As we navigate through life’s unpredictable waves, insurance plays a vital role in securing our financial stability. In line with this, the Pradhan Mantri Suraksha Bima Yojana (PMSBY) emerges as a beacon of hope, providing affordable accident insurance coverage to the masses.
Understanding the Scheme
PMSBY is an accident insurance initiative that grants protection against death or disability resulting from mishaps. This annual cover stretches from June 1st to May 31st of the subsequent year, promising peace of mind against unforeseen circumstances. The real charm of this scheme lies in its pocket-friendly premium of just Rs. 12 per annum, making it accessible to the vast majority of Indian bank account holders.
Premium Payment and Duration
The nominal premium for this comprehensive cover is automatically debited from the holder’s bank account in a single instalment every year. Should the auto-debit occur after June 1st, fret not, the coverage commences from the date of premium deduction, assuring no lapse in the protective shield this scheme provides.
Termination Scenarios of Accident Cover
The coverage under PMSBY ceases upon reaching the age of 70, the closure of the associated bank account, or insufficient account balance. For those covered via multiple accounts, the insurance is confined to a single account, leading to the forfeiture of excess premiums paid inadvertently.
Reinstatement and Benefits
Despite the coverage termination, it can be reinstated upon the receipt of the annual premium, subject to specified conditions. During this period, though the risk coverage is suspended, its revival remains at the insurance company’s discretion. In terms of benefits, the nominee receives Rs. 2 Lakh upon the subscriber’s demise. Additionally, the subscriber receives Rs. 2 Lakh for total and irrecoverable loss of both eyes or the use of both limbs, or one eye and one limb. A sum of Rs. 1 Lakh is disbursed for the total and irrecoverable loss of one eye or the use of one limb.
Eligibility and Application
PMSBY is open to individual bank account holders aged between 18 and 70, provided they opt for the auto-debit facility. Applications can be made both online and offline, ensuring ease of access. For online applications, account holders can leverage their bank’s net banking facility, enter necessary details, and submit the form after consenting to the auto-debit of the premium. Aadhaar card, Electoral Photo Identity Card (EPIC), MGNREGA card, Driving License, PAN card, or Passport serve as suitable identity proof.
In a nutshell, the Pradhan Mantri Suraksha Bima Yojana is an affordable and comprehensive accident insurance scheme, making financial protection within everyone’s reach. Be it an unexpected mishap or an unfortunate event, PMSBY stands as a robust safety net.
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