Pradhan Mantri Suraksha Bima Yojana – Complete Details. Union budget of financial year 2015-16 has brought many revolutionary schemes in the areas of insurance and pension , especially having unprivileged and unorganized sectoral people as their target to reach. In this article you can all details about Pradhan Mantri Suraksha Bima Yojana (PMSBY) . Download Application Form for Pradhan Mantri Suraksha Bima Yojana from Below and also check full details for Pradhan Mantri Suraksha Bima Yojana. Cabinet on 6th May 2015 gave approval to three mega social security initiatives — one pension and two insurance schemes….These initiatives are aimed at providing affordable universal access to important social security protection ,to under privileged classes
Here I’m going to discuss a few lines about Pradhan Mantri Suraksha Bima Yojana – Complete Details.
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Pradhan Mantri Suraksha Bima Yojana – Complete Details
Over view :
The scheme is a one year coverage yojana. Thus it is renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose.
Eligibility criteria :
All savings bank account holders in the age ‘” 18 to 70 ‘” years in participating banks will be eligible to join. Participating banks in the sense all those banks which are offering this service governing the norms laid down by the government of India. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only.
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In case of Joint Account holders, both the Account holders are eligible to join on payment of premium for
each account holders.
With a view of encouraging all classes of individuals government has fixed Rs. 12/- as premium per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit. As the premium payable is very nominal it may attract the attention of a lot of individuals in future.
Appropriation of premium :
a. Insurance Premium to PSGIC / other insurance company : Rs.10/- per annum per member.
b. Reimbursement of Expenses to BC/Micro/Corporate/Agent : Rs.1/- per annum per member.
c. Reimbursement of Administrative expenses to participating Bank : Rs.1/- per annum per member.
Following are the benefits that are going to be available to the subscribers of this scheme :
|S.No||Case||Assured Sum (RS)|
|1||Death||Rs. 2 Lakh|
|2||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|
|3||Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot||Rs. 1 Lakh|
Mode of payment of premium :
The premium amount will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment for the entire year, as per the option to be given on enrolment. Members may also give one-time mandate for auto-debit every year till the scheme is in force, subject to re-calibration that may be deemed necessary on review of experience of the scheme from year to year.
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Period of enrolment :
For the period of inception from 1st June 2015 to 31st May 2016 subscribers are expected to enroll and give their auto-debit option by 31st May 2015, extendable up to 31st August 2015. Enrolment subsequent to this date may be possible prospectively on payment of full annual payment, subject to conditions that will be issued soon.
Subscribers who want to continue beyond the first year will be expected to give their consent for auto-debit before each successive May 31st for successive years. Delayed renewal subsequent to this date may be possible on payment of full annual premium, subject to conditions that will be issued soon.
Enrolment in subsequent years :
Those who could not join in the year of inception of this scheme can join in the subsequent years by paying the premium amount through auto debit , directly from their bank account.
Re-joining of subscribers who leave the scheme :
Individuals who exit the scheme at any point may re-join the scheme in future years by paying the annual premium, subject to conditions that are to be issued.
Complexity in claim settlement :
In this scheme Participating Banks will be the Master policy holders. A simple and subscriber friendly administration & claim settlement process shall be finalized by PSGICs / chosen insurance company in consultation with the participating bank.
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Termination of benefit cover :
In following cases the cove will be terminated and no benefit will be payable to the subcribers.
- 1) On attaining age 70 years or the age nearest birth day
- 2) At the time of renewal in subsequent years,due to insufficiency of balance to keep the insurance in force the account gets closed.
- 3) In case a subscriber is covered by more than one account and premium is paid by the subscriber intentionally, insurance cover will be restricted to one only and the premium shall be liable to be forfeited.
- 4) If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that are to be issued in future. During this period, the risk cover will be” suspended” and reinstatement of risk cover will be at the sole discretion of Insurance Company.
Participating banks will deduct the premium amount in the same month when the auto debit option is given,
preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Effective from :
The proposed date of commencement of the scheme will be 1st June 2015.The next Annual renewal date shall be
each successive 1st of June in subsequent years.
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