- 1 Pradhan Mantri Suraksha Bima Yojana Scheme Introduction
- 2 Government Pradhan Mantri Suraksha Bima Yojana Scheme Eligibility Conditions
- 3 Government PMSBY Scheme Benefits
- 4 PM Suraksha Bima Yojana Scheme Key features
- 5 PM Suraksha Bima Yojana Scheme Enrollment period
- 6 Termination of Cover
- 7 Pradhan Mantri Suraksha Bima Yojana Scheme Forms and Documents
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
|Date of Implementation||
|Mode of Paying Premium||
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|
|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.
Pradhan Mantri Suraksha Bima Yojana Scheme Forms and Documents
Required documents for Government PMSBY Scheme are attached below