Pradhan Mantri Jan Suraksha Bima Yojana Policy (PMSBY)
Insurance is not a newer concept to India; however, its reach is still much limited. In spite of so many insurance companies operating in India with their products and services, there are a majority of people in rural areas, who are not at all covered under any kind of insurance. Pradhan Mantri Suraksha Bima Yojana is for them.
These people are those who are mostly below the poverty line and insurance is an unaffordable service for them. PMSBY aims to reach such people with its benefited insurance schemes after the successful performance of Jan Dhan Yojana.
Suraksha Bima Yojana Benefits
- The death benefits are up to 2 lakhs
- In case of irrecoverable and total loss of both hands, both eyes or sight or one leg or foot, the insurance cover would be up to 2 lakh
- In case of lost of one leg, hand, foot, eye or sight, the sum assured would be Rs 1 lakh
Suraksha Bima Yojana Premium
The premium for PMSBY is such that even the poorest of poor Indian would be able to afford it. The premium is just Rs 12 per annum for each member. This amount would be deducted from the policy holder’s saving bank account with an auto-debit facility, in the month of June every year.
If somehow, the amount could not be auto-debited from the policyholder’s account on 01st of June, the policy would commence only when the auto-debit has been done on the account and premium paid. As foreseen, the premiums would remain equally low at least for next few years.
Suraksha Bima Yojana Eligibility
Following are the eligibility conditions for getting a policy
- Age limit: 18 to 70 years. The aspirant should have completed 18 years of age or should not be more than 70 years of age.
- Should have a saving bank account
- Should give a consent letter for auto-debit facility
Suraksha Bima Yojana Features
Here are some of the features of the prestigious PMSBY:
- The scheme would be renewed every year with a single year cover at a time
- These companies should be willing to offer a scheme similar to the one mentioned under PMSBY and should have adequate approvals and tie-ups for this purpose
- Banks would have a free hand in engaging any insurance company that intends to offer the scheme
Suraksha Bima Yojana The scope of coverage
- If the individual has a multiple saving account, he/she would be eligible to get just one insurance scheme attached to just one saving account
- The primary Know Your Customer document required for getting registered under the scheme would be Aadhar Card
- The premium for the scheme would be auto-debited from the saving account of the policy holder
- For the starting year, i.e. year 2015, those interested in enrolling for the scheme can do so till 30th of November 2015
- If a policy holder exits the scheme during any year, he/she if wishes to rejoin it may do so in succeeding years with the same terms and conditions
Suraksha Bima Yojana Termination
In the event of following situations, the accident cover of the policy holder would be immediately terminated and no benefits would be paid thereafter:
- If the policyholder attains the age or 70 years
- If the policy holder closes his/her saving account and/or is not able to continue with the premium paying process or minimum balance in the saving account
- If the policy holder has opted for more than one policy under the scheme, the other policy except the oldest would be cancelled and terminated
- If the premium was not paid due to insufficient balance in the saving account, the policy would be terminated till a period when the policy holder pays the premium
- This is a noble scheme that aims to bring the uninsured into the mainstream insurance services. The scheme is much in line with the prestigious PM Jan Dhan Yojana and is actually a continuation of the latter. If the scheme succeeds, at least those living below poverty line in far flung areas would have a sigh of relief in case of event of accidents in their life.
Claim settlement process in surksha bima yojana (PMSBY)
Yes it is a fact that people are really enthusiastic about the launch of PM Suraksha Bima Yojana. Thanks to the innovative thought of PM Narendra Modi a large number of people are availing the benefit of people centric schemes. A lot of people might be skeptical about the benefits of this scheme, but it cannot be denied at all that people are being benefitted and the schemes are ultimately reaching the beneficiaries. Let us delve deep to check out the steps for availing the claim for the Suraksha Bima Yojana.
In the first step, you need to fill up the claim form and submit it along with Death certificate, the original document of FIR or Post Mortem report, Discharge certificate and Insurance certificate at the bank where you are supposed to get the Suraksha Bima Yojana in the savings account.
Then the bank branch shall send all documents to the nearest insurance office and there the scrutiny of the documents shall be done. The insurance company shall transfer claim amount in the bank account of that particular nominee and then notify the nearest branch of that bank.
This is the process and incase any discrepancy is there, the insurance company shall deal with the designated branch and the individual shall be notified immediately.