Pradhan Mantri Suraksha BimaYojana (PMSBY)
The premium is only Rs 20 per annum for each policyholder. Additionally, the savings or post office account holder must maintain at least Rs 20 as the minimum balance. Moreover, this scheme has successfully completed 8 years, providing Indians with security, safeguarding, and protection against unforeseen dangers. Furthermore, the scheme is renewable every year and assures coverage of up to 2 lakhs.
Premium for Pradhan Mantri Suraksha BimaYojana
The amount is just Rs 20 per year, and furthermore, it will be automatically debited from the savings account or post office account either on or before June 1 each year.
Eligibility
- The subscriber must be an Indian citizen.
- The subscriber’s age must fall between 18 and 70 years old.
- The subscriber needs to have a valid Aadhaar card and mobile number.
- The subscriber must also maintain a savings account or post office account.
Not Eligible
- The person is in the Merchant Navy.
- The person is in the Armed Forces
- Person Already Covered in Government Another Scheme of Accident Insurance Scheme
Features of Pradhan Mantri Suraksha BimaYojana
- Policy Duration
- Every year, the policy gets renewed on June 1.
- The duration of 1 year is from 1 June through 31 May.
- Premium amounts are affordable.
- The amount of the premium is Rs 20.
- Payment Method
- The amount will be automatically debited from Post Office Bank/Saving Banks.
BENEFITS of Pradhan Mantri Suraksha BimaYojana
- If the subscriber dies, the amount of Rs 2 lakh will be given to the nominee.
- If the subscriber disabled, the amount of Rs 2 lakh will be given.
- If the subscriber is partially disabled, an amount of Rs 1 lakh will be given.
- The premium is only Rs 20, making it highly affordable.
- This scheme is available to individuals of all religions in India, within the age group of 18–70.
- Additionally, no medical details are required prior to obtaining the insurance.
Procedure
Method 1: Offline
Step 1: Visit the branch of your bank where you have a savings account.
Step2 : Fill out the form with the correct information and have all documents required.
Step 3: Once the form is submitted, the subscriber will receive a slip as well as a certificate of insurance.
For any doubt
Call 📞
1800-180-111
1800-110-001
Online
1) Under your bank’s net banking, you can avail the PMSBJ
Tax Benefits
The premium you pay under PMSBY is considered an expense and qualifies for a deduction under Section 80C of the Income Tax Act of 1961. Additionally, the benefits received in the event of death or disability are exempt from taxes under the Income Tax Act of 1961.
Terms and Conditions
1) If the insured person passes away, the insurance policy will automatically come to an end, and the insurer will ensure that the payout is provided to the nominee as specified in the policy agreement.
2) After completing one full year of coverage, you have the option to surrender the policy if desired. However, it’s important to note that no refund will be issued in the event of surrender.
3) If you miss the premium payment and fail to make it within 30 days of the due date, the insurance policy will be terminated, and coverage will be discontinued.
4) If you wish to change your savings or post office account linked to the policy, you must notify the insurer within 30 days to avoid policy termination. Failure to update the insurer within this time frame will result in the termination of the policy.
5) Likewise, if there is a need to update your Aadhaar card details associated with the policy, you are required to inform the insurer within 30 days. Failure to do so will lead to the termination of the policy.
6) In the unfortunate case of total disability, once the payout has been made to the insured, the policy will be closed and no further coverage will be provided.