Pradhan Mantri Suraksha Bima Yojana 2020 (PMSBY) is a government’s one of the important schemes particularly called accident insurance scheme in India.
It was introduced in the 2015 budget speech by Finance Minister Arun Jaitley in February 2015. Later launched by Prime Minister Narendra Modi on 8 May 2016 in Kolkata.
Pradhan Mantri Suraksha Bima Yojana 2020
The main reason behind implementing PMSBY scheme:
Most of the times accidents are not the main cause of death, sometimes due to insufficient financial at this crucial stage may be the reason of death.
In order to provide financial help with minimum price policy terms, the government started Pradhan Mantri Suraksha Bima Yojana.
PMSBY is for a one-year period, starting June 1 to May 31 of the subsequent year. The choice to join or to pay by auto debit account has to be given by May of every year.
People who want to continue after the first year have to give their enrolled for auto debit before May 31 for successive years. As per a study by economic times leaders almost 14 crore people had enrolled under PMSBY on 14 May 2018, and also 1.5 lakh people joining on a weekly basis.
Main aspects covered under PMSBY:
Under PMSBY, Rs 2 lakh for accidental death and permanent total disability. Permanent total disability is the irrecoverable loss of both eyes or loss of both hands or feet or loss of eyesight and loss of use of a hand or a foot.
Rs 1 lakh for permanent partial disability. Partial disability is nothing but recoverable losses during an accident.
Accidents, any death or disability due to natural calamities is covered under PMSBY. But death due to suicide is not covered, that from murder is covered.
All individual and also the people having joint bank account holders in the 18-70-year age group are eligible under PMSBY scheme.
In case you have multiple bank accounts in the same or different bank, still you eligible to join the scheme through one bank account only.
In the case of a joint account, all holders of the account can join the scheme. Even NRIs are eligible but for NRI other conditions are applicable too. Link
How much you have to pay?
The premium payable is just Rs 12 per annum per member and it will be deducted from his/her bank account through an ‘auto debit’ in one installment on or sometimes before June 1 every year.
However, in cases where auto debit takes place after June 1, the cover shall start from the date of auto debit of premium by the bank.
Where to buy the scheme?
The scheme is can be enrolled from Public Sector General Insurance Companies (PSGICs) and from other insurance companies, in collaboration with participating banks. The banks are free to engage any general insurance company for implementing the scheme for their clients or users. Aadhar Status
Pradhan Mantri Suraksha Bima Yojana 2020 – www.jansuraksha.gov.in
The PMSBY provides different features, facilities to peoples of rural areas.
Features of PMSBY:
There are different features provided by PMSBY to society. The features are important to recognize the important points of PMSBY.
- Premium: This is the key to PMSBY and its highlights of the scheme as its low premium cost. The low premium cost stands at Rs. 12 p.a. that is Rs. 1 for an individual month.
- Risk Coverage: The coverage criteria are for Rs. 2, 00,000. This amount is provided only when the case of full disability or accidental death or Natural Death. The Rs 1, 00,000 coverage is in matter of partial disability.
- Payment Mode: The premium method is auto-debited from the account of the customer or subscriber. This is the only way available for the payment method.
- Eligibility Criteria: if you want to open the account then your age must be between 18 to 70 years. With the help of these eligibility criteria, you can join the PMBSY schemes and also enables the auto-debit in the future.
These are essential features of PMSBY.
Cover termination of PMBSY:
The termination rules are as follows,
- If in case the individual is above the 70 years of age.
- The account got deactivate if there is no activity or fund in that account.
- If the person used more than one account then there will be the limit of its auto-debits.
Points which cover under the PMSBY policy:
Under the PMSBY the death benefits provide up to Rs. 2 lakh. This policy provides only for the natural death, accidental issues of the insured customer.
Besides, the coverage provides up to Rs. 1 lakh to 2 lakh for the irrecoverable or in case in an accident any physical disability happens, or loss of both hands, attacks, etc.
Besides, the risk coverage provide by the PMSBY only for the other insurance plans. Because this is the full life insurance policy and the schemes don’t provide any type of medical.
Inclusion of Exclusion of PMSBY:
As states and defines by the policy of PMSBY if any deaths, accidents or natural disasters occur. This all incidents are defined in the PMSBY policy.
The plan of PMSBY is not provided the risk coverage against suicide or death which is happening because of murder or any issues.
The plan also not provide the risk coverage in the case of loss of any physical activities because of accidents.
The important exclusion policy includes the suicide attempt or murder attempt under the depression or tension of drugs, intentional injuries or loss arising from criminalists.
Process to Subscribe to PMSBY:
To subscribe to the PMSBY policy you need to login to the official site of it and open the incurrence section.
Then select the schemes.
Select the account using the way you are paying that is premium.
Then as defines the account policy cost you need to select a saving account or new nominee.
Then fill the application and verify the details.
After that check, the application again then close the tab.
Pradhan Mantri Suraksha Bima Yojana (PMSBY) is particularly for those who can’t afford the big budgetary accidental scheme.
Launching PMSBY gives us an indication that the government is aware of their every single country people’s health.