFC Bank
  • ICICI Bank
  • IDBI Bank
  • IndusInd Bank
  • Kerala Gramin Bank
  • Kotak Bank
  • Oriental Bank of Commerce
  • Punjab and Sind Bank
  • Punjab National Bank
  • South Indian Bank
  • State Bank of Hyderabad
  • State Bank of India
  • State Bank of Travancore
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank

Participating Insurance companies in Bima Yojana:

 Public Sector Insurance company:
  • New India Assurance
  • United India Insurance 
  • National Insurance Company
 Family Health Insurance Plans: Buy Medical Insurance Plans Online
  • Reliance General Insurance
  • ICICI Lombard General Insurance
  • Cholamandalam MS General Insurance
 Public-private Sector Insurance Company
  • Universal Sompo General Insurance

As on second February 2016, 124 million Indians have just enlisted for the scheme.

Financial planners are of the sentiment that this scheme is a decent option for people without a therapeutic cover.

According to the scheme:

Subscribers will have to renew the cover every year.

If they want to maintain a strategic distance from the issue of renewing it every year, they can give a direction to the bank for auto-charge.

Any person who has a bank account and an Aadhar number connected to the bank record can join the scheme by presenting a frame to the bank.

If the Aadhar card isn’t connected to the bank account, a duplicate of the Aadhar Card must be appended with the application shape.

In the event that a person who wants to join the scheme has in excess of one record, he is qualified to join the scheme just through a solitary bank account.

When you choose to present the application frame you will have to fill in the essential points of interest which incorporate name, contact data, Aadhar number and candidate subtle elements.

The application shape is accessible in a few local languages, for example, Bengali, Marathi, Oriya, Hindi, Gujarati, Telugu, and Tamil.

Claim Process of Pradhan Mantri Suraksha Bima Yojana:

After the event of an accident, it is important to advise the bank instantly.

The claim frame can be acquired from the bank or the insurance company.

Within 30 long stretches of the event of the accident, the claim frame must be submitted.

It is important to help the claim frame with the FIR, death certificate, and report of post-mortem, disability certificate (if any) and the discharge certificate.

The points of interest will be verified by the bank and the case will be sent to the insurance company within 30 long periods of accommodation of the claim.

At long last, the claim will be paid out to the candidate.

If there should arise an occurrence of nonappearance of the chosen one, the case will be remitted to the legal heir.

The essential point of this scheme is to expand insurance infiltration in India and offer financial security to poor people.

Termination of Pradhan Mantri Suraksha Yojana:

Any of the underneath said occasions result in termination of the policy and no further advantages are offered to you:

The policy is liable to termination as long as you turn 70 (age as on closest birthday)

The policy will end in case of conclusion of the investment account with the taking an interest bank or inability to keeping adequate balance for policy to stay in constrain

The policy will end if the policyholder is covered by various records and the premiums are charged by insurance companies accidentally, bringing about insurance cover restricted to one policy just and the premium relinquished.

The policy will stop in case of lacking balance on the due date, because of some specialized blunder, or due to some administrative issue.

To reestablish, the policyholder needs to pay the full annual premium with the reason for disappointment set down.

In any case, there will be no coverage material amid that period and restoration will be at the sole carefulness of the specific insurance company.

The taking an interest bank auto-charges the premium in the month the option was given (in May, for the most part) and automatically pay the due sum to the insurance company around the same time.

Premium Appropriation of Pradhan Mantri Suraksha Bima Yojana

The annual premium per part is Rs. 10 payable to the insurance company.

Per part expense reimbursement to Micro/Agent/BC/Corporate is Rs. 1 annually.

Per part administrative expense reimbursement to taking an interest bank is Rs. 1 annually.

Ongoing Enrollment of Pradhan Mantri Suraksha Bima Yojana

More than 124 million (i.e. 124, 738,419) individuals in India have just enlisted for this insurance scheme as on February 2, 2016.

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Expert Advice

(It’s FREE)

We are here to solve your queries

It’s time to plan your financial goals…!

Are you confuse?

Ask our Expert– Your Exclusive Insurance Advisor

We are here to solve your queries
WhatsApp chat