Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of three social security schemes that the government had announced in the 2015 Budget.
What is Pradhan Mantri Suraksha Bima Yojana?
An accident insurance scheme, PMSBY offers a one-year accidental death and disability cover, which can be renewed annually
What all is covered in Pradhan Mantri Suraksha Bima Yojana?
Under Pradhan Mantri Suraksha Bima Yojana, the risk coverage available is Rs 2 lakh for accidental death and permanent total disability, and Rs 1 lakh for permanent partial disability. Permanent total disability is defined as total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of an eyesight and loss of use of a hand or a foot. Permanent partial disability is defined as total and irrecoverable loss of an eyesight or loss of use of ..
Pradhan Mantri Suraksha Bima Yojana Eligibility
All individual (single or joint) bank account holders in the 18-70 year age group are eligible to join Pradhan Mantri yojana. In case you have multiple bank accounts in one or different banks, then you will be eligible to join the scheme through one bank account only. In the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible, but if a claim arises, the claim benefit will be paid to the beneficiary/nominee only in Indian currency.
How much is the premium and how to pay Pradhan Mantri Suraksha Bima Yojana
The premium payable is Rs 12 per annum per member and will be deducted from his bank account through an ‘auto debit’ facility in one instalment on or before June 1 every year. However, in cases where auto debit takes place after June 1, the cover shall commence from the date of auto debit of premium by the bank.
The annual renewal dates shall be June 1 in subsequent years. Even if one gets enroled with more than one bank ..