PM Suraksha Bima Yojana: The PM Suraksha Bima Yojana is an accident insurance scheme. It can prove highly beneficial for the poor and low-income sections of society. The Government of India backs this scheme and provides coverage for accidental death and disability for a period of one year. The scheme is renewable annually. Individuals aged 18 to 70 years who hold a savings bank account are eligible to join. Coverage is provided for death or disability resulting from an accident. Let us understand the details of the scheme.
PM Suraksha Bima Yojana Eligibility
Individuals between the ages of 18 and 70 can avail themselves of the benefits of this scheme. In the case of a joint bank account, all account holders are eligible to join. Foreign nationals are also eligible; however, any claim benefits will be paid in Indian currency. Even if an individual holds accounts with multiple banks, they can join the scheme through only one bank account.
How to apply for PM Suraksha Bima Yojana
To activate this social security scheme, the account holder must first log in to the internet banking facility of the bank where they hold a savings account and follow the application process. Remember, an individual can avail the benefits of the scheme through only one bank account. The scheme provides coverage for one year, spanning from June 1st to May 31st.
What coverage is provided under PMSBY?
Under PMSBY, the risk coverage is ₹2 lakh in the event of accidental death or permanent total disability. For permanent partial disability, the risk coverage is ₹1 lakh.
What is the insurance premium?
The premium payable by a member is ₹20 per year (inclusive of all taxes). This amount will be debited from the customer’s account via the auto-debit facility on or before June 1st each year. The insurance coverage remains active until the policyholder reaches the age of 70. It is important to ensure that the bank account remains open and holds sufficient funds to keep the insurance policy active.
Where can one purchase the PM Suraksha Bima Yojana?
This scheme is administered by Public Sector General Insurance Companies (PSGICs) and other insurance providers. Applications for the scheme can be submitted via SMS or net banking. Alternatively, you can download the form from the official website and submit it to your bank.