The Pradhan Mantri Suraksha Bima Yojana
An Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident.
Premium:
Rs.20/- per annum per member. The premium will be deducted from the account holder’s bank / Post office account through ‘auto debit’ facility on or before 1st June of each annual coverage period under the scheme.
Coverage Duration:
Coverage under PMJJBY is valid for one year from 1st June to 31st May on payment of annual premium.
Accident cover assurance termination:
The accident cover of the member shall terminate / be restricted accordingly on any of the following events:
• On attaining age 70 years (age nearer birth day).
• Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
In case a member is covered under PMSBY through more than one account and premium is received by insurance company inadvertently, insurance cover will be restricted to Rs. 2 lakh.
Benefits :
- On Death- the Nominee shall get Rs. 2 Lakhs.
- 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- Subscriber shall get Rs. 2 Lakhs.
- Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot –subscriber shall get Rs. 1 Lakh.
Scheme Details:
- Coverage: The scheme offers accidental death and disability insurance coverage to its beneficiaries.
- Premium: The annual premium for the scheme is very nominal, making it accessible to a wide range of individuals.
- Policy Period: The coverage is provided for one year and needs to be renewed annually.
- Accident Coverage: It provides coverage in case of death or disability due to an accident.
- Sum Assured: The sum assured under the scheme is fixed at ₹2 lakh in case of accidental death or permanent total disability and ₹1 lakh for permanent partial disability.
Eligibility:
- Age: Individuals between the age of 18 and 70 years are eligible to enroll in the scheme.
- Bank Account: The applicant must have a savings bank account linked to Aadhar for availing of this scheme.
- Consent: The individual must provide consent for auto-debit of the premium amount from their bank account.
- Renewal: The scheme needs to be renewed annually by paying the premium.
This schemes are for Whom:
- Economically Weaker Sections: The scheme is primarily aimed at providing insurance coverage to individuals from economically weaker sections of society who may not be able to afford regular insurance plans.
- Informal Sector Workers: It benefits workers from the informal sector who may not have access to employer-sponsored insurance coverage.
- Low-Income Groups: Individuals with low income and those who do not have access to comprehensive insurance plans can benefit from this scheme.
Overall, the Pradhan Mantri Suraksha Bima Yojana plays a crucial role in extending insurance coverage to a large segment of the population, providing them with financial security in the event of an unforeseen accident. However, it’s important to note its limitations and exclusions while considering it as an insurance option.
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