Are you looking for information about how to apply for the new Pradhan Mantri Suraksha Bima Yojana accident insurance scheme? Wondering what will be the benefits of investing in this scheme? Check this article to get more information about investing in the PMSBY accident insurance scheme.
Pradhan Mantri Suraksha Yojana is a new start up by the central government of India enabling citizens of India to invest their money and get a INR 2 lakh of Death and Accident Benefit. While this scheme has been announced, the government has also said that the scheme may be postponed until a new date if so required. The scheme is supposed to commence from 1st of June 2015. PMSBY is a annual scheme and will be renewed every year on the 1st of June.
Requirements to take part in the Pradhan Mantri Suraksha Bima Yojana Scheme
To take part in the PMSBY scheme, one has to fulfill the following requirements:
- The participant must have a savings account in one of the nationalized banks of India.
- If the participant is having multiple savings bank accounts, they can still participate only through one account.
- The participant must be in the age group of 18 years to 70 years.
- Participant having Aadhar card will get faster clearance as Aadhar card will be considered as a primary KY
Which insurance company allows participating in this accident insurance scheme?
Any Public Sector General Insurance Company can be availed for to participate in the PMSBY. Make sure your Bank (in which you have your savings bank account) can provide necessary tie up approval to the insurance company. These things are already done and your bank will be able to provide more details regarding the same.
Features of the Pradhan Mantri Suraksha Bima Yojana
The insurance will be valid for a period of 1 year from 1st of June to 31st May. Participants can submit their forms until 31st May but still the joining may be extended up to 31st of August for 2015. Rules for each year will be announced separately for every consecutive year.
Participant once taking part in this scheme can exit of the scheme after a period of one year. They can rejoin in this scheme in consecutive years, but will have to undergo fresh medical test and self certification for physical fitness.
Annual premium for PMSBY scheme
Participants will have to pay Rs 12 (Twelve) every year to participate in the PMSBY. This amount will be auto debited from your savings bank account on or before 1st June of each year. The 12 rupees are comprised of 10 rs as premium towards the insurance company, 1 rs as reimbursement of expenses to the BC/Micro/Corporate/Agent for every member every year and 1 Rupee as administrative expenses reimbursement.
Factors leading to termination of the insurance cover
Your insurance cover can be terminated under the following conditions:
- You reach a maximum participating age of 70 years.
- You close your savings bank account
- You accidentally register through multiple Savings bank accounts
- If for some technical errors if your scheme was closed down or because of insufficient balance.