Jun 242019

Pradhan Mantri Suraksha Bima Yojana

Indian Prime Minister Shree Narendra Modi launched a number of insurance schemes and other financial Schemes which are very much affordable by every citizen and targeted to meet the necessities of common man or Aam Aadmi of India. One scheme is named Pradhan Mantri Suraksha Bima Yojana.

Pradhan Mantri Suraksha Bima Yojana

This is an accident insurance scheme which will pay Rs.2 lakh as insurance cover to the citizens who will register in this policy. It is a one year cover scheme which can be renewed from year to year. All persons from the age group of 18 to 70 years (age nearest birthday) can join this scheme with a savings bank account in their name. There are few categories in this policy by which the insurance holder will get upto Rs. 2 lakh.

If the person dies, his /her family will receive a sum of Rs. 2 lakh. In case both the eyes or both hands or both legs are totally loosed or irrecoverable damage is done, he/ she is entitled to get Rs. 2 lakh. In case, he/ she loose one eye or one leg or one hand, sum assured will be Rs. 1 lakh. If an individual decides to leave the scheme at any point of time, he/she can rejoin in the future by doing necessary paper works and documentations and paying the discontinued premiums. The govt. is holding talks and issuing tenders to several Public Sector General Insurance Companies (PSGICs) and other General Insurance companies so that a feasible scheme can be prepared.

Features of the Pradhan Mantri Suraksha Bima Yojana:

  • All citizens aged between 18 to 70 years (age nearest birthday) with a savings bank account can join the scheme. One person can join only one account with this scheme. Aadhar will be the primary KTC for the bank account.
  • The insurance cover shall be of one year starting from 1st June to 31st May of a financial year. The yearly premium is Rs. 12 per annum. This amount shall be easily auto debited on or before 1st June of each annual coverage period from the savings bank account linked to the scheme. This debit of amount will be done after his/ her consent.
  • Individuals who exit the scheme at any point of time can again rejoin it in future years by providing necessary documents regarding the scheme. 2 Lakh is the sum assured if the insurance holder is dead. His/ her family will receive the amount. Again if he/ she loose both eye sight or loose both hands or both legs, here also they will be entitled to get Rs. 2 lakh. For total and irrecoverable loss of sight of one eye or loss of use of one hand or foot, the sum assured is Rs. 1 Lakh.
  • The participating bank will be the Master policy holder. The claim process shall be made hassle free, simple and user friendly.
  • The accident cover shall terminate and no benefit will be payable if the individual attains the age of 70 years (age nearest birthday), is the bank account linked to the scheme is closed or has insufficient balance.
  • The scheme will be administered by the insurance company under the supervision of Dept. of Finance, Govt. of India. The participating bank will deduct the annual premium automatically through auto debit process from the account holders.
  • The breakdown of the per annum premium of Rs. 12 is Rs. 10 for the insurance company, Rs. 1 to BC/ Micro/ Corporate/ Agent and Rs. 1 for the participating bank.

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