Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana (PMSBY)

Another brilliant scheme to benefit every citizen of India has been launched by our great PM Narendra Modi ji. Let’s have a look at what this policy has for Indian citizens. Just like the Pradhan Mantri Jivan Jyoti Bima Yojana, this is an annual scheme i.e. a one year cover giving you the option to renew it every year.

This is basically an Accident Insurance scheme giving you cover for accidental death and disability caused due to accident. To avail this Yojana, bank on General Insurance Companies (GICs) or Public Sector General Insurance Companies (PSGICs).

Eligibility:

You must be:

1. A savings bank account holder i.e. aged 18 to 70 years.
2. Attached AADHAAR card number with your account(not necessary but preferable)

**Note** – In case of multiple savings bank account, you must apply through one account only.

Benefits:

Following benefits can be reaped in for this yojana:

1. In case of death, insured sum is of Rs. 2lakhs.
2. In case of, total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot, insurance of Rs. 2lakhs.
3. In case of, total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, insured amount is Rs. 1 lakh.

Premium:

The premium for this ‘healthy’ yojana is very less – Re 1 per month i.e. Rs. 12 per annum. The premium will be deducted from your account automatically – thanks to Auto Debit facility from banks.

Risk Coverage:

Total amount of sum insured under this scheme is Rs. 2 Lakh if anything (mishappening) occurs.

Policy Period:

The cover will be for one year time period starting from 1^st June, 2015 up to 31^st May 31, 2016 for which there is option to join / pay via auto debit from the any Savings Bank account on the described forms shall be necessary to be given by 31^st May, 2015 and it may be extendable up to 31^st August, 2015. For the saving A/c holder joining after May 31, 2015 and on or before 31^st August, 2015 the cover shall end on 31^st May, 2016.

Payment Mode:

The premium amount can be directly deducted by bank from described account. This is the only one mode to be available for this scheme.

Can there be termination of cover?

Yes, the cover can be terminated on completion of any of the following:

1. If the policy holder attains the age of 70.
2. Unable to pay the premium i.e. unavailability of the balance in the account.
3. If the insurance holder is covered through more than one accounts and premium is received by the Insurance Company involuntarily, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.

So, to gain benefits of this policy, enroll yourself if you meet all the eligible conditions and feel yourself SAFE.