Things need to know about Pradhanmantri Suraksha Bima Yojna

Prime Minister Narendra Modi is set to launch three social security schemes in Kolkata on Saturday. All the banks have started sending messages to their customers to enrol for the schemes.

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) would provide insurance cover in the unfortunate event of death and disability on account of an accident.

All you need to know about PMSBY

What is Pradhanmantri Suraksha Bima Yojna (PMSBY)?

  • PMSBY is an accidental death insurance cover.
  • The sum assured is Rs.2 lakh in case of accidental death or disability caused by accident.
  • You will have to pay a premium of Rs.12 plus service tax per year.
  • People between 18-70 years of age will be covered under the scheme. 
  • Nominee will get Rs.2 lakh, in case of accidental death.
  • You will get Rs.2 lakh for 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 one hand or one foot.

How does it work?

  • The premium amount will be auto debited from your savings account of participating bank.
  • You have to give your consent to your bank to join or enable auto-debit to enroll into the scheme. 
  • The scheme will be valid for a period of one year effective from 1 June 2015 to 31 May 2016. 
  • You have to renew the policy every year. 
  • You will have to join this scheme through savings bank account by 31 May. 
  • You also get an extension up to 31 August to join the scheme.
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