Pradhan Mantri Suraksha Bima Yojana – PMSBY Accidental Death Insurance

By | May 11, 2017

Pradhan Mantri Suraksha Bima Yojana

Pradhan Mantri Suraksha Bima Yojana || PMSBY || PM Accidental Insurance Scheme || Best Insurance Scheme || PM Bima Yojana || PM Insurance Scheme || Bima Yojana Cover

Introduction to PMSBY

Pradhan Mantri Suraksha Bima Yojana (PMSBY) is designed to provide security to future investment on very low monthly interests. Actually, PMSBY is government’s accidental insurance scheme only for Indian citizens. This scheme was kick-started by Prime Minister Narendra Modi & Finance Minister Arun Jaitley.

About 20% of Indians have insurance plans of any type, according to a survey done on Indian people. Despite many attempts made by insurance companies, people from rural areas are not able to get covered themselves in any insurance scheme.

Eligibility for PMSBY

This scheme can be taken by the age group of between 18 to 70 years old with a valid bank account. The premium of this scheme as low as 12 rupees per year. That can easily be afforded by anyone. Government’s initiative of launching this accidental insurance is to providing financial security to the scheme holder at the time of an accident.

In order to have this scheme, Aadhar card is important. No service tax is imposed on this scheme. Monthly installments will get deducted from the account holder’s account. This scheme has cover for one year starting from 1st June to May 31st.

Benefits of PMSBY

In the case, accidental demise or complete disability, the payment will be get paid to the nominee of the account holder of about 2 lakhs or in a partial disability nominee will get 1 Lakh rupees. Type of Disability is also mentioned in this scheme.

Full disability failure of use of eyes, hands or feet. In partial disability one hand, eye or leg is lost. Scheme holders who also have accounts opened under Pradhan Mantri Jan Dhan Yojna get linked their account with the scheme. These accounts covered under zero balance at the starting.

By applying for the PMSBY these accounts get maintained by the account holders for a minimum balance. Any bank account holder can avail this scheme via net banking at any time.

How to apply for PMSBY?

A PMSBY aspirant is needed to link his Aadhar card with the bank account first. After that, they have to fill a new form for the scheme on every 1st June. By following this small procedure anyone can opt for this scheme.

Two options for getting connected with PMSBY?

First, fill a form for a scheme on every 1st June of each year. Or take long time risk coverage of 2 to 4 years. If individual go for the second option then the amount will be deducted from his account every month till the completion of scheme tenure.

Time Period for PMSBY

1st June 2015 to 31st May was finalized for the Pradhan Mantri Suraksha Bima Yojana. That can be extended in the future. Anyone can continue after these mentioned dates but with some conditions. An account holder has to deposit premium of Rs 12 before 31st May of every year.

How to Obtain Application form for PMSBY?

Application forms can be obtained by an insurance company or via online.

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