Pradhan Mantri Suraksha Bima Yojana can be a motorcycle accident insurance strategy in India. It had been initially cited from the 2015 Budget address by Finance Minister Arun Jaitley at February 2015. Prime Minister Narendra Modi had officially established it on 8 May at Kolkata. by May 20-16, just 20 percent of India’s people have any insurance, that this strategy aims to raise the

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Overview

The scheme provides compensation to the family members or the beneficiaries of the scheme in case any fatal incident occurs in the family. As the premium is quite low, poor people can generally afford it. This insurance budget was announced or implemented in the year 2015. The Prime Minister earlier launched it on the 9th of May in Kolkata. It covers all sorts of disabilities either permanent or partial.

NamePradhan Mantri Suraksha Bima Yojana
MinistryMinistry of Finance Department
Release Date9 May 2015
Launched ByNarendra Modi (Prime Minister)
StatusActive
Key PeopleArun Jaitley
EligibilityCheck here

Benefits

  • The individuals falling between the age group of 18-70 years are eligible for the scheme
  • Subtracting the service tax, the individuals only need to pay an annual premium of the scheme which is Rs. 12
  • To make it convenient, the health insurance premium amount is deducted from the savings of the individual who holds the scheme through the auto-debit facility.
  • A total sum of Rs 2lakh is assured to the family of the nominee in case of any mishap.
  • In case, there is a total permanent loss in sight in any one of the eyes or loss of use of one hand or one foot. The family is entitled with a sum of Rs 1lakh

Also Read – Pradhan Mantri Jeevan Jyoti Bima Yojana

Requiring or terms documents

  • The annual premium per member is only Rs. 10 that is to be paid to the insurance company
  • The expense that comes out per head is Rs1/head
  • Per member, administrative expense reimbursement to the participating bank is Rs 1 every year

Eligibility criteria

The scheme is eligible to all who are in the age group of 18-70 years and possess a bank account. It is entitled to the family members of the deceased. The sum that is issue varies differently in case of death, disability or loss of sight that is Rs 2lakh, 2lakh and 1lakh respectively.

Policy period : The pay will likely be for a year beginning with June 1 to May 31 of next yr. For the Saving account-holder linking on or after June 1, the pay will commence from the day of debit and ending on May 31 of the next year.

No.BenefitsInsurance Amount
1Death2 Lac
2Total and irrecoverable loss of both eyes or loss of use of Either Feet or Hands or Lack of sight of 1 eye and loss of use of one hand or a foot2 Lac
3Total and irrecoverable loss of both eyes or loss of use of Either hands or feet or Reduction of sight of one eye and Lack of use of one hand or a foot1 Lac
*Maximum Amount can be claimed upto Rs. 2 Lac

Other details

  • The policy emphasises at termination as long as the person turns 70
  • The policy also terminates in the event of closure of the savings account in case the bank fails to keep a good record of the balance and the details
  • The policy shall also be terminated in case the policyholder has several bank accounts, and the insurance companies debit his premiums.
  • The annual premium that needs to be paid is Rs 10 yearly
  • Per member expense reimbursement to the agent is Rs1 annually.
  • Per member, administrative expense reimbursement to the linked bank is Rs1 annually

Read About – Pradhan Mantri Vaya Vandana Yojana

This is the Yojana that has been devised by the central government and tries to fulfil all the wishes and desires of the people. A lot of benefits are available under this Yojana, and the individuals can take advantage of them all. This is important to be performed by the bank so that people invest in this scheme. A lot many benefits are entitled under this, and the people can take full advantage. This is how people benefit from this scheme. Therefore, if you haven’t hired it yet, do it now!

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