Pradhan Mantri Suraksha Bima Yojana is and accidental insurance scheme and created for those who are living in rural area and are not covered under any kind of insurance and for people who are mostly below the poverty line and they can’t afford any kind of insurance to insure their life.
Premium set for this bima yojna is very low so that anyone would be able to afford it. The premium is just Rs.12 per annum for each member. And also you don’t have to make any extra to get it deposit; it will get auto-debit from your Jan Dhan or any Saving bank account in month of June every year.
Scheme Quick Fact
| Premium AmountsRs. 12/- payable by auto debit from customers account.Policy Period Policy cover shall commence from the first day of the month subsequent to the month in which premium was paid. The policy expires on 31st of May each year and can be renewed thereafter on a yearly basis (June to May). |
Eligibility to enroll in Pradhan Mantri Suraksha Bima Yojana
- Age between 18 to 70 Years. While enrolling aspirant should have completed 18 years of age or aspirant age should not be more the 70 Years of age.
- Should have Saving Bank Account of his own
- who give their consent to join / enable auto-debit
| Table of Benefits* | |
| Death | Rs. 2 Lakh |
| 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 one hand or one foot | Rs. 2 Lakh |
| Total and irrecoverable loss of sight of one eye or loss of use of one hand or one foot | Rs. 1 Lakh |
| *The total amount that can be claimed under the policy is INR 2 lakh only | |
Exclusions:
Major Exclusions: Intentional self injury, suicide or attempted suicide whilst under the influence of intoxication liqour or drugs, Any loss arising from an act made in breach of law with or without criminal intent.
Termination in case of Pradhan Mantri Suraksha Bima Yojana (PMSBY):
- On attaining age 70 years (age near birthday).
- Closure of account with the Bank or insufficiency of balance to keep the insurance in force.
- In case a member is covered through more than one account and premium is received by ICICI inadvertently, insurance cover will be restricted to Rs. 2 Lakh/ Rs. 1 lakh whichever is applicable and the premium shall be liable to be forfeited
Where to buy the scheme from
The scheme is administered through Public Sector General Insurance Companies (PSGICs) and other general insurance companies, in collaboration with participating banks. The banks are free to engage any general insurance company for implementing the scheme for their subscribers.
To enrol, you can download the form from http://www.jansuraksha.gov.in/Forms-PMSBY.aspx , and submit it to your banker. Some banks have initiated an SMS-based enrolment process too. It can be done through net banking also.
