Pradhan Mantri Suraksha Bima Yojana: A lifeline for the vulnerable 

Introduction 

Insurance is an investment that one must make to have a secure life. With many uncertainties, having a secured life cover can assure well-being. To help with this, the government of India launched an accident insurance scheme called the Pradhan Mantri Suraksha Bima Yojana. The main aim of this initiative is to provide insurance to the country’s large population that still needs the benefits assured by the various investment plans.

Do you want to know about Pradhan Mantri Suraksha Bima Yojana details? Give a quick read to this article. 

What is Pradhan Mantri Suraksha Bima Yojana: PMSBY? 

The Pradhan Mantri Suraksha Bima Yojana is an insurance scheme that benefits an individual affected by death or disability issues. This plan provides the beneficiaries with one-year coverage that can be renewed every year. 

General public insurance companies offer Pradhan Mantri Suraksha Bima Yojana as per government regulations. Any other general insurance companies can also provide the required benefits under this scheme if they agree on similar terms with the necessary approvals and tie-ups with the banks. 

Under the services offered by the Pradhan Mantri Suraksha Bima Yojana, all individuals between 18 and 70 years of age with a savings bank account can opt for this cover. If an individual holds multiple savings bank accounts, they will be eligible for the scheme through only one account. The primary document required for the KYC of the Pradhan Mantri Suraksha Bima Yojana is Aadhar Card. 

Features of Pradhan Mantri Suraksha Bima Yojana 

The detailed features offered by the Pradhan Mantri Bima Suraksha Yojana are given below. 

• The cover of the scheme starts from 1st June to 31st May of the subsequent years. You can render the system by paying the premium in the last week or the date on your application. 
• An individual can subscribe to the scheme anytime during the application opening period. 
• Rs 12 premium per annum per member is dedicated to the scheme. It will be deducted from the policyholder’s savings account in one instalment through the auto debit facility. 
• Like any other insurance policy, Pradhan Mantri Suraksha Bima Yojana offers financial benefits to the nominees in unfortunate conditions in the policyholder’s life. 
• You can join the scheme by downloading the Pradhan Mantri Suraksha Bima Yojana form and submitting it to your banker. One can also apply to the system through SMS or net banking procedures. 

Things to remember while applying for the Pradhan Mantri Suraksha Bima Yojana 

Pradhan Mantri Bima Suraksha Yojana aims to assist individuals in navigating financial crises. The scheme is accessible to people belonging to the lower-income population. Some of the most critical points associated with the project are as follows: 

Eligibility 

Pradhan Mantri Suraksha Bima Yojana age limit between 18 and 70 with an active savings bank account can apply for the scheme. In addition, the account holders must consent to join or enable the auto-debit as per the instructions to enrol in this scheme. 

Risk coverage 

The maximum coverage offered under the Pradhan Mantri Suraksha Bima Yojana can be extended up to Rs 2 lakhs. But one should remember that cover is subject to the policy’s exclusions. 

Exclusions 

In case of accidents or disability caused by conditions of natural calamity, it is covered under the Pradhan Mantri Suraksha Bima Yojana. In case of loss of life due to intentional self-injury, the benefits are not offered under this scheme. 

Payment mode 

This scheme allows only one mode of payment for the premium, which is auto-deducted from the policyholder’s savings account. The price will be cancelled only if the policyholder cancels the auto-debit procedures. 

Master policyholder 

The policyholder has the account in whichever bank acts as a master policyholder for the participating subscribers. 

Affordability 

Like the insurance policies, they offer coverage at a high premium, providing services to the users requiring financial assistance. 

Many times, users think that policies such as Pradhan Mantri Suraksha Bima Yojana may require tutoring procedures, but this scheme eliminates the worries associated with the periodic premiums since the one-time premium option helps in debiting the amount from the account of the policyholder automatically making it an easy process. 

Benefits of Pradhan Mantri Suraksha Bima Yojana 

Some of the Pradhan Mantri Suraksha Bima Yojana benefits are as follows: 

• In the case of death, the scheme provides the users with a cover of Rs 2 lakhs. 
• If the beneficiary or their family member has an accident leading to loss of hands, feet, sight of one eye, or both, a cover of Rs 2 lakh is provided. 
• If an individual has lost sight of one eye or lost one hand or foot, a cover of Rs 1 lakh will be provided. 

Remember that no maturity benefits are available under the Pradhan Mantri Suraksha Bima Yojana. 

Steps to apply for the Pradhan Mantri Ramban Suraksha Bima Yojana 

• You can apply for the PMSBY scheme by visiting their nearby affiliated bank or through an insurance provider. 
• You can also access information about the scheme in different leagues from the official government portal. 
• There is an option for you to access the Pradhan Mantri Suraksha Bima Yojana certificate download to avail benefits of the scheme from the website. 

Conclusion 

The Pradhan Mantri Suraksha Bima Yojna has increased insurance penetration among the country’s citizens. There are many positives linked with the scheme, such as affordability, high reach, and financial assistance. However, certain specific limitations are also present that should be addressed. With a long way to go ahead, the scheme should help the people with its innovative ideas and financial aid. Read StockGro blogs to know more. 

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