Pradhan Mantri Suraksha Bima Yojana
Insurance is not a concept that is unknown to the masses in India. However the richness being so unevenly distributed, some people are yet to understand the benefits of insurance. The large companies are there to insure the urban and affluent masses, but a large section of the Indian society is rural and agricultural. They neither have the education nor the means to understand the benefits of insurance. Hence they remain aloof from its benefits.
In an effort to eradicate this, the Prime Minister Narendra Modi has launched a new insurance policy called Suraksha Bima Yojana. This insurance wing will cover all those who are uninsured. It will bring about a large part of the society under one umbrella insurance scheme aimed to provide them the best insurance coverage on a small sum of premium.
After the successful efforts of Jan Dhan Yojana, Pradhan Mantri Suraksha Bima Yojana or PMSBY is aimed to provide insurance to those who are so poor that they cannot afford basic coverage against odds.
Suraksha Bima Yojana Premium
The premium is the largest part of the deciding factor. If the premiums are large then the average person won’t be able to afford them and then they will suffer losses. This is why the premiums have been kept so little that even the poorest of the poor person will be able to afford it.
The premium is just 1 rupee per month. Yes, that makes a minimal sum of Rs. 12 per annum. This amount will automatically be deducted from the account of the account holder every year in the month of June.
If by any chance, the account holder does not have a minimum of Rs. 12 in his account to be deducted on 1st June of the year, the insurance cover will be on hold. It will commence only after the sum has been paid.
The premium is supposed to remain this much for the coming few years as well.
Suraksha Bima Yojana Coverage Scope
- If any person has more than one account with the recommended bank, they can get insurance on only 1 of those accounts and not on all accounts.
- If a person wishes to discontinue with the scheme at any point of time, he or she can again rejoin it any time with the same terms and conditions as before.
- Since all schemes require a primary Know Your Customer document for registration, this one will require it too. The Aadhar Card will be the primary KYC document for this scheme.
How to settle claim in PMSBY?
You can settle a claim if you are eligible to receive the insurance.
To settle a claim in the SBY you will first need to file a claim form and submit it to the respective authorities along with your Post mortem report or Death certificate or FIR or discharge certificate and insurance certificate. Usually these are submitted at the bank.
Here are a few things you might have missed:
| Serial No. | Benefits | Eligibility |
| 1 | Rs. 2 lakh death benefits | Age limit: 18 to 70 years |
| 2 | Up to Rs. 2 lakh for irreparable damage of both limbs | Should have consent letter for auto debit |
| 3 | Up to Rs. 1 lakh for 1 limb or eye | Should be having a savings bank account |
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