Accidents can take place, anytime, anywhere and with anybody. Keeping this in mind the Government of India has launched Pradhan Mantri Suraksha Bima Yojana (PMSBY) to help people during accidents. PMSBY is an accident insurance scheme, which is helpful to the poor & lower-income section of society (that includes farming community as well). This PMSBY scheme provides accidental death as well as disability cover for 1 year and this can be renewed yearly.
The best thing about PMSBY scheme is that it does not charge high premium & the premium payable is just Rs. 12 / annum.
People in between 18 to 70 years of age who have a savings bank account can join this scheme. Deaths & disabilities because of the accident are covered in PMSBY. In case the applicant commits suicide then the family will not get any benefit from this scheme. However, deaths because of murder are covered while cases of partial disability are not covered in Pradhan Mantri Suraksha Bima Yojana.
Under PMSBY scheme, in terms of permanent total disability & accidental death, the risk coverage is Rs. 2 lakhs. But, in case of permanent partial disability, the coverage is Rs. 1 lakh. PMSBY does not have any provision of reimbursements that may arise from the hospital expenses after the accident which can later lead to any death or disability.
What are the advantages of Pradhan Mantri Suraksha Bima Yojana?
Benefits of PMSBY are;
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The PMSBY offers flexibility to continue or even discontinue according to your wish.
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The scheme provides accident insurance policy without spending much in comparison to other policies.
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The nominee is given Rs. 2 lakh in case of accidental death of the insured person.
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In terms of permanent disability such as an irrecoverable or total loss of both eyes, loss of use of both hands & fee - coverage of Rs 2 lakh is given.
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As the claim amount can be availed by the family, therefore in case the insured person dies, the benefits can be availed by the nominee.
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In case of partial disability, the insured person will be given Rs. 1 lakh coverage.
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PMSBY has the benefit of auto-debit of premium from your bank account hence there is no regular payment formality tension.
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This low price policy is also helpful in saving taxes.
How to apply for PMSBY
Almost all the leading banks in India offer this scheme, hence in order to apply you will have to either visit your bank or can even register online.
