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Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana Scheme

Insurance is not at all a new concept to India but its reach is still restricted. Even though there are plenty of insurance companies available in India with their services and products, there are many people in rural areas who do not cover under any type of insurance. The concept of Pradhan Mantri Suraksha Bima Yojana is created for them. People who are below the poverty line can able to get unaffordable insurance service easily. PMSBY aims to attach people with its beneficial insurance schemes after successful accomplishment of Jan Dhan Yojana.

Pradhan Mantri Suraksha Bima Yojana (PMSBY) seems to be a government-backed insurance coverage for an unexpected accident in India. This scheme was originally denoted at the 2015 budget speech by Arun Jaitley Finance Minister in February 2015. This insurance coverage was formally implemented by PM Narendra Modi on 9th May in Kolkata. PMSBY provides a 1-year disability and accidental death cover that can be annually renewed.

What Is Covered By This Scheme & How Much

Under PMSBY, the risk coverage found is Rs. 2 lakh for accidental death & permanent total disability, & Rs. 1 lakh for partial permanent disability. Permanent disability is known as irrecoverable and total loss of both vision or loss of use of both feet and hand or loss of eyes. On the other hand, permanent partial disability is stated as irrecoverable or total loss of vision or loss of usage of foot or hand. This cover will be an inclusion to any other insurance type which the subscriber has. The scheme does not seem to be a Mediclain that is, there will be no provision for repayment of hospital expenses following the accident, disability or resulting in death.

Eligibility Criteria For Suraksha Bima Yojana Scheme

Eligibility Criteria For Suraksha Bima Yojana Scheme

  • Age Limit must be 18 to 70 years. The candidate must have at least 18 years of age and exceed 70 years of age.
  • Must provide a sanction letter for the facility of auto-debit
  • Should  hold a saving bank account

Scope Of Coverage – Suraksha Bima Yojana

  • If the applicant has many saving accounts then she/he would be found eligible to attach anyone saving account for getting this scheme
  • The premium amount will be auto-debited to the saving account of policyholder through this scheme
  • The primary document needed for getting registered through this scheme is Aadhar Card
  • If the policyholder quits the scheme in between the scheme, she/he can able to rejoin in the forthcoming years with same conditions and terms.
  • If you want to enroll in this scheme for the year 2017, then interested candidates can enroll in this scheme until 30th November 2017.
  • The primary known customer document needed for registering through this scheme is Aadhar Card.

Features Of Suraksha Bima Yojana

Here are some essential features of renowned PMSBY:

  • The scheme seems to be renewed each and every year with single coverage at a time
  • Banks seems to have free-hand in involving any insurance firm which intends to provide the scheme
  • These companies would be willing to provide a scheme same as the one mentioned below PMSBY & must have sufficient approvals & tie-ups for this sake.

Premium Of Suraksha Bima Yojana

The premium coverage of PMSBY is such that even the poor Indian people can able to afford it. The premium amount seems to be just Rs. 12 per annum for every member. This amount seems to be deducted from the saving bank account of policyholder with the auto-debit facility during June month of every year.

In case, if the amount could not be able to auto-debited from the account of policyholder on 1st June then the policy would start only when the auto-debit has been completed and premium payment is done. Unluckily, the premium seems to be equally low for next few years time.

Termination Of Policy Cover- Suraksha Bima Yojana

In spite of following circumstances, the accident coverage for the policyholder must be instantly terminated & no advantages would be claimed thereafter:

  • If the applicant attains 70 years of age
  • When the policyholder ends his/her saving account & it is not able to persist with the premium process or least balance in saving the account.
  • If the applicant has chosen for many policies under this scheme, the other policy rather than the oldest one will be terminated and canceled.
  • If the premium amount was not paid in case of sufficient balance in the account, the policy seems to be closed throughout the period till the policyholder pays the premium.
  • This is an important scheme which aims to link the uninsured candidates with the mainstream insurance services. This scheme is in-line with famous PM Jan Dhan Yojana. Through this successful scheme, people living below the poverty line especially in far-flung locations would have a relief or sigh in the event of accidents.

Benefits of Suraksha Bima Yojana

  • The death benefits will be up to 2 lakhs
  • In case of loss of any body parts like eye, vision, foot, hand or leg, the assured sum would be around Rs. 1 lakh.
  • In case of total loss or irrecoverable of two hands, sight or both eyes or one foot or leg, the insurance coverage would be around Rs. 2 lakh.

Claim Settlement Procedure In PMSBY

Of course, it is an important fact that people are much enthusiastic about the implementation of PM Suraksha Bima Yojana. It is all due to the pioneering thought of PM Narendra Modi who offers this scheme for the benefit of a huge number of people. Plenty of people are disbelieving about the advantages of this scheme, but it can never be refused that people are highly benefitted through this scheme & ultimately attaining the beneficiaries. Here are some steps to check out for getting the claim of Suraksha Bima Yojana.

First of all, you need to fill the claim form & submit it by attaching death certificate, the original Post Mortem Report or FIR, insurance certificate and discharge certificate at the bank where you have to get the Suraksha Bima Yojana.

After that, the bank branch will send all the essential documents to be nearby insurance office & the checking of the entire documents will be done there. The insurance company will then transfer the claim amount the saving account of specific nominee & then inform the nearest branch of the bank.

This is the claim settlement process and in case of any inconsistency, the insurance company will deal with specific branch & the individual will be notified instantly.

Where To Get The Insurance Scheme From

The scheme is administered or offered through PSGIC (Public Sector General Insurance Companies) and other insurance companies, in join hand with participating banks. The banks are free to involve any general insurance company for launching the scheme for subscribers. To participate in this scheme, you have to download the form from official website and submit it to the banker.

Thus, from the above information, it is very clear that people who do not have insurance coverage and are below the poverty line can opt for Pradhan Mantri Suraksha Bima Yojana scheme to avail enormous benefits.

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