Pradhan Mantri Suraksha Bima Yojana is available to people between 18 and 70 years of age with bank accounts. It has an annual premium of ₹12 excluding service tax, which is about 14% of the premium. The amount will be automatically debited from the account. In case of accidental death or full disability, the payment to the nominee will be ₹200,000 and in case of partial disability ₹100,000. Full disability has been defined as loss of use in both eyes, hands or feet. Partial disability has been defined as loss of use in one eye, hand or foot.
This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.
Termination of benefit cover
In following cases the cover will be terminated and no benefit will be payable to the subcribers.
1) On attaining age 70 years or the age nearest birth day 2) At the time of renewal in subsequent years,due to insufficiency of balance to keep the insurance in force the account gets closed. 3) In case a subscriber is covered by more than one account and premium is paid by the subscriber intentionally, insurance cover will be restricted to one only and the premium shall be liable to be forfeited. 4) If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that are to be issued in future. During this period, the risk cover will be" suspended" and reinstatement of risk cover will be at the sole discretion of Insurance Company.
Pradhan Mantri Suraksha Bima Yojana Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Source :
#NarendraModi #Scheme #SaurabhDhurandhar #Mykhamoshi #India
This scheme will be linked to the bank accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme. Most of these account had zero balance initially. The government aims to reduce the number of such zero balance accounts by using this and related schemes.
Termination of benefit cover
In following cases the cover will be terminated and no benefit will be payable to the subcribers.
1) On attaining age 70 years or the age nearest birth day 2) At the time of renewal in subsequent years,due to insufficiency of balance to keep the insurance in force the account gets closed. 3) In case a subscriber is covered by more than one account and premium is paid by the subscriber intentionally, insurance cover will be restricted to one only and the premium shall be liable to be forfeited. 4) If the insurance cover is ceased due to any technical reasons such as insufficient balance on due date or due to any administrative issues, the same can be reinstated on receipt of full annual premium, subject to conditions that are to be issued in future. During this period, the risk cover will be" suspended" and reinstatement of risk cover will be at the sole discretion of Insurance Company.
Pradhan Mantri Suraksha Bima Yojana Participating banks will deduct the premium amount in the same month when the auto debit option is given, preferably in May of every year, and remit the amount due to the Insurance Company in that month itself.
Source :
#NarendraModi #Scheme #SaurabhDhurandhar #Mykhamoshi #India
