Pradhan Mantri Suraksha Bima Yojana (PMSBY) beneficiaries are due to pay the annual premium soon. Banks have already started sending notifications about the annual premium deduction to everyone who signed up for the program. The amount will be automatically debited from bank accounts and subscribers will be notified by text message, the lenders said.
Launched in 2015, Pradhan Mantri Suraksha Bima Yojana is a social security scheme that offers accidental death and disability insurance. Under this scheme, the individual will benefit from risk coverage of Rs 2 lakh in the event of accidental death and complete disability and Rs 1 lakh in the event of partial disability. It should be noted that deaths due to natural reasons such as heart attack etc. will not be covered by the program.
Premium: Pradhan Mantri Suraksha Bima Yojana is a one year insurance plan. The annual premium has been set at Rs 12, including GST. This coverage must be renewed each year to benefit from it.
Eligibility: Anyone between the ages of 18 and 70 with a bank account can take out this accident insurance coverage. In the event that the individual has multiple bank accounts, he or she will be allowed to purchase insurance through a single account.
How to subscribe to Pradhan Mantri Suraksha Bima Yojana:
To join the PMSBY program, you must submit an application to the bank. Individuals can also apply online after logging into their bank’s online banking. Here is the document required to open an account under Pradhan Mantri Suraksha Bima Yojana
Applicant’s Aadhaar card
Bank account passbook
Who provides the coverage?
The program is offered by general insurance companies in the public sector or by any other general insurance company that is willing to offer the product under similar conditions with the necessary approvals and to partner with banks for this purpose, according to the declaration of the Center.
Those who wish to continue insurance coverage must pay the premium in May. When joining the program, it is mandatory to activate the automatic debit option from the bank account for the deduction of the annual premium.
Settlement of the complaint:
For the settlement of the claim, the applicant must submit a form to the bank for which a death certificate or a disability certificate is required. After verification, the amount of the request is transferred to the beneficiary’s account.
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