In the previous article, you became familiar with the features of the Government's life insurance scheme, the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) – its eligibility, risk covered, premium amount and other important features. Now, let us have a look at the features of Pradhan Mantri Suraksha Bima Yojana (PMSBY) – another insurance product launched by the Modi Government.
PMSBY is the Government's accidental insurance product, released along with the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) by our Prime Minister on 9th May 2015. This scheme is an annual scheme and must be renewed every year. PMSBY provides a cover of Rs. 2 lakh for death due to accident as well as total (Rs. 2 lakh) and partial disability (Rs. lakh) due to accident. The scheme will be linked to the Government's popular universal banking scheme, the Pradhan Mantri Jan Dhan Yojana (PMJDY).
Criteria for PMSBY Eligibility
An Indian citizen between 18 to 70 years of age is eligible to take PMSBY accidental insurance scheme. One must have a savings bank account with the participating bank (banks offering this scheme). In case a person has more than one savings account in the same or different bank, then he/she is eligible to buy this plan through only one account.
In case an individual is also covered by other accidental insurance plans, he/she is still eligible to subscribe to the PMSBY.
Subscription period of Pradhan Mantri Suraksha Bima Yojana (PMSBY)
Subscription for the PMSBY life insurance product for the period 1st June 2015 – 31st May 2016, is now open. However, the last date to apply for this subscription period was 31st March 2015, but the government has extended this deadline to 31st August 2015.
Once the subscription period has elapsed, once must once again apply for the scheme (for the period 1st June – 31st May). This process has to be done every year. One can also choose a long-term option and in this case the banks will auto-debit the premium ever year from their account.
Total risk coverage under PMSBY
The sum insured under PMSBY is Rs. 2 lakh for death and complete disability due to accident and Rs. 1 lakh for partial disability. In case of death of the policy holder, the insurance benefit will be given to the nominee.
According to the official guidelines-
Death due to accident - Rs.2 lakh
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 lakh.
Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot - Rs.1 lakh.
Premium amount of PMSBY scheme and mode of payment
Subscribers have to pay an annual premium of Rs.12, to be paid in one installment. The bank will auto-debit this amount from the policy holder's account on or before 1st June of the annual coverage period.
If the premium is paid after 1st June of a particular year, the insurance coverage will begin from the first day of the following month. For instance, if one has paid the insurance premium on 21st June, then the risk coverage will begin from 1st July.
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Who will implement the PMSBY accidental insurance scheme?
General insurance companies in the public sector and some general insurers will manage the PMSBY by coordinating with the participating banks.
Breakup of the annual premium of Rs. 12 towards PMSBY
• Premium to the insurance company = Rs.10
• Reimbursement to intermediaries like BC/Agents = Re.1
• Reimbursement to bank = Re.1
Also See: Atal Pension Yojna (APY) scheme – details, features and benefits
Documents required to subscribe to the PMSBY
A copy of Aadhar card is considered as the primary and valid document and is enough to subscribe to this scheme.
How to subscribe to Pradhan Mantri Jeevan Jyoti Bima Yojana (PMSBY) scheme?
Cases where your PMSBY subscription may be terminated
Both, the PMJJBY and PMSBY are very good schemes announced by the Government. They may not be targeted towards the right and upper income classes, but they are a great means of help and support to the poor and under privileged. It will be a wonderful thing if we can spread awareness about these schemes to the needy and help them get insured.
For further details:
Official Website: www.jansuraksha.gov.in
National toll-free NO: 1800-180-1111,1800-110-001
The account holders are not aware of the insured amount and the disasters in which the nominee can claim. Hence posters may be displayed in all bank branches in India in English and in regional languages.