Pradhan Mantri Suraksha Bima Yojana Benefits

This post will guide you on Pradhan Mantri Suraksha Bima Yojana Benefits. But firstly, we have to understand what does it means?

There are many schemes or yojana is being launched by government of India. There are lot of schemes currently run under by the Government. This post is about Pradhan Mantri Suraksha Bima Yojana Benefits and we will discuss more about it in detail.

Pradhan Mantri Suraksha Bima Yojana

To understand the benefits, we have to know about Pradhan Mantri Suraksha Bima Yojana. The Pradhan Mantri Suraksha Bima Yojana is an accident insurance scheme run by the government. This scheme covers accidental death, permanent disability and partial disablement. Any person whose age is between 18 years to 70 years can apply for this scheme.

Pradhan Mantri Suraksha Bima Yojana was announced during 2015 Budget. This scheme provides personal accident insurance and it’s annual premium is very cheap.

The annual premium for Pradhan Mantri Suraksha Bima Yojana is Rs. 12 excluding service tax. The amount will be automatically debited from the person’s account who has applied for this scheme. Read more on Pradhan Mantri Suraksha Bima Yojana Benefits.

Pradhan Mantri Suraksha Bima Yojana Benefits

Pradhan Mantri Suraksha Bima Yojana Benefits

The benefits of this Pradhan Mantri Suraksha Bima Yojana scheme are as follows:

  • If accident causes the subscriber’s death – Rs.2 lakh is paid.
  • If an accident leads to total and irrecoverable loss of use if both hands or feet, loss of eyes or loss of sight in one year and loss of use of a hand or foot – Rs.2 lakh is paid.
  • If accident causes irrecoverable and total loss of sight of one eye and loss of use of one hand or foot – Rs.1 lakh is paid.

Pradhan Mantri Suraksha Bima Yojana Features

  • The accidental death insurance cover will renew each year.
  • The annual premium to be paid is Rs.12 (excluding service tax). The service tax is charged at 14%.
  • If person dies, 2 lakh rupees will be paid.
  • The annual premium (Rs. 12) will be auto debited from the bank account of the person.
  • The person can avail the long term option or can easily renew the scheme/yojana every year.
  • The person can leave the scheme at any time and can apply at any time in the future.

Who is eligible for Pradhan Mantri Suraksha Bima Yojana?

The eligibility criteria of Pradhan Mantri Suraksha Bima Yojana are as follows:

  • The minimum age requirement is 18 years.
  • The maximum age requirement is 70 years.
  • Those having a savings bank account and falling under the age group of 18 – 70 years are eligible to apply for this scheme.
  • Your bank account must be linked with the Aadhaar card.
  • If your bank account is not linked with the Aadhaar card, then you must attach Aadhaar card copy with the application form.
  • If a person has more than one savings account, he or she is only eligible to join the scheme only through a single bank account.
  • The primary KYC document required is only Aadhaar card.

What are the benefits of Pradhan Mantri Suraksha Bima Yojana?

Pradhan Mantri Suraksha Bima Yojana offers risk coverage of ₹2 lakh for accidental deaths and full disability and ₹1 lakh for partial disability.

What is the premium for Pradhan Mantri Suraksha Bima Yojana?

The annual premium for Pradhan Mantri Suraksha Bima Yojana is Rs. 12 excluding Service tax. The Service Tax is about 14 % for this scheme.

Is natural death covered in PMSBY?

If a person dies due to any natural calamities, then only it will be treated as an accidental death. If a person dies naturally, then no compensation will be paid.

I hope you liked my post on Pradhan Mantri Suraksha Bima Yojana Benefits. You can also browse our other sections like Colleges, University, Admission, Scholarship, Loan and Sarkari Yojana.

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