Pradhan Mantri Suraksha Bima Yojana of the Government of India is a special insurance scheme for the common people of the country. This scheme is a personal accident insurance scheme for one year, which can be renewed every year. It provides financial protection against death or disability due to accident. Here accident means a sudden, unexpected and involuntary event caused by external causes, violence and visible means. The most important thing is that this scheme is available at an annual premium of only Rs 20.
Who can apply for PMSBY?
Every Indian who has a single or joint account in banks/post offices and is between 18 to 70 years of age is eligible to join this scheme. If a person has multiple accounts in one or different banks/post offices, the person is eligible to join the scheme through only one bank/post office account. In case of joint account, all the holders of the said account can join the scheme, provided they fulfill its eligibility criteria and pay premium at the rate of Rs 20 per person per annum through auto-debit. Also, any NRI maintaining an eligible bank account in any bank branch located in India is also eligible to avail PMSBY cover through this account, provided he fulfills the terms and conditions related to the scheme.
When and how much cover is available
Under Pradhan Mantri Suraksha Bima Yojana, if the customer dies in an accident, his nominee or family member gets a benefit of Rs 2 lakh. Apart from this, as per the rules, in case of an accident, there is total and irreparable loss of both eyes or loss of use of both hands or legs or loss of vision of one eye and loss of use of hands or legs up to Rs 2 lakh. Benefit is available. Also, if the accident causes complete and irreparable loss of vision of one eye or loss of use of one hand or leg, Rs 1 lakh will be given.
How can you make premium payment?
As per the consent given by the customer at the time of enrollment in this scheme, the premium amount of Rs 20 is deducted from the account holder's bank/post office account in one installment through auto debit facility. Pradhan Mantri Suraksha Bima Yojana is offered through public sector general insurance companies and other general insurance companies. The cover under this scheme is for a period of one year from 1st June to 31st May.
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