New Delhi, Business Desk. Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an accident insurance scheme. This scheme is proving to be very beneficial for the poor and low-income groups of the society. This scheme is supported by the Government of India.
This plan provides accidental death and disability cover for one year. This plan can be renewed annually. People in the age group of 18 to 70 years having savings bank account are eligible to join this scheme. Death and disability due to accident are covered under this plan. The family does not get the benefit of this scheme if the applicant commits suicide.
Eligibility
The age of the person should be between 18 to 70 years.
In case of joint bank account, all the account holders are free to join the scheme.NRIs are also eligible for this scheme.However, in case of any claim, the claim benefit will be paid in Indian currency.
If you have an account with multiple banks, you can join this scheme only through one bank account.application To activate this social security scheme, the account holder has to first login to the internet banking facility of the bank where he/she has a savings account and then follow the process of applying for the scheme.
Remember that an individual can avail the scheme through only one bank account.There can be a cover of one year in this plan from June 1 to May 31.
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What is covered under PMSBY?
The risk coverage available is Rs 2 lakh in case of permanent total disability and accidental death.
The risk coverage in case of permanent partial disability is Rs 1 lakh.insurance premium the premium payable in this plan is Rs.12 per year per member inclusive of all taxes. This amount will be deducted from the customer's account on or before 1st June every year through auto-debit facility.
Accident cover can be terminated or restricted
When the insured reaches the age of 70 years. IF the bank account is closed.If there is insufficient balance in the account to keep the insurance in Force.
Where can you buy this plan?
The scheme is already administered through PSGIC and other insurance companies. You can apply for this scheme through SMS or Net Banking. You can also download the form from the official website and submit it to your bank.
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