PMSBY Scheme is a scheme of Indian Government that provides Accidental Insurance Cover to its Subscriber. This scheme was launched by the Government in its 2015 budget.
This was the reason for launching this scheme that there is an accident in India somewhere every day. Now, when it is an accident, it does not see whether you are from a rich family or a poor family.
Now the Financial Educated Person, Rich People and Middle Class People can afford Affidental Insurance but for the poor, where arranging two-hour bread is not a small thing, then they can not even think of Accidental Insurance and In a country like India, where people do not even have financial education, they do not have much information about insurance, what are the advantages and disadvantages of taking insurance. The Government of India paid attention to this problem and launched the Pradhan Mantri Suraksha Bima Yojana Scheme, which is briefly known as PMSBY Scheme, in order to address this problem of poor people.
This scheme was launched not only for poor people, but the main purpose of launching this scheme is to provide Personal Insurance Cover to the Involved Person in those high risk category. Like Mechanics, Labors, Truck Drivers, which have to spend maximum time driving in Driving, and the lives of people working in this category are always in the same risk and they can have any kind of trouble with them anytime. PMSBY Scheme is a very cheap insurance scheme, which offers very little Premium Cover by providing good insurance cover. This scheme also covers partial and permanent disability.
Features of Pradhan Mantri Suraksha Bima Yojana
According to this scheme, if a person dies in an accident or loses one or both limbs then they are given insurance cover.
Death Benefit up to 2 lakhs in this scheme. If the Subscriber becomes completely disabled in an accident. In case of loss of both hands, feet or both eyes, then the insurance cover is provided to the Subscriber up to Rs 2 lakh.
If Subscriber is Partial Disable in an Accident. As an organ or loses an eye or arm or leg, the Subscriber is provided an insurance cover of up to Rs 1 lakh.
In this scheme, every subscriber has to deposit only 12 rupees a year, and that too is debited from the Linked Bank Account Automatically every year in June.
Subscriber can avail the facility of Long Term Option in which he will not have to renew the scheme every year and if the subscriber wants, he can also get the facility of renewing the scheme every year, in which he will have to renew the scheme every year otherwise he will have to discontinue the scheme. Will happen. If you do not take the Long Term option then you will be required to renew the scheme every year to get benefits and insurance cover from this scheme.
Subscribers can join this scheme anytime and can exit anytime. There is no restriction of any kind on this.
Benefits of PMSBY
If the subscriber dies due to the accident, then Nominee is given an amount of Rs 2 lakh in the form of insurance cover.
Subscriber can also take Deduction under Section 80C of the Income Tax Act, 1961 of the premium paid by him.
If the Subscriber receives the insurance cover up to Rs 1 lakh, then it is tax free under section 10 (10D).
Documents Required for PMSBY
Application forms of PMSBY should be filled in duly. The details to be filled in this are the following.
- The name of the person who wants to open an account in the scheme
- Applicant's Aadhaar Card Number
- Contact information of the applicant in which the phone number or mobile number can be anything.
- Filling in the details of who wants to keep Nominee in the applicant scheme is mandatory.
This application form is available in many languages like Hindi, Bengali, Marathi, Oriya, Telugu and Gujarati.
Eligibility Criteria of PMSBY
To get an account open in this scheme, the Subscriber must have a minimum of 18 years and maximum age not exceed 70 years.
Subscriber should also have a Bank Account.
Bank Account must be linked to Aadhaar Card.
If Subscriber has more than one Saving Bank Account, Subscriber can only link Single Bank Account to this scheme.
If you had opened your Saving Bank Account and had not linked the Aadhar Card details with Bank Account at that time, then it is compulsory to submit the Photo Copy of the Aadhaar Card with the application form while taking this scheme.
The applicant's Aadhaar card is considered as Primary KYC in this scheme.
Condition for Termination of PMSBY
If the Saving Bank Account is not maintained with Minimum Balance and the Due Date of premium is deposited in the scheme, and if there is not enough balance in the account at that time then you get terminated with the PMSBY Scheme.
When the Subscriber Age age is 70 years, then it becomes Disqualify for this scheme.
If the account holder receives the benefits of this scheme through more than one account, and according to the rules and regulations of this scheme, then the insurance cover should be available only on one account, in which case the subscriber has paid the Extra Premium All will be seized and it will be terminated from Extra Account.
Participating Banks will have to deduct Premium Amount in the same month in the same month as the Auto Debit Option has been provided to the participants who have participated in the scheme from Premium Deduct to the Bank, and in the same month they will have to send the Premium Amount, Insurance Company Otherwise the subscriber will be terminated with this scheme.
Claim Process of PMSBY
Whenever Subscriber is Accident, then if the Subscriber and if the Subscriber has died then its Nominee should immediately inform the Bank as being an accident.
Duly fill with the Bank or the designated insurance company or by taking the Claim Form from the Website.
It is compulsory to submit a completed form within 30 days from the date on which the subscriber is an accident, and submit it to the bank branch.
With the Claim Form, the Original FIR, Post Mortem Report, Death Certificate or Disability Certificate Attached by Civil Surgeon in case of disability should be attached. Discharge certificate must also be enclose.
The bank will verify the Subscriber's account details and within 30 days of claim submission, the case will forward to Insurance Company.
The Insurance Company will process the claim within 30 days of receiving the document from Bank.
Then the acceptable claim amount is transferred to the Subscriber / Insured Person account or to the account of Nominee.
If the insured person has not kept Nominee, then on his death, the claim amount will be given to the legal heirs of Subscriber. It is compulsory to present the successor certificate to the legal heir.
Up to 30 days of time has been allowed to complete the Bank's Claim Procedure.
The following information has to be submitted in the Claim Process Form.
- Insured person's name
- Full Address of Insured Person
- Bank Branch's Name and Address
- Saving Bank Account Number
- Contact Number of Insured Person, which is Mobile Number, Phone Number, Email Address and Aadhar Card Number.
- Details of Nominee i.e. Name, Mobile or Phone Number, Email Address, Bank Account Number for Electronic Transfer, Aadhar Card Number.
- Details of the accident, ie the date, date and time of the accident, the location of the accident, the cause of injury or the reason for the death.
- Doctor's name, address and contact details attaining hospital or patient.
- Details of the documents to be submitted etc.