Insurance is an essential investment to ensure a happy life. Insurance is a promise that you will have a financial cushion in case of unexpected events. Pradhan Mantri Suraksha Bima Yojana, an accident insurance program launched by the Government of India. This insurance scheme is designed to offer insurance to India’s large uninsured population.
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India is a large country with a high population. The government takes many steps to ensure that every person lives in safety and security.
There are many investments that can create wealth, but it is always a good idea to have a financial cushion in case of an emergency. Pradhan Mantri Suraksha Bima Yojana was specifically created for this purpose.
What is Pradhanmantri Suraksha Bima Yojana (Pradhan Mantri Suraksha Bima Yojana)?
Pradhan Mantri Suraksha Bima Yajana is an insurance plan that provides accidental death and disability coverage to individuals. The plan provides one-year coverage that can be renewed from year to year.
It is offered by Public Sector General Insurance Companies and any other General Insurance Company if they are willing offer it on similar terms with the necessary approvals.
All savings bank account holders aged between 18 and 70 can choose to have the coverage under the Pradhan Mantri Suraksha Bima Yojana. Individuals who have multiple savings bank accounts will only be eligible for the scheme if they have one savings account. Aadhar Card is the primary KYC document required for Pradhan Mantri Suraksha Bima Yojana.
Each person has different financial needs depending on their life. Pradhan Mantri Suraksha Yojana can be used as an extra layer of financial security to an existing plan. It is best to determine the amount of insurance coverage your family will need to be able to live comfortably into the future. This will ensure your long-term safety and allow you to take advantage of Pradhan Mantri Suraksha Bima Yojana’s benefits.
Pradhan Mantri Suraksha Bima Yojana: Benefits and Features
Let’s take a look at the benefits and features of Pradhan Mantri Suraksha Bima Yojana to make the most of it.
The plan covers one year, starting June 1, and ending May 31, of each subsequent year. It can be renewed annually by paying the premium within the last week in May each year.
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A person can subscribe to Pradhan Mantri Suraksha Bima Yojana at any time during the previously mentioned period.
The scheme charges a premium of Rs.12/annum per member. The ‘auto debit’ facility will deduct it from the policyholder’s savings account in one installment.
Pradhan Mantri Suraksha Bima Yajana, just like any other insurance policy offers financial compensation for the nominee in the unfortunate event of the policyholder’s death.
Download the Pradhan Mantri Suraksha Bima Yojana Form and send it to your banker. You can also activate the scheme via SMS or netbanking.
Highlights from Pradhan Mantri Suraksha Bima Yojana
Pradhan Mantri Suraksha Bima Yajana is a financial aid program that provides financial assistance to India’s poorer citizens in times of emergency. These are some highlights from the accident insurance program:
- Eligibility
Anyone between 18 and 70 years old with a savings account can apply for the Yojana. Account holders must agree to auto-debit and join the scheme, according to the mode of enrollment.
- Policy Period
The policy covers one calendar year, from June 1, to May 31, next year. For individuals who enroll in the scheme after June 1, coverage begins at the date of the premium payment and ends on May 31st.
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- Renewal
Pradhan Mantri Suraksha Bima Yajana allows for the renewal of the coverage on an annual basis. For the coverage period June 1 to May 31, the policyholder must consent to the auto-debit facility being enabled on or before May 31. This is an annual renewal basis.
- Risk Coverage
Pradhan Mantri Suraksha Bima Yojana covers up to Rs. 2 Lakhs. The policy exclusions may apply to the coverage.
- Exclusions
The Pradhan Mantri Suraksha Bima Yojana covers accidents and disability due to natural calamities. The scheme does not cover death due to self-injury.
- Modal Payment
Pradhan Mantri Supraksha Bima Yajana only allows one method of premium payment: auto-debit from the policyholder’s savings account. The premium will automatically be debited from the account holder during the last week in May every year. This renews the policy.
- Master policy holder
Participating banks with which policyholders have a savings account will serve as Master Policy Holders for participating subscribers.
- Affordability
The Pradhan Mantri Suraksha Yojana, unlike other insurance policies, offers financial assistance at a low premium.
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- It’s easy
Due to the complexity of insurance policies, many people are discouraged from buying them. Pradhan Mantri Suraksha Bima Yajana takes away the worry of paying the premiums on a regular basis. The policyholder’s savings account is automatically debited with the one-time premium.