PMSBY Insurance: Pay Rs 12, Get an Insurance Cover of Rs 2 Lakh : Here is a great news for all. Just spend Rs.12 per year to get Rs. 2 lakh health insurance with numerous benefits. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is one of the insurance schemes by the central government in the field of the health sector which covers deaths due to accidents, permanent disability, and partial disablement. This scheme which was implemented on May 9, 2015, is of great benefit for the common man.
This scheme was mainly launched with the mission of providing personal accident insurance to those who are indulged in risky jobs. This scheme which is a cheap insurance cover will be a big relief for drivers, security guards, etc. The scheme covers both permanent as well as partial disability cover.
In order to be a member of the scheme, the applicant has to pay only Rs. 12 per year. It is mandatory that those who wish to be a member of this scheme should have a bank account. Rs. 12 will be automatically debited from the bank account of the scheme holder per year. Rs. 2 lakh is paid to the nominee if the subscriber of the scheme either dies in an accident or is completely disabled. If the subscriber meets with an accident and is permanently or partially disabled, then Rs. 1 lakh is paid.
This scheme has been successfully implemented with the joint collaboration of insurance companies and various reputed banks.
Features of the scheme:
- The accidental death insurance cover is renewable per year.
- The subscriber has to pay just Rs. 12 per year which will be auto-debited from his/her bank account.
- The nominee of the subscriber is paid Rs. 2 lakh if the subscriber either dies in an accident or is completely disabled due to the accident.
- The subscriber has the option to either avail the long-term option or renew the scheme per year.
- The subscriber has the freedom to exit the scheme as per his/her wish and they can sign up for the scheme in the future if they wish to.
Benefits of the scheme:
- If an accident causes the subscriber’s death then Rs. 2 lakh is paid to the nominee of the subscriber.
- If an accident leads to complete and irrecoverable loss of use of both hands or legs, loss of eyes or sight within 1 year of accident, then Rs. 2 lakh is being paid to the subscriber.
- If an accident causes total loss of sight of one eye and loss of use of one hand or leg, then Rs. 1 lakh is being paid to the subscriber.
- The subscriber can avail deduction under Section 80 C for the premium amount paid.
- The amount insured received up to Rs. 1 lakh is tax-free under Section 10(10D).
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Eligibility criteria of the scheme:
- The age limit to apply for the scheme is between 18 and 70 years.
- It is mandatory that the applicant need to have a savings bank account to apply for the scheme.
- It is necessary that the applicant’s bank account should be linked with Aadhaar card.
- In case if applicant’s bank account is not linked with the Aadhaar card, then the Aadhaar card copy should be attached along with the application form.
- The validity of the scheme is for a duration of 1 year which can be renewed at the end of the year.
- The main KYC document required is the applicant’s Aadhaar card.
Documents required to apply for the scheme:
Firstly the applicant needs to fill out the Pradhan Mantri Suraksha Bima Yojana application form.
The documents required are as follows:
- Id proof
- Aadhaar card
- Contact information
- Nominee details
- Application form
The only document which the applicant needs to submit along with the application form is the applicant’s Aadhaar card copy if their Aadhar card has not been linked with their savings bank account.
This is how you can enroll for PMSBY:
The subscriber can either approach one of the participating banks or insurance companies in order to subscribe for the scheme.
Various reputed banks allow the subscribers to take the policy through the mode of internet banking. For this purpose, the subscriber will have to log in to their Internet banking account and enroll for the scheme.
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The subscriber can also send a message through their registered mobile number to the toll-free numbers of the participant banks and the insurance companies.
Conditions for termination of the scheme:
The scheme will be terminated and benefits won’t be payable on the following conditions:
- When the subscriber attains 70 years.
- If the savings bank account of the subscriber has been closed due to non-maintenance of the minimum balance which is required to keep the insurance in force.
- If the subscriber has been covered through more than one bank account, the scheme will be restricted to just one account and the extra premium paid will be forfeited immediately.
- In case the insurance cover is ceased due to some technical reasons or insufficient balance, the same can be reinstated after the premium has been paid fully. The risk cover for that period will be suspended and the risk cover is reinstated at the sole discretion of the insurance company.
- The participating banks should deduct the premium in the month when the auto-debit option is given and that amount will be remitted to the insurance company in that same month.
Claim process of the scheme:
Given below is the procedure to claim for the benefits under PMSBY:
- The subscriber or the nominee (in case of death) should immediately inform their bank about the occurrence of the incident.
- The applicant can get the claim form from the bank, designated insurance companies, or from the website. The form needs to be duly filled.
- The completed claim form needs to be submitted to the applicant’s bank branch within 30 days from the day of occurrence of the accident.
- The claim form has to be supported by original FIR, post mortem report, death certificate, or if in case of disability, disability certificate which has been issued by a civil surgeon. Discharge certificate should also be enclosed.
- The bank will verify the account details and then forward the case to the insurance company within 30 days of the submission of the claim.
- The insurer will then confirm that the subscriber is on the list of the insured persons in the master policy.
- The claim will be processed within 30 days of receiving the documents from the bank.
- The admissible claim will then be remitted to the subscriber’s or the nominee’s account.
- In case the subscriber has not appointed a nominee, then the death claim will be paid to the legal heir. The legal heir needs to produce the succession certificate.
- 30 days is the maximum time limit that is allowed for the bank to finish the claim procedure.
The following information has to be furnished in the claim process form:
- Subscriber’s name
- Subscriber’s full address
- Name and address of the subscriber’s bank branch
- Subscriber’s savings bank account number
- Contact details of the subscriber such as contact number, email address, and Aadhaar number
- Details of the nominee such as their name, contact number, email address, bank account, and Aadhaar number
- Details of the accident, that is, the day, date, time and place of occurrence, nature of the accident and cause of death, or the details about the injury
- Name and address of the hospital or the attending doctor along with the contact details
- Time and date regarding when the medical officer of the company can visit the subscriber
- Details of the documents which has been submitted
The claimant or nominee needs to sign the declaration and mention the policy number and claim number along with the date. The authorized bank official will further review the form and sign it and pass it on to the insurance company.
The sole aim of the PMSBY scheme is to bring insurance coverage to the uninsured sector. This scheme also serves the goal of financial inclusion by penetrating the insurance to the weaker sections of the society and therefore ensuring financial security.