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Pradhan Mantri Suraksha Bima Yojana(PMSBY)

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha bima yojana is an accidental insurance cover scheme introduced by the Honourable Prime Minister of India in 2015. The purpose of the scheme is to provide accidental and social security coverage against accidental death or disability to citizens of India, encourage more and more people to join insurance scheme and to facilitate transactions and activate the account opened under Jan Dhan Scheme.
The individual can open the Pradhan Mantri Suraksha bima yojana with any of the insurance companies through the banks like HDFC, ICICI, SBI, LIC or Post Office etc.

Who is eligible to join Pradhan Mantri Suraksha bima yojana?

Pradhan Mantri Suraksha bima yojana can be joined only by people who fulfil all the following conditions.
1. Any citizen of India having a valid Aadhar Card.
2. Any Individual between the age of 18 and 70 years.
3. The applicant must have at least one saving account in any of the banks.

Key Features

The key features of Pradhan Mantri Suraksha bima yojana are:
1. Any individual between the age of 18 and 70 years can opt for Pradhan Mantri Suraksha bima yojana.
2. The applicant should have at least one saving bank account in any of the public sector or private sector banks.
3. The account holder can join Pradhan Mantri Suraksha bima yojana with any one of the saving bank accounts.
4. The individual can join the Pradhan Mantri Suraksha bima yojana through online banking and through offline banking by submitting the application form or by sending SMS to the Bank.
5. Only the Aadhar Card and application form is required to join Pradhan Mantri Suraksha bima yojana.
6. The annual premium payable for the policy is Rs. 12/- per annum which is calculated at Rs. 1/- per month.
7. The premium of auto-debited for the associated saving account of the policyholder annually.
8. The policyholder gets accidental insurance coverage of Rs. 2,00,000/-.
9. The insured gets accidental death coverage of Rs. 200,000/-.
10. The policyholder or insured gets a disability coverage of Rs. 100,000/- in case of permanent loss of one eye, loss of one hand or loss of one leg due to an accident.
11. Further, the policyholder or insured gets a disability coverage of Rs. 200,000/- in case of permanent disability such as loss of both eyes, loss of both hands and loss of both legs due to an accident.
12. The coverage is extended to the age of 70 years, which means the insured get accidental coverage until the age of 70 years.
13. The coverage period is calculated from 1 June to 31st May.
14. The policyholder can opt-out of the scheme anytime by giving an application in the bank.
15. In order to avail the benefit of the policy in case of accidental death or accidental disability, the claim needs to be submitted within 30 days of the accident. No request shall be granted after completion of 30 days of such accident.
16. The claim is granted within 30 days of submitting the documents in the Bank.

The coverage of the policy is excluded in the following cases.

1. In case of death due to suicide, no amount is remitted to the nominee or family members.
2. In case of accidental death or disability due to any kind of intoxication such as drugs or drinking, no claim shall be remitted.
3. No claim is granted in case of death or disability due to any criminal case.

Documents required to be submitted for claim.

The following documents are required to be submitted to the bank in case of accidental death or accidental disablement:

1. PMSBY Claim Form.
2. KYC documents.
3. FIR Copy of an accident.
4. Death Certificate of the insured.
5. Cancelled cheque of the nominee in case of death.
6. The post-mortem report of the deceased in case of accidental death.
7. In the case of disablement, disablement certificate, FIR copy is required to be obtained and submitted.

 

 

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