Pradhan Mantri Suraksha Bima Yojana Scheme

Pradhan Mantri Suraksha Bima Yojana Scheme Introduction

Pradhan Mantri Suraksha Bima Yojana Scheme was announced by Honourable Finance Minister in the year 2015-16. PMSBY Government Scheme provides Accidental Death insurance Cover at very low premium per annum. In case of death of scheme holder due to an Accident then insurance cover is provided to Scheme holder’s family by the Government of India. This PMSBY scheme provides death insurance cover for only one year which can also be renewable from year to year with low premium.

PMSBY life insurance cover scheme will start from 01 June 2015 to 31 May 2016. The Annual Premium payable by Account holder is Rs.12 only which is valid for 1 year. Under this PMSBY Govt’s scheme Rs.2,00,000 is payable to scheme holder’s family in case of death due to Accident.

Government Pradhan Mantri Suraksha Bima Yojana Scheme Eligibility Conditions

Entry Age	Minimum – 18 years (completed) Maximum – 70 years (Age Nearer birthday)
Period	1 year (Renewable from year to year).
Premium	Rs.12 per annum plus service tax as applicable.
Date of Implementation	1st June 2015
Mode of Paying Premium	Directly Auto-debited by the bank from the Account holder’s account in one instalment.
Primary KYC	Aadhar number.
Tax benefits	Premium paid towards this scheme is eligible for tax deduction under section 80C.

Government PMSBY Scheme Benefits

Under this PMSBY Scheme one time Premium is paid yearly ie., Rs.12 per annum. In case of any unfortunate death of Scheme holder due to Accident then Benefits covered under this one year premium are given below

Type of Accident	Sum Insured
Death	Rs.2,00,000
Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot	Rs.2,00,000
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot	Rs. 1 Lakh

PM Suraksha Bima Yojana Scheme Key features

Main Key Features of Government Pradhan Mantri Suraksha Bima Yojana Scheme are as follows

One year Renewable Accidental Death Insurance Cover
One time Annual premium is payable i.e., Rs.12 per subscriber.
On death of Account holder due to accident, Rs.2 lakhs is payable.
Premium will be deducted annually from scheme holder’s savings bank account through ‘auto debit’ facility in one installment on or before 31st May every year.
Terms of Risk Coverage: Scheme holder has to opt for this PMSBY scheme every year. He can also prefer to give a long term option of continuing in which case his account will be auto-debited every year by the bank.

PM Suraksha Bima Yojana Scheme Enrollment period

All Scheme holders who are interested towards this PMSBY scheme are required to enroll and give their auto-debit consent by 31 May 2015.
Late Enrollment for prospective cover will be possible up to 31 August 2015. Government had extended the enrollment for another 3 months, i.e. upto 31 Nov 2015.

Termination of Cover

Scheme holder attains age of 70 years (Age nearest birth day).
Closure of bank account or insufficiency of account balance to keep the insurance cover in force.
In case a member is covered through more than one account and premium is received by the Insurance Company, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.