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Pradhan Mantri Suraksha Bima Yojana Eligibility, Highlights, Key Points, Benefits

Subject: RULES FOR THE PRADHAN MANTRI SURAKSHA BIMA YOJANA.

In India which covers around 120 cr of Population, and most of 70% are not covered with any sort of Insurance like Health, Death, Accidential or Life. For This the NDA Government has launched a New Program for insuring the India Citizens not going to the insurance companies. The PM to launch Pradhan Mantri Suraksha Bima Yojana in Kolkata on 9 May . 

After a Great Success of Pradhan Mantri Jan Dhan Yojana (PMJDY), Pradhan Mantri Jeevan Jyoti Bima Yojana PMJJBY . Encouraged by the success of the Program, that the social security system for all Indians that will ensure that no Indian citizen will have to worry about illness, accidents or penury in old age,” said Finance Minister Arun Jaitley in his budget speech on 1 Mar 2015.

Name:  Pradhan Mantri Suraksha Bima Yojana.

Key Elements: 
  • Eligibility: Available to people in age group 18 to 70 years with bank account.
  • Premium:  Rs 12 per annum.
  • Payment Mode: The premium will be directly auto-debited by the bank from the subscribers account. This is the only mode available.
  • Risk Coverage:  For accidental death and full disability – Rs 2 Lakh and for partial disability – Rs 1 Lakh.
  • Eligibility: Any person having a bank account and Aadhaar number linked to the bank account can give a simple form to the bank every year before 1st of June in order to join the scheme.  Name of nominee to be given in the form.
  • Terms of Risk Coverage: A person has to opt for the scheme every year. He can also prefer to give a long-term option of continuing in which case his account will be auto-debited every year by the bank.
  • Who will implement this Scheme?: The scheme will be offered by all Public Sector General Insurance Companies and all other insurers who are willing to join the scheme and tie-up with banks for this purpose.
  • The premium paid will be tax-free under section 80C and also the proceeds amount will get tax-exemption u/s 10(10D).But if the proceeds from insurance policy exceed Rs.1 lakh , TDS at the rate of 2% from the total proceeds if no Form 15G or Form 15H is submitted to the insurer
DETAILS OF THE SCHEME:
The scheme will be a one year cover, renewable from year to year, Accident Insurance Scheme offering accidental death and disability cover for death or disability on account of an accident. The scheme would be offered / administered through Public Sector General Insurance Companies (PSGICs) and other General Insurance companies willing to offer the product on similar terms with necessary approvals and tie up with Banks for this purpose. Participating banks will be free to engage any such insurance company for implementing the scheme for their subscribers.

Scope of coverage:
All savings bank account holders in the age 18 to 70 years in participating banks will be entitled
to join. In case of multiple saving bank accounts held by an individual in one or different banks, the person would be eligible to join the scheme through one savings bank account only. Aadhar would be the primary KYC for the bank account.

Benefits:
  • Death  - Rs. 2 Lakh
  • 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 hand or foot - Rs. 2 Lakh
  • Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot - Rs. 1 Lakh
Payment:
Rs.12/- per annum per member. The premium will be deducted from the account holder’s savings bank account through ‘auto debit’ facility in one installment on or before 1st June of each annual coverage period under the scheme. However, in cases where auto debit takes place after 1st June, the cover shall commence from the first day of the month following the auto debit.

Eligibility:
The savings bank account holders of the participating banks aged between 18 years (completed) and 70 years (age nearer birthday) who give their consent to join / enable auto-debit, as per the above modality, will be enrolled into the scheme. In case of Joint Account holders, both the Account holders are eligible to join on payment of premium for each account holders.

Termination / Cancellation :
1) On attaining age 70 years (age nearest birth day).
2) At the time of renewal, closure of account with the Bank or insufficiency of balance to keep the insurance in force.
3) In case a member is covered through more than one account and premium is received by the Insurance Company inadvertently, 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 may be laid down. During this period, the risk cover will be suspended and reinstatement of risk cover will be at the sole discretion of Insurance Company.
5) 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.

For Pradhan Mantri Jeevan Jyoti Bima Yojana Scheme - II : Click Here

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